Cardano CEO Mulls Algorand Partnership to Build Decentralized AI

Cardano CEO Charles Hoskinson proposed Algorand to become their partner chain and work on decentralized AI. Algorand CTO shows interest.
By Bhushan Akolkar
August 24, 2024
Nebula
rexas
Cardano Founder Endorses Brian Armstrong For White House Crypto Role, Here's Why

Highlights

  • Charles Hoskinson highlighted the potential for Algorand to become a leading AI powerhouse if combined with a specialized proof of work.
  • Algorand's CTO, Gary Malouf, responded positively to Hoskinson's proposal.
  • The launch of Cardano's much-anticipated Chang hardfork has been postponed to September 1.

In the latest development, Cardano CEO Charles Hoskinson shared his views on the power of the Algorand blockchain technology and the possibilities of partnering with them on decentralized artificial intelligence (AI) projects. Such a partnership can unlock new opportunities for both players in the rapidly evolving AI industry.

Advertisement
Advertisement

Cardano CEO Praises Algorand Blockchain

Charles Hoskinson has always been appreciative of potential crypto projects in the market working on decentralized blockchain solutions. Hoskinson recently shared his views on Algorand’s technology, adding that if combined with a specialized proof of work optimized for AI inference, it will make Algorand the leading decentralized AI powerhouse in the crypto industry.

The Cardano CEO stated that such a development would be exciting while proposing Algorand to become a partner chain with them. He said that together they would push the capabilities of Minotaur to their fullest potential.

Algorand Technologies Chief Technical Officer Gary Malouf responded to Hoskinson stating: “Hi Charles, we’d love to hear more about what you are thinking. Definitely not the first time we’ve discussed an overlap with AI capabilities”.

Hoskinson asked IOHK CTO Romain Pellerin to schedule a meeting, responding to which Pellerin said: “Happy to talk, Algorand as a partner chain would be fantastic”. The chance of this partnership looks quite preliminary at this point, however, if it turns out to be fruitful, it might unlock exciting opportunities building synergies between the crypto and the AI world.

Advertisement
Advertisement

Chang Hardfork Delayed Again

The much-awaited Cardano Chang hardfork has been delayed again by four more days from the earlier anticipated launch on August 27, to the newly scheduled launch on September 1. As we know, the Chang hardfork will transform Cardano’s governance model by revolutionizing the use of ADA and thus kickstarting the Voltaire era.

Charles Hoskingson called out Binance and other crypto exchanges adding that they are yet to announce their support for the upgrade. “The magic of deadlines is that people who aren’t taking upgrades seriously suddenly say damn we got to get moving. When they get moving, we converge quickly,” Hoskinson noted.

Amid the broader crypto market rally today, Cardano’s native cryptocurrency ADA has also surged by 4% moving all the way to $0.40. However, this delay with the Chang hardfork might stall the ADA price rally for the time being.

Advertisement
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.