SingularityNET, the most popular AI coin, started migrating to Cardano Blockchain in mid-2021. Cardano has launched new blockchain initiatives focused on artificial intelligence, such as Hypercycle, a new side-chain customized for AI projects. According to crypto expert Dominic Basulto, in the best-case scenario, Cardano could become the ‘leading’ blockchain for AI just as the Ethereum Blockchain has become the ‘leading’ blockchain for NFTs and decentralized finance. The expert examines the impact of artificial intelligence developments on the altcoin price.
Cardano moves towards blockchain-based artificial intelligence
Although Cardano (ADA) has not received much attention from investors, it has been on the rise lately. It’s currently up 35% for the year and is keeping up with market strengths such as Ethereum (ETH), which is up 40% year-over-year. In addition, metrics typically used to value Cardano, such as Total Value Locked (TVL), are also showing an upward trend. This is a sign that blockchain’s recent move towards decentralized finance (DeFi) might pay off.
But a potentially really exciting growth area for Cardano is still being overlooked by investors. Cardano seems to be moving towards artificial intelligence (AI) very quietly. This could give it a huge competitive advantage over other Blockchain networks that have yet to embrace the future of Blockchain-based AI. A new transition to artificial intelligence will of course bring a much higher value for the altcoin.
Cardano and SingularityNET
The key to Cardano’s move towards AI is SingularityNET (AGIX), one of the top AI cryptocurrencies of the year. As you follow on Kriptokoin.com, SingularityNET has grown by nearly 1,000% over the year and has caught the attention of investors, largely thanks to its history of groundbreaking AI projects such as the AI-powered humanoid robot Sophia.
SingularityNET isn’t a coin, it’s a cryptocurrency, so it doesn’t have its own Blockchain. So, it needs another Blockchain to work. SingularityNET was originally launched as a token on the Ethereum Blockchain. However, in May 2021, it started the process of transitioning completely to Cardano Blockchain. In the future, SingularityNET will be a token that uses Cardano Blockchain for functionality, security and stability. You can see this as a big win for Cardano. Because it managed to pull a hot AI token from Ethereum based on its superior performance and capabilities.
Now Cardano seems to be increasing SingularityNET support. For example, in February, Cardano announced that it will soon launch a new customized staking portal for SingularityNET token holders that makes it very easy for SingularityNET token holders to stake AGIX tokens and earn passive income.
If you’re thinking long-term, Cardano’s adoption of AI could be very exciting. Cardano can use SingularityNET as a showcase project to attract other AI developers and users. Over time, Cardano could become the ‘leading’ ecosystem for artificial intelligence, just as Ethereum became the ‘leading’ Blockchain ecosystem for Non-Fungible Tokens (NFT) and DeFi. If Cardano is to become an AI leader, it will likely require continued growth of Hypercycle, a new side-chain connected to the main Cardano Blockchain specialized for AI. According to SingularityNET, this Hypercycle side-chain is crucial to making Blockchain-based AI projects cheaper, faster, and more useful than anything Big Tech can produce.
Will AI help boost the altcoin price?
Investors ‘What can you use Cardano for?’ he keeps asking. If the answer is ‘artificial intelligence’ then that could be huge. By far, the most common complaint about Cardano was that it wasn’t really good for anything. It was academically oriented and so slow at bringing new innovations to market that nothing big on it looked ‘alive’. As a result, investors have never placed a great value on Cardano. The all-time high is just $3.10, which it reached at the peak of the 2021 crypto boom. And the 52-week high is just $1.24.
Of course, much of this discussion about AI and Cardano is pretty speculative. Because no one really knows if Blockchain-based AI will be a thing. But it’s hard not to ignore the growing number of headlines about ‘Cardano’s AI project’ (aka SingularityNET) and not be a little curious. The more you peek under the hood in Cardano, the more interesting things get. If AI becomes a central focus for Cardano, beware. This overlooked altcoin may be approaching all-time highs faster than anyone can imagine.
The opinions and recommendations in the article belong to the experts and are definitely not investment advice.
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