The newly formed consortium, known as the Artificial Superintelligence Alliance (ASI), plans to launch a unified token, the ASI. This token will represent the combined value of the three merged projects, estimated at a staggering $7.5 billion. However, a crucial question emerged: on which blockchain platform will this powerful token reside?

Read Also: Charles Hoskinson: Cardano Is Changing the World, Our Best Days Are Ahead Of Us

Choosing a Home: The Significance of Blockchain Selection

The choice of blockchain network is vital. It determines transaction fees, ease of integration with decentralized applications (dApps), and ultimately, user experience. Addressing this critical aspect, SingularityNET CEO, Ben Goertzel, revealed a strategic multi-chain approach. The ASI token will be available on prominent blockchains like Cardano, Ethereum, Fetch.AI’s native layer 1 network, and Hypercycle.

Notably, SingularityNET already boasts a functional bridge converter on the Cardano mainnet, facilitating seamless cross-chain movement of the ASI token. Additionally, Goertzel hinted at the possibility of future integrations with even more blockchains, including Internet Computers (ICP).

This multi-chain strategy offers distinct advantages. It caters to a broader user base by providing accessibility on various established platforms. Moreover, it leverages the unique strengths of each blockchain.

For instance, Cardano’s renowned scalability and security could prove beneficial for high-volume transactions involving the ASI token. Conversely, Ethereum’s well-developed dApp ecosystem might offer fertile ground for innovative applications utilizing the ASI token.

Cardano: A Leader Recognized

Cardano’s inclusion in the list of hosting blockchains for the ASI token is particularly noteworthy. The network has faced public criticism, including from industry figures like Arthur Hayes, for perceived shortcomings compared to competitors like Ethereum. However, this recent development signifies a potential turning point.

Cardano’s established presence in the crypto landscape positions it as a leader. Furthermore, its consideration for hosting a pioneering project like ASI underscores its potential for future growth and innovation in the convergence of AI and blockchain.

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Impact on Cardano: A Glimpse into the Future

The impact of ASI token adoption on Cardano’s native token, ADA, remains to be seen. While there’s no guarantee of a direct price increase or user surge for ADA, this collaboration undoubtedly shines a positive light on the Cardano blockchain within the crypto community.

With a current market capitalization of $23 billion, ADA remains a top-ten cryptocurrency asset, solidifying Cardano’s position as a major player in the ever-evolving blockchain landscape.

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A new development has emerged in the ecosystem. Cardano’s first ERC-20 converter is now live on the testnet. According to the report shared via Twitter on 7th December 2021 by Input Output Global (IOG), AGIX tokens will be the first to benefit from lower fees and other great features on the Cardano blockchain.

Read Also: Cardano Chosen to Power Artificial Intelligence (AI) Modules of a Humanoid Robot Named Grace

IOG tweeted, “OUT NOW: Our first ERC-20 converter is now live on testnet! SingularityNet AGIX tokens will be the first to take advantage of Cardano’s lower fees, higher transaction capacity, and enhanced security.”

OUT NOW: Our first ERC-20 converter is now live on testnet!
@SingularityNet #AGIX tokens will be the first to take advantage of #Cardano's lower fees, higher transaction capacity, and enhanced security 1/4https://t.co/IHz3hX6IVk

— Input Output (@InputOutputHK) December 7, 2021

Similarly, SingularityNET, a decentralized Artificial Intelligence (AI) economy platform, described the new development as the beginning of a rapidly expanding multi-chain decentralized AI ecosystem.

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Ben Goertzel, CEO and Chief Scientist at SingularityNET, who reacted to the progress, said:

“I’m extremely excited by the emergence of the AGIX-ADA/AGIX-ETH converter onto Cardano testnet, and soon after that onto mainnet. Every revolution is carried out one step at a time, and this is the first in a series of steps whose result will be the porting of the full SingularityNET decentralized AI platform onto Cardano.

“The importance of this port for SingularityNET and the whole blockchain and AI ecosystems cannot be overestimated – it will yield not only a far faster and more economical AI network, but also a massively superior foundation for adding advanced new functions to SingularityNET and moving toward realizing our vision of decentralized AGI.”

Read Also: Milestone Achieved: Cardano (ADA) Surpasses 20 Million Transactions without a Single Day of Downtime

How to Test the AGIX Converter as a User

In the announcement, IOG further stated that users who are interested in testing out the Cardano AGIX converter will have to download the Daedalus or Yoroi nightly testnet wallet, set up a Metamask account, and grab some test tokens, such as $AGIX, $tADA, and $KETH, from the faucet.

Step by step instructions on how to go about the testing can also be found at the Cardano developer portal.

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The post Cardano’s First ERC-20 Converter Is Now Live on the Testnet appeared first on Times Tabloid.

Grace, a humanoid robot, who can speak English and Korean fluently, was designed by SingularityNET and Awakening Health. Grace can be commercially used both in eldercare and general healthcare.

Read Also: Charles Hoskinson Announces Partnership between Cardano and US-Based Fortune 500 Satellite Provider

Grace is equipped with powerful artificial intelligence (AI). It has the ability to simulate 48 facial muscles, allowing it to have meaningful social interactions with patients.

How Cardano Blockchain Will Be Leveraged

Cardano blockchain is being introduced to drastically enhance the performance of Grace, the humanoid robot. This implies that Cardano will significantly reduce the time to process biodata.

Additionally, according to Ben Goertzel, the CEO of SingularityNET, Cardano will make the robot more secure and private for the safety of patients’ medical records.

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Ben Goertzel noted:

“In applications like that, the robot needs to deal with medical records on the back end, and it needs to deal with potentially confidential information that elderly folks and medical patients can give her on the back end…This really makes use of the security of the Cardano platform.”

During the Cardano Summit 2021, SingularityNET CEO pointed out that the affordances permitted by the Plutus smart contract platform will give his firm the needed flexibility to do many interesting things, which were not possible due to limitations of Solidity.

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SingularityNET, First Major Ethereum-based Project to Partially Migrate to Cardano

Back in September 2020, SingularityNET announced that it would be the first major Ethereum-based project to partially move to the largest proof-of-stake blockchain, Cardano.

At the Cardano Summit, Goertzel stated that the firm is close to launching the AGIX token on the Cardano mainnet.

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