SingularityNET (AGIX): A Deep Dive on the Best AI Crypto Marketplace

Posted on by Werner

Introduction

2023 has been a breakout year for artificial intelligence, with the astonishing superpowers of OpenAI’s ChatGPT, Midjourney, and others turning AI into the trending technology of the year and taking most of the shine (and funding) off previous darling Web3. 

Soon enough, savvy technologists connected the dots between blockchain technology and AI. They understood that all roads lead to Rome – a decentralized Internet that requires vast resources will need incentives to scale, and a big chunk of it will come from distributed ledger networks. 

As a result, there has been a dramatic surge in the price of so-called AI cryptocurrencies such as SingularityNET, which we covered in our Top 20 List of AI Cryptos for 2024 Part 1 and Part 2. Its token, AGIX, shot up from $0.04 at the start of 2023 to a crazy $0.58 in the beginning of February, and currently sits around $0.31 (December 2023).

Mindplex Magazine is a part of the SingularityNET ecosystem, so it’s an honor to tell our readers a bit more about this incredible project. Here’s what you need to know about SingularityNET, Sophia the robot, and the AGIX token. 

What is SingularityNET?

SingularityNET is an AI-focused project that leverages blockchain technology to redefine how artificial intelligence is developed, shared, and commercialized. The project’s mission is to go beyond conventional AI by open-sourcing the concept of Artificial General Intelligence (AGI).

SingularityNET has built a decentralized AI marketplace that allows developers to share their AI innovations, collaborate, and directly monetize their AI solutions without using third-party intermediaries. 

SingularityNET wants AI, one of the most important technologies that humans have ever worked on, to thrive by creating an environment where innovators can directly sell their AI solutions to consumers. SingularityNET, one of the top AI cryptocurrencies, has a utility token known as AGIX.

At the height of the initial coin offering in December 2017, SingularityNET raised $36 million in one minute. It also received a $25 million investment from LDA Capital in May 2022. Some of SingularityNET’s notable investors include Kosmos Ventures, Fundamental Labs, Zeroth.AI, and Elizabeth Hunker.

Who Created SingularityNET?

SingularityNET was founded in 2017 by a team including current CEO Dr. Ben Goertzel and Dr. David Hanson, two visionaries working at the intersection of AI and blockchain technology. Their credentials and track record in their fields of expertise lend credence to SingularityNET and the wider crypto sphere. 

Born in Brazil, Dr. Goertzel is a cognitive scientist and AI researcher who played a crucial role in popularizing the term ‘Artificial General Intelligence’. Apart from serving as the CEO of SingularityNET, he is the chairman and chief scientist of AI software firm Novamente LLC, chairs the OpenCog Foundation, and is the host of the Mindplex Podcast.

David Hanson is a roboticist who founded and serves as the CEO of Hanson Robotics, a Hong Kong-based company known for creating human-like robots like…

Sophia the robot

Hanson Robotics’ best-known work is Sophia, a humanoid robot that has received media attention for reasons such as obtaining Saudi Arabian citizenship, selling an NFT artwork for nearly $700,000, and being appointed the first robot Ambassador for the United Nations Development Programme. She often accompanies Dr. Goertzel at various blockchain conferences across the world such as Token2049 in Singapore, where I had the pleasure of meeting her and conversing a little bit. 

The verdict is still out on whether androids dream of electric sheep, but what’s certain is that Sophia is living the life that many people only dream of.

SingularityNET (AGIX) Tokenomics

SingularityNET’s maximum supply is capped at 2 billion AGIX tokens. The utilities of the AGIX token include:

  • Governance – most tokens in the crypto sector are being used for governance purposes, and AGIX is no different. AGIX tokenholders can vote on issues affecting the platform’s governance.
  • Staking and Rewards – AGIX holders can stake their tokens to receive rewards every 30 days.
  • Payment – AGIX tokens are used to settle payments within the SingularityNET ecosystem.

How Does SingularityNET Work?

SingularityNET, which represents one of the many use cases of AI and blockchain, creates a network of AI services where developers showcase and monetize their AI solutions through a decentralized network. On the other end, users can buy AI solutions or test them before making a payment.

