The Cardano network will be one of the cross-chain venues for users to access ASI, a new cryptocurrency that binds three top players in the AI and crypto space.
One of the biggest developments from the crypto space this week is a multi-billion token merger involving three projects: SingularityNET, Ocean Protocol, and Fetch AI.
The new partners announced the impending launch of the Artificial Superintelligence Alliance (ASI) and the merging of the three coins into the ASI token.
While the merger will bind together a combined $7.5 billion worth of value that the projects have amassed, one of the questions that quickly emerged is on which blockchain the new token will be hosted.
The home for the new token is especially important as it will determine how cheaply users can move the asset and whether it can easily be used across decentralized applications, such as those in the DeFi sector.
SingularityNET CEO Ben Goertzel promptly addressed the vital subject, revealing that ASI token will be available on Cardano, Ethereum, Fetch AI layer 1, and Hypercycle. Recall that SingularityNET already has a bridge converter on the Cardano mainnet, which could make such a cross-chain functionality possible.
Meanwhile, Goertzel also confirmed that the token might also launch on additional chains in the future, potentially including Internet Computer (ICP).
Crosschain, including ETH, FET layer 1, ADA and Hypercycle… plus more including yeah likely ICP …
— Ben Goertzel (@bengoertzel) March 27, 2024
Cardano Recognized For Industry-Wide Initiative
The addition of Cardano to the list of blockchains to host the widely anticipated ASI token catches the eye for several reasons. One reason is that Cardano has publicly been criticized, including by industry figures such as Arthur Hayes, for not being on par with other competitors such as Ethereum.
Nonetheless, the latest recognition affirms that Cardano holds a leadership position, given its longevity in the crypto space. At the same time, the consideration of the blockchain for trending innovations, such as the intersection of AI and crypto, underlines Cardano’s potential.
While there is no guarantee that the adoption of Cardano will directly impact the price of ADA or attract more users, it puts the blockchain in a fine light with the crypto community. ADA is still the ninth-largest crypto asset, with a market value of $22 billion.