Cardano blockchain begins to compete with Ethereum

Cardano blockchain begins to compete with Ethereum

ETHEREUM VS CARDANO – Which Is the Better Investment?


Cardano blockchain begins to compete with Ethereum

  • SingularityNET Platform Plans Partial Migration To Cardano Blockchain.

  • In Ethereum, she is not satisfied with the speed and scalability.

  • ADA rate has risen in price on this news by 7%.

Cardano blockchain begins to compete with Ethereum

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AI platform SingularityNET is considering a partial transition from the Ethereum blockchain to Cardano. ADA course welcomed this news.

Artificial Intelligence (AI) -based blockchain platform SingularityNET has announced a partnership with IOHK, led by Cardano founder Charles Hoskinson.

The statement says that the parties are “seriously discussing” the possibility of partial porting of the decentralized AI protocol SingularityNET from the Ethereum blockchain to Cardano. Speed ​​problems and high transaction costs on the Ethereum network were cited as the reasons behind this intention..

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We’re extremely excited to announce our collaboration with #IOHK @InputOutputHK, a company led by @Cardano founder Charles Hoskinson @IOHK_Charles. Review some of the motivations, synergies and possibilities underlying this collaboration here:

– SingularityNET (@singularity_net) September 30, 2020

Ethereum, you’re in trouble

Earlier, the editors of BeInCrypto have repeatedly said that in recent months, against the backdrop of a boom in the DeFi segment, Decentralized Finance (DeFi) – this is financial services, technology-based blockchain that offer users access to open, efficient and … More commissions on the Ethereum network relentlessly updated records and exceeded the average value of $ 15 several times.

This trend, coupled with scaling concerns, has prompted the SingularityNET team to consider looking for an alternative blockchain. As Ben Herzel, CEO and Founder of the SingularityNET Foundation commented:

“The Ethereum blockchain’s current problems with transaction speed and cost has raised the urgent need to find an alternative platform to support SingluarityNET.”.

Cardano blockchain begins to compete with Ethereum

As a result, the choice fell on the Cardano blockchain. Herzel said Cardano and SingularityNET share common values ​​and a development style that focuses on advanced computer science and mathematics. The Cardano ecosystem is currently experiencing quite active growth and plans to offer its users even more new functionality, including Plutus smart contacts..

However, Herzel noted that he believes in the possibility of combining various chains and that SingluarityNET may partially remain on Ethereum..

Cardano course welcomed this news

If a company does start the migration process, it will transfer its native token. As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More AGI from ERC-20 format to Cardano and will also move to Plutus smart contacts. However, so far no final decision on this matter has been announced..

Nonetheless, the Cardano (ADA) course reacted with enthusiasm to the news of such a collaboration. At time of writing, it is trading in the $ 0.104 area, consolidating 7% from the $ 0.096 low recorded on Sept.30.

Against this background, the market capitalization of ADA returned to the $ 3.2 billion mark, which helped the coin again to be in the top 10 cryptocurrencies by market capitalization, according to Coinmarketcap..

ADA / USD rate. Source: TradingView

We can add that over the past week, the ADA rate has risen in price by 37% from a 3-month low of $ 0.075. Earlier, at the end of July, the currency made a 2-year high at $ 0.15, and its all-time high was set during the crypto boom in January 2018 years above the mark $ 1.15.


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