The platform wants to eventually build a scalable platform that is less reliant on Ethereum and more chain-agnostic. To make this happen smoothly, SingularityNET utilizes some tools and systems that include Daemon and its SDK.

What is Daemon?

Daemon is an under-the-radar but important component that acts as a sidecar proxy service within the SingularityNET ecosystem. It is more like an assistant that helps to manage tasks related to payments, Ethereum smart contracts, and other blockchain-related tasks.

There are lots of technicalities involved in the functioning of Daemon, but in simpler terms, it ensures smooth and secure interactions between developers and users especially when it comes to financial transactions.

Registry and Multi-Party Escrow Smart Contracts

SingularityNET utilizes two critical smart contracts – Registry and Multi-Party Escrow – for the network to operate fluidly.

Registry, as the name implies, is a database where developers and AI service providers list the important details of their products or services. The Multi-Party Escrow is a smart contract that provides escrow services for users and AI service providers. It also enables cheaper and faster transactions.

SDK

In general, an SDK (software development kit) is a collection of software development tools bundled together in an installable package.

SingularityNET’s SDK is a handy tool for consumers using AI services. It makes it easier for them to connect with SingularityNET services. The SDK also helps by automatically adding the required permissions to the tool used for connecting to these services, making the whole process smoother.

What are SingularityNET’s Main Products?

The core products of the SingularityNET ecosystem are:

SingularityNET AI Marketplace

This is the most important product of SingularityNET because it encapsulates the main ideas of the SingularityNET platform – democratizing and monetizing AI tools on decentralized blockchain architecture.

The SingularityNET AI Marketplace is a decentralized app that lets developers list their AI services and allows consumers to browse their desired AI services and products. The marketplace is simple to use, a major step in getting more people to interact with the platform. Users need to have a Metamask wallet, the gateway to Web3, or a traditional online wallet such as PayPal to make payments on the marketplace.

SingularityNET AI Publisher

The AI Publisher is the backend portal for developers and innovators on SingularityNET. It serves as a gateway for developers to effortlessly showcase and oversee their AI services. 

The process is straightforward – developers complete uncomplicated forms and share basic onboarding information about the intended service. It is as easy as filling out a Google form. Those using the portal can access advanced AI applications, beta testing tools, and analytics that track the usage of their AI services.

Credit: Tesfu Assefa

SingularityNET and Cardano’s Partnership

SingularityNET and Cardano (ADA) are long-time collaborators with the shared objective of democratizing and decentralizing access to emerging technologies through blockchain technology.

As a decentralized AI marketplace, SingularityNET has been focusing on improving the interoperability between the Cardano and Ethereum protocols, such as developing a token bridge to enable transactions between the two networks. 

In 2023, SingularityNET, in partnership with IOHK (the organization behind Cardano), announced they intend to move a substantial part of SingularityNET’s decentralized protocol from Ethereum to Cardano, by converting ERC-20 AGI tokens to a Cardano-compatible version, and recreating Solidity-based smart contracts in Cardano’s Plutus smart contract language.

Additionally, SingularityNET has introduced staking for its native token, AGIX, on the Cardano blockchain. This feature enables users to engage in and contribute to the expansion and wider adoption of the Cardano ecosystem.

AGIX Staking

SingularityNET has a staking platform where AGIX holders can lock up their AGIX holdings in exchange for incentives. Users can stake their AGIX tokens for 30 days. After that, they can redeem their rewards and staked AGIX tokens or roll them over for the next staking period.

In November 2023, SingularityNET rolled out staking on the Cardano blockchain, in addition to Ethereum.

Conclusion

SingularityNET is a blossoming AI-powered blockchain ecosystem that is wildly ambitious in its goals and enjoys the backing of a strong team and partners such as the Cardano and Ethereum communities. With artificial intelligence still in its infancy and the next crypto bull market potentially shaping up for 2024, the platform is only getting started, and you can stay up to date with all its latest developments here.

Let us know your thoughts! Sign up for a Mindplex account now, join our Telegram, or follow us on Twitter. 

