SigularityNET Begins phase 2 Process of Shifting from Ethereum to Cardano

SingularityNET (AGI), which is currently hosted on Ethereum, has started the process of shifting to Cardano. As portion of phase 2 initiative intended at expediting the platform’s advancement towards its subsequent step, SingularityNET community has voted to embed the AGI token on the Cardano blockchain.

SingularityNET is basically an artificial intelligence platform based on a decentralized covenant that runs AI agents on the basis of simple processes like time-lapse analysis, image processing and data analytics. The partnership with IOHK for shifting to Cardano was announced in the first week of October 2020.

Ben Goertzel, CEO and founder of SingularityNET, substantiated the shifting by stating that Cardano is “blockchain that is superior to Ethereum.” The voting process carried on for four days and had Goertzel’s backing.

At the end, there were 187 million votes supporting the shifting and 20 million votes against shifting. For the huge number of votes in favor of shifting, Goertzel conveyed his thanks to the community for their involvement and stated:

“We really feel that this proposal is the best way to work towards our mission of decentralized general intelligence that can deliver benefits […] Many thanks to everyone who paid attention to this vote and took the time to understand what we are talking about. We are excited that we can move at a faster pace with the incredible support of the community.”

As portion of the shifting process, there is a plan to create 1 billion AGI tokens on the Cardano blockchain. The tokens will be disbursed systematically in a month at a declining rate. The initial disbursement will involve 15 million AGI, while the rate of issuance will be slashed by 1.5% every time.

Overall, the disbursement of tokens will take 91 years to complete. Goertzel trusts that “more resources can be allocated to help develop” the system. The subsequent stage will be to improve SingularityNET’s decentralized governance model, Goertzel further stated:

“I am very excited about the next phase of SingularityNET (…). I am grateful to Charles Hoskinson and the entire Cardano community for their collaboration. I consider it critical. The Cardano team and its community will be valuable allies in our next goal.”