Cardano Prepares to Welcome SingularityNET as Its Ethereum Contract Gets Terminated On May 31st

SingularityNET, a decentralized artificial intelligence (AI) platform, will terminate its old Ethereum contract on 31st, following a snapshot taken on 28th May. This indicates that the firm will be moving to Cardano eventually.

In the next few months, Cardano will officially become a smart contract platform, after which it will take its first bite from its arch-rival Ethereum.

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The first Alonzo testnet has gone live. Ethereum, which has been overly criticized for its high transaction fees and low transaction speed, will have a new competitor once Alonzo is deployed on the mainnet in the next few months.

SingularityNET to Generate 1 Billion AGIs on the Cardano Network

As a report has it, SingularityNET, the first project vehemently preparing to move from Ethereum to Cardano blockchain, will generate 1 billion AGIs on the Cardano network, in addition to the AGI token that has a supply of 1 billion in Ethereum.

In terms of supply control, the entry of tokens produced in Cardano into circulation will last for 91 years and the Ethereum-based AGIs will start to be considered illegitimate.

Read Also: Charles Hoskinson: Cardano Is Looking To Have an Ecosystem of a Billion People, Not a Million

According to the snapshot taken on 28th May, AGIX tokens will be distributed to existing AGI users at a ratio of 1:1. The distribution of AGIX, which will represent the new token of SingularityNET, will be completed by 31st May.

Afterward, the SingularityNET team will try to build a bridge that will give AGIX holders the ability to move back and forth between Cardano and Ethereum networks.

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Reacting to the underway migration from Ethereum to Cardano, CEO of SingularityNET, Ben Goertzel, said:

“We are updating our old SingularityNET platform to SingularityNET Phase 2, in our own words. Our old platform works fine, not counting the well-known shortcomings of the Ethereum blockchain. There will be many improvements in Phase 2, one of which will be Cardano, a much more advanced blockchain.”

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