Libraries of Hope

Posted on by SB Fisher

The storage of information for future generations is a sacred, necessary act. The battle for information that is available to us never ceases. For decades though, with the advent of widespread internet access, we have acclimated to the belief that anyone with a smartphone can access anything they want at any time. 

The days of ordering books from your local library archive to look up a fact or some statistics is so ancient as to feel quaint, with only scholars at the academic fringes ever delving into the paper mausoleums we have accumulated. Most of us feel, rightly or wrongly (which we’ll get into), that we could find any information we could ever need.

Yet as we live through the Information Age, as the output of humanity’s data streams escalate daily, libraries are not becoming obsolete, but ever more relevant. Libraries are not some ancient custom we should only maintain because of tradition, beauty, or nostalgia – but a vital element in the sincere progression of the human race.

Ex Libris

Libraries hold a central place in our human story. The human instinct to preserve knowledge is one of the catalysts for our rampant technological growth as a species. If Baghdad scholars hadn’t dutifully recorded the work of the Ancient Greeks in the Islamic golden age, we today would have no knowledge of Plato, Aristotle, Sophocles, and other titans of philosophy, literature and art. 

And – without Plato, Aristotle and Sophocles (okay, maybe less that last one) – civilization as we know it wouldn’t be here today – indeed it may not even exist. Take a second to think what great knowledge has been lost (that we will never know about) to barbarous cultural vandalism, accidents, and wilful destruction. It’s already painful to think of the one’s we do know about. 

The classic example is the Library of Alexandria, which Caesar burned to the ground in an ‘accidental’ fire. In those flames, generations of knowledge were lost – and the world was set back centuries, with its loss contributing to an extended ‘Dark Age’ for humanity during the medieval era, where violence, superstition, and fear reigned. Make no mistake. Libraries are a civilising force. The knowledge within their walls is the foundation for a society always improving – intellectually, technologically, and morally. 

The Battle for Knowledge

Sacred and trusted repositories of knowledge are ever more vital in a world drenched with false information. Access to that knowledge is even more critical. It’s an easy point to forget, but a whole publishing industry exists that actively fights to restrict information. The academic publishing industry is a perverse joke, a deliberate gatekeeper erected to guard knowledge behind paywalls, revoke access, and determine – indeed – which knowledge gets published at all, and who can read it. Despite best efforts to the contrary, such as Sci-Hub’s ‘piracy for papers’, the problem remains.

Your smartphone, unless accompanied with vats of money, can’t access everything after all. Not even close. Add in ISP restrictions, national government censorship, the ‘dark’ web, and all the unindexed information spewed out daily – it would be a surprise if it could access half of it. This wouldn’t be a huge problem but – conditioned as we are to believe in open access information when the exact opposite is true – we need a more energetic vigilance when it comes to our approach to how we store information and who controls the permissions. In a world of DLTs and the global acknowledgement of the issue of centralised custodians when it comes to money, a solution to the problem for information is hopefully not far behind.

Credit: Tesfu Assefa

Digital Libraries

For now, we rely on Google, whose mission – remember – is to ‘organise the world’s information and make it useful and accessible’. However, they gave up on the mission to scan the world’s books, resisted at every turn by the publishers and copyright holders of those books. 25 million books are scanned – but no one is able to read them. Yet you don’t have to be a published author to worry about our reliance on Big Tech’s carnivorous approach to our culture, and to the warping effects of Big Data, and the idea of entrusted the accumulated knowledge of our world to some executives with a profit-margin to maintain.

Digitisation creates opportunities for a new path though. One where libraries are just cultural touchstones of power, but counter cultural ones. Civilisation in the face of censorship, knowledge in the face of power. Perhaps most famous is Minecraft’s uncensored library, which provides unfiltered access to news, media, history, science and journals through the medium of the world’s most popular game. 

Digital libraries are a powerful force of egalitarianism. Not everyone lives in Oxford and can go to the Bodleian library. Despite the continued battle for information, these libraries have created a better access to our human story for everyone and, thanks to their proliferation and to the tireless efforts of those behind it, the concept of ‘losing’ information forever to digital Alexandrian fires is ever more remote. Want to read almost any book published over 75 years ago? Now you can.

