SingularityNET and World Mobile Token Bridge Integration Completed for Seamless Transactions
SingularityNET and World Mobile Token have successfully completed the integration of the World Mobile Token (WMTx) into the SingularityNET multi-chain bridge. This milestone achievement allows for seamless transactions between Ethereum and Cardano, opening up possibilities for efficient cross-chain transfers.
The bridge utilizes a mint-and-burn method, supporting multiple self-custody wallets such as Metamask, Nami, Eternl, Gero Wallet, and Flint. This integration aims to make token swapping between the two blockchains easier and more accessible for users.
Partnership Details and Benefits
The collaboration between SingularityNET and World Mobile Token was initiated in August 2023, with the goal of linking SingularityNET’s AI capabilities with World Mobile's decentralized mobile network. The integration of the bridge is a significant step towards enhancing cross-chain interoperability.
The modular design of the bridge allows for potential extension to support other tokens in the future, making it convenient for partners to integrate their tokens into the SingularityNET network. This development aligns with the network's vision to unite users globally and utilize Blockchain Technology and the sharing economy as its foundation.
The backend architecture of SingularityNET handles events occurring on both Ethereum and Cardano blockchains, while World Mobile utilizes API calls to interact securely with the backend during transactions.
Utilizing Ethereum and Cardano Strengths
The bridge integration leverages the strengths of both Ethereum and Cardano blockchains. Ethereum's support for smart contracts complements Cardano's scalability and sustainability features. By bridging these two platforms, World Mobile Token can facilitate transactions seamlessly across both networks.
In the Ethereum network, SingularityNET enables World Mobile Token with a smart contract address named the “Minter” to oversee token minting and burning during transfers. This ensures the security and correctness of transactions, safeguarding all parties involved.
World Mobile Token has also integrated Chainlink CCIP to enhance cross-chain token swaps and staking, promoting the accessibility and utility of the token across multiple platforms such as Ethereum, BNB Chain, Base, and Arbitrum.
Recent Developments and Future Initiatives
SingularityNET recently introduced a new staking feature for the FET token on its SingularityDAO decentralized application (dApp). Additionally, the platform is planning to launch a new staking pool focused on CNT-FET (ASI) on the Cardano Blockchain.
The timing of these developments coincides with the market fluctuations affecting the FET token, which experienced a significant price drop. This price adjustment follows the launch of the FET token on the Cardano blockchain by the Artificial Superintelligence Alliance (ASI) comprised of SingularityNET, Ocean Protocol, and Fetch.ai.
Overall, the completion of the bridge integration between SingularityNET and World Mobile Token marks a significant advancement in enhancing cross-chain interoperability and facilitating seamless transactions between Ethereum and Cardano.
