Yahoo Finance SingularityNET launches staking for AGIX tokens on the Cardano blockchain
AI company SingularityNET has implemented staking for its native token ‘AGIX’ on the Cardano blockchain platform.
Staking, the process which allows holders to generate rewards on their holdings, will launch later this month, and will allow users to contribute to the growth and adoption of Cardano.
The addition of staking for AGIX on Cardano marks the second major platform where it is available to AGIX holders, with the service already on Ethereum.
On the SingularityNET platform, staking is used to provide liquidity for other users to pay for artificial intelligence (AI) services with fiat rather than cryptocurrency.
SingularityNET is a pioneering AI organisation, led by renowned AI scientist Dr Ben Goertzel. Its work is used across a number of different industries and products, including longevity research, music and helping power Sophia the Robot’s ‘brain’. Its utility token, AGIX, is one of the longest standing AI cryptocurrencies in the blockchain industry.
The launch was announced at the conclusion of the Cardano Summit 2023. Janet Adams, Chief Operating Officer, alongside other SingularityNET executives were presenting at the summit on the intersection of AI and blockchain, as well as Cardano’s sustainability and impact.
”This is a significant milestone in our migration of SingularityNET to the Cardano blockchain platform. If blockchain is going to truly decentralize and democratize the world economy, as it has aspired to since the start, it needs to integrate AI in a scalable way and at the deepest levels,” said Dr Ben Goertzel, CEO of SingularityNET.
“The collaboration between SingularityNET and Cardano has a major role to play in the broader integration of blockchain and AI, and the launch of AGIX staking on Cardano is one valuable step along this path.”