United in Knowledge

We can, and should, go further though. We can, and should, continue to organise the world’s information and make it accessible. We should not do it for profit, and no one should have the keys. DLTs may in the future provide a novel avenue for storing information in a distributed, permissionless manner – and we should take those opportunities as they arise. A shared, holistic, atavistic, openly accessible, uncensored access to a library containing the world’s information is a dream that could bind the human race at this crucial moment where our increased bandwidth is beginning to tear us apart.

Let us know your thoughts! Sign up for a Mindplex account now, join our Telegram, or follow us on Twitter. 

The Top 20 AI Cryptocurrencies For 2024 (Part 2)

Posted on by Werner

Introduction

In Part 1 of our 2024 guide to the best AI-powered cryptocurrencies, I covered the first five top AI crypto projects. They were: the leading AI marketplace SingularityNET (AGIX), data merchant Ocean Protocol (OCEAN), AI librarian The Graph (GRT), AI agency Fetch.AI (FET), and AI garden Cortex (CTXC). 

In no particular order, here are five more Web3 projects that use artificial intelligence to create novel applications for blockchain technology. Numeraire, iExec, dKargo, Arkham and Injective Protocol. In this article we’ll break down their core purposes, use cases and how they utilize AI. 

6. Numeraire (NMR): Using AI to Play The Stock Market

Year Founded & Team

Numeraire was founded in 2015 by Richard Craib (CEO), Joe Lallouz (COO), and Will Knottenbelt (CTO). 

Institutional Investors

Andreessen Horowitz, Coinbase Ventures, and Paradigm

What is Numeraire (NMR)?

Imagine a hedge fund, but it’s not run by Wall Street experts—it’s driven by the brainpower of data scientists all over the world. That’s Numeraire. Using the Ethereum blockchain, this decentralized hedge fund uses artificial intelligence (AI) to make supremely educated guesses on stock market ups and downs.

What is Numeraire Used For?

The project’s appeal here is pretty straightforward. Numeraire wants to make investing in stocks less of a guessing game and more of a science, all while being open and efficient about it.

So what can you actually do with Numeraire? Well, two main things: 

  1. If you’re into investing, you get to use AI-driven insights – which hopefully translate into smarter choices in the stock market. 
  2. If you’re a data scientist or researcher, you get access to a gold mine of financial data from the project’s sources.

How Numeraire Leverages AI

A selection of machine learning models working together helps the Numeraire platform guess where the stock market will go next – not just one AI model. When financial data is shared, it’s as private as can be. 

Why Numeraire is Important

Numeraire is shaking up how we think about investing. It’s making the stock market a little less mysterious and a lot more scientific. Plus, it’s a playground for data scientists who want to do cool stuff with huge sets of financial data.

7. iExec (RLC): Democratizing Cloud Computing

Year Founded & Team

Founded in 2016 by Gilles Fedak (CEO), Haiwu He (CTO), and Jean-Philippe Pothier (COO).

Institutional Investors

Draper Dragon Fund, ConsenSys Capital, and Ledger Capital

What is iExec (RLC)?

iExec (RLC) is an open-source, decentralized cloud computing platform that runs on the Ethereum blockchain. It’s essentially a superstore for cloud computing power, with a Web3 twist: it’s decentralized and runs on Ethereum and blockchain technology. It allows decentralized applications to access on-demand cloud computing services that fit their needs with ease.

What’s iExec RCL used for?

The main purpose of iExec is to connect cloud computing service providers and users in a decentralized, open marketplace. It decentralizes the cloud computing market, allowing users to make money from their spare computing power by renting it out to others. This computing power can be used to power decentralized applications, run off-chain computations, or perform a range of other functions.

Whatever your computing needs, whether you’re in AI development, knee-deep in scientific research, or working on graphic designs, this platform has got you covered. It’s versatile and caters to a broad range of computing requirements.

