BNB Chain has announced a strategic partnership with SingularityNET to advance decentralized storage and AI applications on the blockchain. The collaboration aims to promote innovation within the decentralized data economy by leveraging both platforms’ capabilities.
SingularityNET recently joined two other AI projects to form the Artificial Super Intelligence (ASI) alliance. While the new partnership with BNB Chain will not interfere with this merger, it is expected to support the alliance’s long-term objectives.
Integration of singularityNET technology into the BNB chain
SingularityNET plans to integrate its Knowledge Layer with BNB Chain’s decentralized storage platform, Greenfield. Greenfield provides a decentralized data storage solution that enables users to access data marketplaces. The integration creates an advanced platform to enhance data reliability and performance.
The partnership also seeks to establish new standards for the decentralized data economy. Both parties plan to develop innovative products and integrate ASI infrastructure into the BNB Chain, expanding its multi-chain capabilities.
Dr. Ben Goertzel, CEO of the ASI Alliance, highlighted the potential of this collaboration to address current limitations in generative AI. He emphasized that SingularityNET’s role as the Knowledge Layer could revolutionize AI systems. “The integration of the 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,” he stated.
Mixed market reaction to the partnership
Despite the strategic collaboration, the market response to FET, the merged token of the ASI alliance, has been negative. The token has dropped by 5% over the past 24 hours, trading at $1.190 on CoinMarketCap. This decline contrasts with gains seen in major cryptocurrencies during the same period.
The collaboration with SingularityNET allows BNB Chain to enhance its capabilities and drive user adoption. The blockchain network has recently faced declining usage. In contrast, other networks like Solana and The Open Network (TON) have gained traction through memecoin trading and tap-to-earn gaming.
To counter this trend, BNB Chain has launched several initiatives and partnerships. These include a cross-chain bridge in partnership with deBridge, Stargate, and Celer to improve cross-chain transactions and boost DeFi activity on the network. The new bridge supports popular Layer 1 and 2 networks, making transactions more seamless on the BNB Chain.
Furthermore, BNB Chain has opened applications for its Most Valuable Builder program, which supports ecosystem projects through incubation and grants. This program is closely aligned with the partnership goals between SingularityNET and BNB Chain, as both projects aim to foster the development of blockchain-based AI projects.
BNB chain’s DEX volume gains momentum
BNB Chain’s recent efforts are bearing fruit. The network’s decentralized exchange volume recorded the highest increase among the top five networks in the past week. It rose by 24%, reaching $611 million, while Solana’s DEX volume saw a modest 0.81% increase over the same period.
The collaboration between BNB Chain and SingularityNET marks a significant step toward enhancing AI innovation and strengthening the decentralized data economy. With both parties committed to fostering growth and innovation, the partnership could set new standards for blockchain technology and decentralized applications.