Cardano has launched new blockchain initiatives centered on artificial intelligence (AI). The platform appears to be making moves into blockchain-based artificial intelligence under the radar.
- Cardano’s development focus could shift to artificial intelligence.
- The Cardano community recently voted to set aside USD 500,000 in ADA tokens for AI projects in collaboration with SingularityNET.
Cardano is a major blockchain network that is supporting an increasing number of decentralized applications. The platform appears to be pushing for the integration of AI services into its blockchain.
While it hasn’t received much attention from investors, Cardano’s new focus shift to AI could be an exciting area of growth for the network, giving it a significant competitive advantage over other blockchain networks that have yet to embrace the future of blockchain-based AI.
What role does SingularityNET play in all this?
SingularityNET is an open and decentralized network of artificial intelligence services made possible by blockchain technology. Developers publish their services to the SingularityNET network, where anyone can use them, and they can also charge for them using the native AGIX token.
AGIX, one of the year’s standout AI crypto tokens, is central to Cardano’s AI push and is used in the SingularityNET platform for transaction management and decentralized community governance.
The SingularityNET platform supports both the Ethereum and Cardano blockchains, with multi-chain support for the AGIX token to interact between both chains and other advantages like governance and voting, staking, and ecosystem airdrops.
Suppose Cardano is to become an AI leader. In that case, it will most likely require the continued expansion of Hypercycle, a new sidechain connected to the main Cardano blockchain that is specialized for AI. SingularityNET says the Hypercycle sidechain is critical to making blockchain-based AI projects cheaper, faster, and more usable than anything Big Tech can produce.
Finally, Cardano’s move into AI would certainly support a much higher valuation for the Cardano ecosystem. Already, the metrics typically used to measure Cardano’s value, such as Total Value Locked (TVL), are also trending up, which is a sign that the blockchain’s recent push into AI might be paying off.
Featured image: Shutterstock
Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.