How iExec Leverages AI

iExec helps match you with the computing resources that fit your project’s needs, and it also performs like a savvy broker that sets dynamic prices based on how many resources are available and how many people want them. Plus it ensures that whatever you’re buying or renting meets the right quality standards.

Why iExec Is Important

iExec RLC matters because it aims to revolutionize cloud computing by breaking down the existing barriers to entry. By leveraging blockchain and AI, it’s making the whole system more efficient, transparent, and, most importantly, accessible to everyone. 

What is the iExec token RLC used for?

The iExec token, RLC, is used as the platform’s primary medium of exchange. All transactions on iExec’s decentralized cloud marketplaces are settled in RLC tokens. Workers need to stake RLC tokens as security deposits to be eligible to execute computation tasks.

8. dKargo (DKA): The Logistics Translator

Definition: Dkargo uses blockchain technology to address trust issues in the fragmented logistics industry, and create a more cooperative and efficient logistics network​​.

What is dKargo Used For?

dKargo is designed to address the core structural issue in the logistics industry: there is no credible decentralized protocol that permits honest data exchange within services. dKargo is primarily used for optimizing logistics information, improving the connection between participants in the logistics chain, and offering Web3 logistics services from the first to the last mile​​.

How it Leverages AI

dKargo incorporates AI route optimization to create a fluid logistic platform. 

Why is dKargo Important? 

dKargo helps to build trust and cooperation in the logistics industry using blockchain technology. 

What is the DKA token used for? 

The DKA token is used within the dKargo ecosystem to facilitate transactions and governance decisions. 

Credit: Tesfu Assefa

9. Arkham (ARKM): The Dark Knight of Crypto

Year Founded & Team: 

Founded in 2020 by Miguel Morel, Arkham Intelligence leverages his extensive experience in cryptocurrency markets and intelligence​​.

What is Arkham? 

Arkham is a controversial blockchain analysis platform that uses AI and other methods such as bounties to deanonymize blockchain and on-chain data, and ‘doxx’ (make public) the real identities beyond high-profile wallet addresses. It’s attracted some industry antagonism for this, as privacy is a core tenet of cryptocurrency ownership.

Main Purpose:

Arkham’s main purpose is to enhance the transparency and security of blockchain transactions by targeting crypto crimes and scams. It does this by providing users with a powerful tool offering valuable insights and analytics to make it easier to find the ‘bad guys’ of the blockchain – or at least, that’s its official purpose. Arkham’s platform can be used to track stolen funds, audit transactions, and investigate hacks, among other applications.

Use Cases: 

Arkham’s analytical products have played a notable role in addressing past high-profile crypto incidents, such as recovering assets related to high-profile cases such as FTX and Alameda Research.

How Arkham Leverages AI 

Arkham uses a dedicated artificial intelligence engine, ULTRA, to systematically analyze and deanonymize blockchain transactions. This in-house AI engine leverages various data sources, including public records and social media, to label addresses and provide entity analytics.

Why it’s Important 

Arkham strives to deanonymize blockchain transactions and put a name and identity to every wallet in the crypto community. Billions are stolen each year in Web3 hacks, and much of it lands in the pockets of sanctioned organizations like North Korea’s Lazarus Group. 

By combating crypto crimes and incentivizing on-chain research, Arkham contributes to a secure,transparent and trustworthy blockchain ecosystem at the cost of privacy. Of course, the money is in the database as they say, and knowing which entities own certain whale accounts and observing or tracking their activities can be highly lucrative. 

What is the ARKM token used for?

Arkham’s native token, ARKM, is used to trade for information such as entity labels and curated data feeds. It is also used to post bounties, and reward hunters and blockchain detectives providing valuable intel.

10. Injective Protocol (INJ): DeFi Infrastructure

Founding Team

Injective Protocol, led by Eric Chen and Albert Chon, emerged from Injective Labs, a hub for innovative blockchain solutions​​.

Definition

Injective is a layer-one blockchain designed for finance, powering a range of DeFi applications like decentralized exchanges and lending protocols.

What is Injective’s Purpose? 

