SingularityNET is collaborating with BNB Chain to develop decentralized storage solutions and AI applications on the blockchain. The SingularityNET Foundation announced the partnership on August 29, stating that the move will promote innovation in the decentralized data economy.
SingularityNET is one of the three AI projects that recently merged to form the Artificial Super Intelligence (ASI) alliance. This partnership will not affect the ongoing merger and will benefit the alliance in the long term.
SingularityNET to integrate its technology into the BNB Chain
SingularityNET announced that it will integrate its Knowledge Layer with BNB Chain’s decentralized storage system, BNB Greenfield. Greenfield is a decentralized storage platform that allows users to access data marketplaces. Both projects anticipate that the integration will result in a cutting-edge platform significantly enhancing data reliability and performance.
The two projects also aim to create a new standard for the decentralized data economy and develop innovative products. Consequently, they will integrate ASI infrastructure into the BNB chain and facilitate its multi-chain capabilities.
ASI Alliance CEO Dr. Ben Goertzel noted that this partnership could address some of the flaws in the current generative AI applications because SingularityNET will become the Knowledge Layer.
He said:
“The integration of SingularityNET platform with BNB Greenfield provides an ideal platform for rolling out the next generation of AI systems that transcend the limitations of current GenAI systems and meet the full spectrum of application needs.”
Despite the partnership, the market reaction to FET, the merged token for the ASI alliance, has been negative today. The token is down 5% in the last 24 hours and trades at $1.190 on CoinMarketCap. In contrast, major cryptocurrencies have seen their value increase within that period.
BNB Chain is iterating to attract Web3 users
Meanwhile, the collaboration also presents an opportunity for BNB Chain to enhance its capabilities and, consequently, its adoption. The blockchain network has experienced a decrease in usage in recent months, as other networks such as Solana and The Open Network (TON) have been gaining momentum due to activities like memecoin trading and tap-to-earn gaming.
To address this, BNB Chain has introduced several initiatives and partnerships. These include the cross-chain bridge developed in collaboration with deBridge, Stargate, and Celer. The new BNB Chain bridge, which supports popular Layer 1 and Layer 2 networks, will make cross-chain transactions more seamless on BNB Chain, and experts expect it to increase DeFi activity on the network.
Additionally, it opened applications for its Most Valuable Builder program, which supports ecosystem projects. Unsurprisingly, the incubation and grants program is also part of the core purpose of the partnership between SingularityNET and BNB Chain. The two projects plan to support the development of the next generation of blockchain-based AI projects.
All of its efforts seem to be paying off, as the decentralized exchange DEX volume on the BNB Chain saw the largest increase among the top 5 networks in the past week. The volume increased by 24% over the last seven days, reaching $611 million, far above the 0.81% increase on Solana.
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