Home Coins Cardano (ADA) SingularityNET cites Ethereum 2.0's 'lack of clarity' to plan port to Cardano

SingularityNET cites Ethereum 2.0’s ‘lack of clarity’ to plan port to Cardano


SingularityNET, a decentralized platform for AI apps, has announced its plans to move a significant portion of its network from Ethereum to the IOHK-led Cardano blockchain, in the wake of Cardano’s upcoming updates that include the Plutus smart contracts framework, the firm said.  

As part of a detailed announcement, the platform also highlighted the importance of security in the world of decentralized applications. This was especially notable since SingularityNET’s release came on the back of the KuCoin hack, a security incident that resulted in the theft of more than 40 million AGI tokens. 

While clarifying that the KuCoin hack “was not the motivation for the SingularityNET/Cardano collaboration” the platform stated,

“The careful layering of levels of abstraction in the Cardano design is also relevant here, as it strictly limits the types of hacks and attacks that can be done in various contexts.”

However, SingularityNET was quick to caution that putting the platform on Cardano “would not prevent exchanges from being hacked.” Instead, if “done right,” it would allow the firm to get more clarity and remedies to hacks. It also added that both Cardano and SingularityNET were in fact discussing a collaboration, well before the aforementioned hack. 

Another interesting detail in the announcement was that SingularityNET believes that the “speed and cost issues with the Ethereum blockchain” and the “lack of clarity” around the ETH 2.0 upgrade were major reasons why the firm looked for an alternative. The firm added, 

“The ambitious Ethereum 2.0 design holds promise but the timing of the rollout of different aspects of this next-generation Ethereum remains unclear, along with many of the practical particulars.”

So far, the blockchain community has been waiting for the arrival of Ethereum 2.0, the major upgrade planned for the Ethereum blockchain and expected to be released in the coming months. However, those awaiting the upgrade themselves have had similar concerns. With the current DeFi hype, Ethereum has been handling heavy workloads that are clogging the network.

Image Source: Twitter

It should be noted, however, that according to some users, even the Cardano blockchain has not been fast enough.



Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,549FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.18
GBP
1.29
CHF
1.10
NOK
0.11
JPY
0.01
CAD
0.76
AUD
0.70

Most Popular

Cryptographers Are Always Going to Be ‘One Step Ahead’ of Regulators: Monero’s Spagni

While regulators are trying to restrict privacy in crypto, their efforts may be futile, according to privacy-centric protocol Monero’s maintainer, Riccardo “Fluffypony” Spagni. “The U.S....

Filecoin creator denies strike allegations

Juan Benet, the creator of blockchain-based data storage platform Filecoin, has called allegations that miners of its token have been on strike since last...
bitcoin
Bitcoin (BTC) $ 11,748.72
ethereum
Ethereum (ETH) $ 378.42
ripple
XRP (XRP) $ 0.247810
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 247.90
bitcoin-cash-sv
Bitcoin SV (BSV) $ 159.08
litecoin
Litecoin (LTC) $ 48.02
eos
EOS (EOS) $ 2.57
binancecoin
Binance Coin (BNB) $ 29.86
okb
OKB (OKB) $ 4.55
tezos
Tezos (XTZ) $ 2.17
leo-token
LEO Token (LEO) $ 1.22
cardano
Cardano (ADA) $ 0.107780
monero
Monero (XMR) $ 125.95
stellar
Stellar (XLM) $ 0.085101
chainlink
Chainlink (LINK) $ 10.75
huobi-token
Huobi Token (HT) $ 4.39
tron
TRON (TRX) $ 0.025638
usd-coin
USD Coin (USDC) $ 0.999592
dash
Dash (DASH) $ 74.11
neo
NEO (NEO) $ 17.58
iota
IOTA (MIOTA) $ 0.269969
nem
NEM (XEM) $ 0.112542
zcash
Zcash (ZEC) $ 64.09
maker
Maker (MKR) $ 569.21
paxos-standard
Paxos Standard (PAX) $ 0.999076
ethereum-classic
Ethereum Classic (ETC) $ 5.22
vechain
VeChain (VET) $ 0.011164
true-usd
TrueUSD (TUSD) $ 0.999933
ftx-token
FTX Token (FTT) $ 3.62
kucoin-shares
KuCoin Shares (KCS) $ 0.918387
waves
Waves (WAVES) $ 2.86