By Solomon Odunayo
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.
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.
Read Also: Jack Dorsey Thinks PoS-Powered Cryptos, Such As Cardano, Are Centralized, Hoskinson Begs To Differ
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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