Injective Protocol provides a decentralized, interoperable infrastructure for next-generation financial applications. Its platform supports various financial markets, including spot, perpetual, futures, and options, all fully on-chain.

How Injective Protocol Leverages AI

While AI’s direct application in Injective is not detailed, the platform’s advanced financial infrastructure implies potential AI use in market analysis and decision-making.

Why It’s Important

Injective is at the forefront of decentralized finance, offering a fast, secure, and low-fee environment for a wide range of financial applications.

What is the INJ Token Used For?

INJ tokens are used for various DeFi purposes, including protocol governance, dApp value capture, and staking. 

Conclusion

Stay tuned for Part Three of our Top 20 AI cryptocurrencies for 2024, and please note that this article is for educational purposes only and should not be construed as financial advice of any kind. AI cryptos are still largely unproven and can be subject to serious price fluctuations during times of market volatility. Invest with care and always conduct proper research. 

Let us know your thoughts! Sign up for a Mindplex account now, join our Telegram, or follow us on Twitter. 

Cardano Summit 2023 Dubai: Adoption, Impact… And AGIX Staking

Posted on by Werner

Introduction

The growing global Web3 hub of Dubai hosted the a well-attended Cardano Summit 2023 Nov 2-4. With over 30,000 attendees representing a diverse range of industries and countries, the packed 3-day affair showed Cardano’s expanding influence in the Middle East and North Africa (MENA) region and the course it’s charting in 2024 and beyond.

The summit’s main themes were adoption and impact. This tells us something about where the Cardano network stands in its journey to innovate in blockchain technology.

As the world’s premier peer-reviewed blockchain, the layer-1 network’s flagship network edition was  fertile ground for a wide range of high-quality discussions on its future and demonstrations of its present capabilities, including SingularityNET’s long-anticipated launch of AGIX staking on Cardano. 

This overview delves into the summit’s day-by-day activities, big announcements, and the future trajectory of Cardano in 2024. You can view some of the keynotes, panels and highlights at the Cardano Summit 2023 playlist on YouTube here.

Day-by-Day Overview

November 2nd: Inaugural Networking and ‘Battle of the Builders’

The summit kicked off with a networking soirée, featuring the ‘Battle of the Builders’. Sponsored by notable entities like the Cardano Foundation, CV Labs, and EMURGO, this event spotlighted the Cardano Market, an exhibition space for Summit participants, and an NFT Gallery. The evening successfully showed Cardano’s commitment to fostering innovation and entrepreneurship within its ecosystem.

Summit Day One – Emphasis on Governance and Education

The first official day of the summit was marked by over 55 speakers engaging in keynote talks, panel discussions and masterclasses about operational resilience and the importance of education in blockchain. 

Panels explored the foundations of blockchain, and the importance of community engagement and transparency kept cropping up as a recurring theme. 

  • Frederik Gregaard, CEO of the Cardano Foundation, discussed the importance of consent and operational resilience in the digital age, and how Cardano is enhancing social systems. 
  • Panels such as ‘Essential Governance: Building Strong Blockchain Foundations’ delved into the intricacies of creating robust blockchain platforms, emphasizing governance models and processes. 
  • Additionally, the importance of transparency and community engagement in Cardano’s age of Voltaire was a key discussion point, highlighting its commitment to an open and participatory ecosystem.

In the evening, Cardano Summit attendees were treated to a traditional Middle Eastern feast in the world’s fifth-largest desert – an atmospheric setting to network and share ideas.

Summit Day 2 – Focus on Adoption, Impact, and Blockchain for Good

The final day of the summit featured a plethora of workshops and panel discussions, with more than 70 speakers. The sessions focused on a range of topics, from the adoption and impact of blockchain technology to its potential in various sectors like agriculture, law enforcement, and decentralized social media. 

One of the panels, ‘Dubai’s Web3 Evolution’, explored how Dubai is positioning itself as a global center for Web3, highlighting the region’s forward-thinking regulations and infrastructure. The importance of open-source contributions and community involvement in such projects was also a prominent theme. 

