SigularityNET starts its phase 2 of migration from Ethereum to Cardano

  • The SingularityNET community has voted in favor of minting 1 billion AGI tokens on Cardano to initiate its migration from Ethereum.
  • The tokens will be issued over a 91-year period at a declining rate of 1.5%.

Ethereum-based SingularityNET (AGI) has begun its migration to Cardano. As part of phase 2 of an initiative aimed at accelerating the platform’s development towards its next stage, its community has voted to integrate the AGI token on the Cardano blockchain.

SingularityNET is an AI solution with a decentralized protocol that hosts AI agents with simple tasks such as image processing, time-lapse analysis, and data analytics. The collaboration with IOHK to migrate to Cardano was announced in early October 2020.

SingularityNET CEO and founder Ben Goertzel justified the migration by saying that Cardano is a “blockchain that is superior to Ethereum.” The vote lasted 4 days and had Goertzel’s support. In the end, there were 187 million votes in favor of the proposal and 20 million votes against. Given the clear endorsement, Goertzel thanked the community for their participation 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.

SingularityNET and its development on Cardano

As part of the migration, 1 billion AGI tokens will be created on the Cardano blockchain. The tokens will be issued gradually over a monthly period at a decreasing rate. The first issuance will consist of 15 million AGI, while the issuance rate will be reduced by 1.5% during the process.

In total, the issuance will take 91 years to complete. Goertzel hopes that “more resources can be allocated to help develop” the platform. The next step will be to strengthen SingularityNET’s decentralized governance model, Goertzel added:

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.

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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