HomeCRYPTO COINSCardano Prepares To Grab Its First Bite From The Ethereum Ecosystem | Coin Bulletin
Cardano Prepares To Grab Its First Bite From The Ethereum Ecosystem | Coin Bulletin
May 31, 2021
SingularityNET, a decentralized artificial intelligence platform, will terminate the old Ethereum contract on May 31 after the snapshot it received yesterday and, in the long run, migrate to the Cardano blockchain. Cardano, which will start using smart contracts this year, will take its first bite from its rival Ethereum.
Cardano released the Alonzo update, named after Alonzo Church, on May 27. in the testnet implemented it. Cardano, founded by Charles Hoskinson, one of the founders of Ethereum, thanks to Alonzo. from the end of augustcould start hosting smart contracts, similar to that in Ethereum.
SingularityNET migrates from Ethereum to Cardano
Criticized for its high transaction fees and low transaction speed, Ethereum will have a new competitor after the Alonzo update. Founded in 2015 and developing Byron, Shelley, Goguen, Basho,Voltaire Cardano’s first card in this competition, SingularityNET it happened.
Preparing to migrate to Cardano blockchain, SingularityNET is on Ethereum 1 billion supply In addition to the AGI token found, 1 billion AGIs in the Cardano network will produce. In terms of control of supply, circulation of tokens produced in Cardano 91 years and Ethereum-based AGIs, illegitimate will start counting.
Based on the snapshot taken on May 28, a one-to-one rate to existing AGI users AGIX The token will be distributed. The distribution of AGIX, which will act as the new token of SingularityNET, will be completed by May 31.
After this process, the SingularityNET team will try to build a bridge that will allow AGIX owners to go back and forth between Cardano-Ethereum networks.
“A much more advanced blockchain”
Cardano founder Charles Hoskinson, on May 28, SingularityNET’s CEO, Dr. I met with Goertzel. Talking about future projects, Goertzel had this to say about the transition from Ethereum to Cardano:
“We are updating our old SingularityNET platform to SingularityNET Phase 2, in our own words. Our old platform Not counting the well-known shortcomings of the Ethereum blockchain it works fine. There will be many improvements in Phase 2, and one of them will be Cardano, a much more advanced blockchain.”
While Ethereum’s competitors such as Cardano will witness new developments in the summer, the Ethereum community will also make improvements with designs such as EIP-1559 in the same period.