SingularityNET has announced that it would make a partial move away from the Ethereum Blockchain stating Ethereum scalability issues as the main push. With the partial move away due to happen anytime soon, SingularityNET has said that it is looking at the possibility of shifting to the Cardano blockchain. A move to the Cardano blockchain … Read more
With the partial move away due to happen anytime soon, SingularityNET has said that it is looking at the possibility of shifting to the Cardano blockchain.
A move to the Cardano blockchain due to Ethereum scalability issues on the Ethereum blockchain would see the relationship between both entities go deeper. It was announced some weeks ago that the artificial intelligence platform and IOHK, a firm that belonged to the owner of Cardano entered into a partnership.
In the details of the partnership, both firms said they were looking into the possibility of moving the protocol into the Cardano blockchain.
SingularityNET CEO faults scalability and gas fees as the main push to Cardano
One of the major factors that have been the push behind the move aside from Ethereum scalability issue is the network fees on the Ethereum blockchain. Since the surge of major DeFi projects, the Ethereum gas fees has seen a massive rise above $15 on an average at specific times.
Giving his review, the CEO of SingularityNET, Dr Ben Goertzel, said the alarming rate at which the network fees are surging had pushed the firm to seek other alternatives. He further said that they strive to provide their clients with the best services, but the Ethereum blockchain is making it very difficult.
Cardano sees a massive boost in the market as a result of the merger
Ben Goertzel also said he had been a firm believer in the multi-chain future and there is a high chance that they were still going to partially be on the Ethereum blockchain despite the Ethereum scalability issue.
The announcement also stressed the relationship between Cardano and SingularityNET as they are both known for their flair for advanced mathematics and computer science. The Cardano ecosystem has been seen as one for the future as they hope to launch high-grade projects in the coming years.
The price of Cardano has recently seen a rapid rise which is said to be as a result of the merger as it currently trades at $0.104. Presently, SingularityNET is still on the Ethereum blockchain despite the Ethereum scalability issues.