SingularityNET and World Mobile Token Achieve WMTx Multi-Chain Bridge Integration

• SingularityNET and World Mobile Token have completed their bridge integration, allowing seamless transactions between Ethereum and Cardano.

• The bridge utilizes a mint-and-burn method, supporting multiple self-custody wallets for easy access.

SingularityNET and World Mobile Token have announced the successful integration of the World Mobile Token (WMTx) into the SingularityNET multi-chain bridge. This partnership was launched in August 2023 and links SingularityNET’s AI capability with World Mobile’s decentralised mobile network.

The integration of SingularityNET’s bridge with World Mobile Token is a major achievement in the development of efficient cross-chain transfers. The bridge uses a mint-and-burn process, meaning tokens will be easily transferable between the two blockchains. 

This process also supports several self-custody wallets such as Metamask, Nami, Eternl, Gero Wallet, and Flint, and thus, it includes many users. The primary aspect of this integration is the swapping of the World Mobile Token (WMTx) between the Ethereum and Cardano blockchains. 

This modular design of the bridge makes it possible to extend it for other tokens in the future, thus making it easier for partners to bring their tokens into the SingularityNET network. The network is planned to unite users from all over the world and use blockchain and the sharing economy as its basis. It allows participants to be AirNode operators or token holders paid to offer telecommunication services or protect the network. 

The SingularityNET backend architecture processes events that occur on both blockchains, as well as any calculations and security measures that need to be taken. World Mobile will make use of API calls to interact with this backend to ensure that the process is secure.

Bridge Leverages Strengths of Ethereum and Cardano Blockchains

The partnership of SingularityNET and World Mobile Token shows how the Ethereum and Cardano blockchains differ in their capabilities. Smart contracts are also supported by Ethereum, whereas Cardano is best in terms of scalability and sustainability. The bridge’s infrastructure solves these issues by enabling World Mobile Token to facilitate transactions on both platforms.

In the Ethereum network, SingularityNET offered World Mobile a smart contract address and named it the “Minter.” This role enables token minting and burning during transfer. The backend of SingularityNET oversees the events on both the blockchains and checks for security and the correctness of the transaction. This guarantees the safety of the token transfer for all parties involved in the process.

World Mobile Token has integrated Chainlink CCIP to enhance cross-chain token swaps and staking and the usefulness of the token. This integration allows the easy portability of assets between the two platforms and supports multiple blockchains such as Ethereum, BNB Chain, Base and Arbitrum.

Also, recently, SingularityNET launched a new staking feature for the FET token on its SingularityDAO decentralized application (dApp).  SingularityNET also pointed out the further development of a new staking pool, which will be focused on CNT-FET (ASI) on the Cardano blockchain. 

The news is rather timely as the FET token has been experiencing severe price drops, which is typical for the current market. The price drop comes just a month after Artificial Superintelligence Alliance (ASI), including SingularityNET, Ocean Protocol, and Fetch.ai, launched the FET token on the Cardano blockchain.