Cardano Dan's Newsletter - Issue #15
Standing on Cardano's shoulders
Welcome to the quick-hitting newsletter about Cardano, Crypto Trading, Blockchain, Monetary Policy, & Data Privacy.
I hope you enjoy this newsletter and that it provides some insight into the types of advances that Cardano will enable for other platforms.
Quote of the Day
“If I have seen further it is by standing on the shoulders of Giants.”
― Isaac Newton
The creators of Cardano have “stood on the shoulders of Giants” in their creation of the Cardano protocol. Similarly, others will stand on top of their shoulders to accomplish even more amazing things.
Artificial Intelligence is one major technological advancement that will benefit in tremendous ways from Cardano’s protocol.
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Cardano Nugget
A Decentralized Autonomous Organization (DAO) is “an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government.”1
Cardano’s Project Catalyst is currently the world’s largest DAO.
Background
When most people hear “Artificial Intelligence,” they think of Arnold Schwarzenegger in Terminator or the Agents in The Matrix. Entertainment has a great way of shaping the way that we think about advances in technology.
There have been significant strides being made in Artificial Intelligence since those movies released and cemented themselves in our minds as our picture of AI.
Sophia the robot was developed by Hanson Robotics and first turned on in 2016. Since then, Sophia has gone on interview tours including 60 minutes, CNBC, Business Insiders, and even visited the United Nations.2
While Sophia’s human-like appearance suggests a more advanced Artificial General Intelligence (AGI) than she actually possesses, the advancements are nonetheless noteworthy. Recognition of these advancements even extended as far as Saudi Arabia granting citizenship to Sophia in October of 2017.
Here’s a great clip of Will Smith talking with Sophia.
Connection to Cardano
There’s a lot more going on in the world of AI beyond Sophia. But Sophia is noteworthy to this discussion because Ben Goertzel, the former Chief Scientist of Hanson Robotics at the time Sophia was created, is the same person that co-founded SingularityNET.
SingularityNET’s website says, “SingularityNET lets anyone create, share, and monetize AI services at scale. The world’s first decentralized AI network has arrived.”
In September 2020, Ben made big news when he announced that SingularityNET is collaborating with Cardano.
Since that time, details have come into focus and it’s become clear that the original 1 billion AGI tokens created on Ethereum will be capable of moving back and forth between Ethereum and Cardano as the token holders see fit.
Additionally, the SingularityNET community voted in Feburary 2021 overwhelmingly in favor of Phase 2 proposal focused on these four areas:
Shift from Ethereum to Cardano (to achieve new network functionalities)
SingularityNET Layer 2 Networks (for driving massive token utilization)
Launching a Stream of New AGI-ADA Tokens, to Drive Trillions of AI API Calls
Moving Further Toward Decentralized Governance
The end result of this Phase 2 effort is SingularityNET running on top of Cardano, 1 Billion additional AGI-ADA tokens being created to fund additional development, and those AGI-ADA tokens are expected to become the first significant Native Asset to be deployed on top of Cardano.
The effort will include an AI-DSL (Domain Specific Language) and a SingularityNET Marketplace on Cardano.
Listen to Ben describe in his own words the benefits that SingularityNET will gain in moving from Ethereum to Cardano:
Stick around for additional thoughts on SingularityNET and AGI later this week.
Technical Analysis
People are getting antsy for Cardano ADA to make a move soon. I think the people are going to get what they want. I posted this on twitter last night:
The chart below is using a log scale. I’ve got a trendline drawn with two key levels from prior highs during this advance that have served as support (green) and the 2018 high shown in white.
I think that we’re in for a significant move very soon. Some of the scenarios I’m tracking:
Trendline hold and we break above recent all time highs (base case)
Trendline fails, we retest $1 and that holds, then continuing the advance higher (primary alternate case)
$1 fails to hold as support. The level between $.87 and $.80 becomes critical support to hold to avoid lower levels (least likely case)
IMHO, we continue to be in a super strong bull market and this has been some healthy consolidation before another major advance higher.
I’m always keeping in mind that there’s a lot of potential bullish news for Cardano that could land at any time to take us to new levels higher. I can’t say that without reminding you how risky the blockchain and cryptocurrency space is in general, so please invest and trade carefully.
Before You Go
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This newsletter is for entertainment and educational purposes. I’m not a financial advisor and you should do your own research and consult a financial advisor before investing in cryptocurrencies.
https://en.wikipedia.org/wiki/Decentralized_autonomous_organization
https://en.wikipedia.org/wiki/Sophia_(robot)
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