The day culminated in the Gala Awards Dinner, where the winners of the Cardano Summit Awards and the inaugural Summit Hackathon were announced, celebrating the creativity and dedication within the Cardano community.

Credit: Tesfu Assefa

SingularityNET Unveils AGIX Staking on Cardano

With AI being the talk of the town in 2023 and probably 2024, a highlight of the summit was the announcement of the upcoming launch of pioneering decentralized AI platform SingularityNET’s AGIX staking on the Cardano blockchain. 

The staking solution is designed to be convenient, secure, and rewarding, supporting the growth of the SingularityNET platform. In this way, users can generate a yield from holding the token and contribute to the adoption of Cardano and SingularityNET.

SingularityNET COO Janet Adams and Chief AI Alchemist Dr. Mihaela Ulieru both participated in insightful panels discussing the convergence of AI and blockchain technology. 

Adams was part of the panel on ‘Applying AI Research to Blockchain Business Models’, which delved into how blockchain could unlock access to extensive datasets for AI scalability and robust data management. 

Ulieru’s panel, ‘Recalibrating Value, Identity and Impact through the Blockchain: The Cardano Impact Report’, explored sustainable blockchain impacts.

In an interview, Adams talked about the close relationship between founder Ben Goertzel and Cardano founder Charles Hoskinson, and named three reasons for their alignment:

  1. common vision and goal for positive impact on humanity
  2. the mathematical foundation of the Cardano blockchain
  3. the strength of the community, which she called the most passionate in the world

Attendees had the opportunity to interact with the SingularityNET team, learn about their staking solution, and engage with other SingularityNET ecosystem projects like Rejuve.ai and NuNet.

Other Cardano Summit 2023 Highlights

Midnight Network Partnership

A major announcement was the IOG’s partnership with the Midnight Network, leveraging Polkadot’s Substrate framework. This collaboration highlights a significant stride in privacy-focused blockchain applications and incoming partner chains for Cardano. 

MinSwap Recognition

MinSwap highlighted its significant contributions to the Cardano ecosystem as well as its thriving developer community and portfolio of innovative projects.

Tadamon Partnership with UNDP

The Cardano Foundation’s partnership with Tadamon, a UNDP-led initiative, underscores Cardano’s commitment to leveraging blockchain for societal empowerment across Africa, the Middle East, and Asia.

Battle of the Builders

In the Battle of the Builders competition, the final ten contestants demonstrated the vibrancy and versatility of the Cardano blockchain. 

  • NMKR – NFT creation and secondary marketplace
  • NEWM – music streaming governed by musicians
  • Xerberus – digital asset portfolio risk management
  • FiDa – insurance contract tokenization
  • Mehen USDM – bridging traditional finance and blockchain
  • Iagon – AI-driven shared storage platform
  • Maestro – Web3 stack for DApps and smart contracts
  • zkFold – scaling solution for Cardano
  • Finest – platform for trading tokenized real-world assets
  • TVVIN – improving accessibility to traditional assets

Winning Projects

  • First Place: Maestro won first place. Its platform allows users to build Web3 applications such as DeFi protocols, NFT marketplaces, blockchain analytics platforms, and wallets.
  • Second Place went to Newm, a music streaming marketplace governed by musicians and their fans.
  • Third Place: ZK Fold, a zero-knowledge rollups scaling solution for the Cardano blockchain.

What’s Next For Cardano in 2024? 

Cardano’s milestone Dubai event had a few initial technical hiccups but ultimately showcased the current capabilities of the Cardano ecosystem and set the stage for its future evolution which could one day see it rival Ethereum. 

As the blockchain ventures into new regions and integrates cutting-edge technologies like AI through projects like SingularityNET, it is poised to attract more developers and projects, which are the lifeblood for any Web3 network. 

The momentum generated at the summit and the strategic partnerships formed are indicative of Cardano’s promising trajectory in the blockchain space, and the commitment of its community – which was one of the strongest during 2021’s bull run – remains strong.

With its focus on innovation, community engagement, and global impact, Cardano is well-positioned to continue its growth trajectory and play a significant role in the blockchain industry in 2024 and beyond. 

Regulatory issues in certain jurisdictions still linger, but it’s clear that progressive new destinations such as the UAE are ready to take up the baton of innovation and partner with Cardano and its blossoming ecosystem.

Let us know your thoughts! Sign up for a Mindplex account now, join our Telegram, or follow us on Twitter. 

BitVM: Revolutionizing Bitcoin Contracts

Posted on by Samuel Birhanu

Introduction

BitVM is a groundbreaking computing paradigm that enables Turing-complete Bitcoin contracts without altering the network’s consensus rules. It operates on a verification principle similar to optimistic rollups, where computations are verified rather than executed on Bitcoin. The system requires minimal on-chain footprint, allowing complex computations without leaving traces in the chain. On-chain execution is only needed in disputes. This article explores the capabilities of BitVM and its architecture.

Expanding Bitcoin’s Capabilities

BitVM expands Bitcoin’s smart contract capabilities beyond basic operations like signatures, timelocks, and hashlocks. This opens up a whole new design space for more expressive Bitcoin contracts and off-chain computation. Imagine being able to play games like Chess or Poker directly on the Bitcoin network or verifying validity proofs in Bitcoin contracts. These are just some of the potential applications of BitVM.

The Architecture of BitVM

The architecture of BitVM is a fascinating blend of existing technologies and novel approaches. It bears similarities to Optimistic Rollups and the MATT proposal, both of which are well-known concepts in the blockchain space. However, what sets BitVM apart from these systems is its compatibility with the existing Bitcoin network. BitVM requires no changes to Bitcoin’s consensus rules, which means it can operate within the existing infrastructure of Bitcoin. This is a significant advantage as it allows for the implementation of BitVM without disrupting or dividing the Bitcoin network. In essence, BitVM’s architecture can be seen as a bridge between the robustness and security of Bitcoin’s existing infrastructure and the need for more complex and expressive contracts. It leverages the strengths of existing technologies while introducing new capabilities, creating a balance between innovation and compatibility.

Committing to Circuits

In computer science, any computable function can be represented as a Boolean circuit. BitVM applies this principle by expressing any circuit by composing gate commitments. It’s like creating an intricate blueprint for a machine where every step of execution is committed to in a Tapleaf. All these Tapleaves are combined into the same Taproot address, allowing the prover to execute any gate in the circuit.

Credit: Tesfu Assefa

Ensuring Fair Play

Of course, there need to be rules to ensure fair play. In case of fraud, the verifier can challenge the prover’s statement using a sequence of pre-signed transactions. If one party stops engaging, after some timeout, the other party wins the challenge and can take both deposits. This mechanism ensures that both parties have skin in the game and are incentivized to play fair.

Inputs and Outputs

In the BitVM system, the prover can set inputs by revealing corresponding bit commitments. A bit commitment is a cryptographic protocol that allows the prover to commit to a chosen value while keeping it hidden from others. In an ideal scenario, these commitments are revealed off-chain. This is done to minimize the on-chain footprint, which is the record of transactions on the blockchain. Minimizing the on-chain footprint is beneficial as it reduces the load on the blockchain network and enhances its scalability. However, in non-cooperative cases, the verifier can force the prover to reveal their inputs on-chain. This ensures transparency and allows for verification of transactions.

Limitations

While BitVM is efficient for expressing functions in simple NAND circuits, it is currently limited to two parties. However, it might be possible to have two-way channels and form a network similar to Lightning Network. Future research could explore combining BitVM with different off-chain protocols like Lightning Network or rollups.

Conclusion

BitVM has the potential to revolutionize Bitcoin contracts by enabling Turing-complete capabilities without altering the network’s consensus rules. By allowing verification of program execution through fraud proofs in large Taptrees, It expands Bitcoin’s smart contract capabilities and operates within the existing infrastructure of Bitcoin. With its unique architecture and commitment to fair play, BitVM opens up new possibilities for expressive contracts while maintaining compatibility with the robustness and security of Bitcoin. As the technology evolves, it will be exciting to see how BitVM integrates with other off-chain protocols and further enhances the Bitcoin ecosystem.

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