 Welcome to Digital Asset News, the guitar stories and crypto currency new assets and bring down a bite-sized pieces. So today interesting stories all about Cardano. So first up, Cardano prepares to welcome Singularity Net as its Ethereum contracts gets terminated on May 31st. And this is just the beginning because we're looking at ERC20 converters and different projects that were on the Ethereum blockchain, which are going to be moving over to the Cardano blockchain. And how much is really going to eat into Ethereum's dominance and what is happening. So we're going to take a look at what is going on there on top of how I believe things are actually going to move in the right direction for smart contracts as they get rolled out in a three-tiered stage. And what this really means for the Cardano ecosystem, we're going to be taking a look at a lot of those over the next coming weeks over on Dan Clips. And finally, the reason why they're doing this so delicately and in a step-by-step fashion is because of fraud and different hiccups and problems that happen in the DeFi space in general, as far as smart contracts and people losing their money. So we'll take a look at all that, but first let's take a look at what's going on the market. So before we start, as you may see, that we are in a lovely, nice demoed home here. It's one of our investment properties and we're back in Houston for a bit to get some things done over here as we turn our property around and see what we can do and all that great stuff, which is just a fantastic part of getting into investment properties, short-term rentals and things like that. So one of these days, I'll do a more in-depth video about it. I've already done one before, but this is just what we like to do and here we are. So anyhow, it doesn't really matter. This is what's going on in the market. That's what everybody cares about. So right now we're at 1.4 a trillion and like we talked about yesterday, it's going to be either it's going to go sideways, a little bit of bumps up and down. And we're going to see some different things happening as far as like, you know, just sideways action. And in my personal opinion, this is where all the money is made. All the money is made when it's boring. Everybody's like, forget it. I don't want to do anything with this. And they just kind of get out because they don't want to, it's not sexy, really, you know, glamorous as things are moving sideways. But this is when you do things like, look, if you would have invested back when I was investing in 2018, when everything dropped down 80%, you'd be loaded right now. So this is not investment advice. This is just investment opinion. I go and tell you what I've done and it's not for everybody. That's all I can tell you. But if you have the gumption, this is a better, it's probably a better term than that. But to get into this, then here is what it's all about. And these are the times that I live for actually. Going out of Bitcoin is down. Everything's down. It's just, it's all down. And it's just what it is. And you know, we've seen these dips. This would be the fourth dip and people are always asking me what's going to happen over the weekend. Like I said, I'm like, well, I don't think it's going to go on 25K, but I do think we're going to bounce up and down a little bit. It's Memorial Day weekend for Americans. So we have a three-day weekend. I don't think a lot of people are going to be doing a ton of trading in America, maybe outside, of course. But I just don't think it's going to be massively, you know, bad to like 25, 20K or something like that. People talking about, I think it's going to go bounce around. It's going to get boring. People are going to jump out because they don't really care. And people like me and you probably just sit back and go, cool. I'll just accumulate until everything takes off at the end of the year, which is what I think is going to happen. Anyhow, that's what we have in the market. Everything's red and that's what it is, except for Matic. Wow, 26% for seven days. But even there down 4% because Mark Cuban came out and said, I'm buying a bunch of Matic. Guarantee he doesn't know what the heck it is. I, excuse me. I guarantee you knows the Layer 2 solution. I don't think he knows everything about it, but he's probably got his hands into it and the price of it. So good for that. I own Matic myself a little bit. Okay. Anyhow, here's what's going on as far as Cardano. And this is what I think is going to be the next big thing. This is like the fifth time I think I've talked about this. I believe that Ethereum had its day in 2017 and all the ICOs are built on. Okay, granted. That makes sense. And then everything was going on long swimmingly. And then different things happen with the ICOs and work out so hot. A lot of them. And then we move on into the Gatsby issue and then Binance Chain came up and they have their day and a lot of things are built on that. Now I think with smart contracts being coming forth with Cardano, I just don't understand why people can look at this and go, yeah, Cardano's a ghost chain. Nothing's going to happen. I really truly believe that a lot of things are going to be built on Cardano and it's going to just explode. On top of that, people think that Ethereum is going to be the dominant force forever. It could be. I have no idea. I own both. And it's not my place to say, you know what, this is definitely going to be it. I'm just an investor. So I just hedge my bets and go from there. And I think Cardano's going to do pretty well over the next couple of months. So the first sign I can see is different projects jumping ship. Projects that were on the Ethereum blockchain, which is saying, you know what, there's an ERC-20 converter coming that's out and we're going to be doing these smart contracts. Let's just go over to Cardano because we want to go where the fees are low and people will come back and say, but you don't understand because Matic and Layer 2 Solutions and it's going to be awesome. Sure, it could be, but that's where this company wants to go. So let's take a look. Anyhow, what's happened here? Well, Singularity Net, a decentralized artificial intelligence platform, will terminate its old Ethereum contracts on the 31st of May, following a snapshot taken on the 28th of May. So if you have any Singularity Net tokens, just know that there is a process. There is a website. I have a link in the description below, SingularityNet.io, at the very top here it says AGI to AGIX Hard Fork upcoming May 28th. Don't wait, take action now and it tells you exactly what to do. So they're going to be going from Ethereum over to Cardano. So just so you know, that's what exactly is going on. And then it says here, Cardano will officially become a smart contract platform and it will take bytes out of the competitors. Thanks, we all know that. The first of the lines of test has gone live, great. And then this is the interesting part. SingularityNet to generate 1 billion AGI's on the Cardano network. So they're going to generate 1 billion the token on the Cardano network. In addition to the AGI token as a supply of 1 billion Ethereum. The entry of tokens produced in Cardano into circulation will last for 91 years and the Ethereum based AGI's will start to be considered Illigent. I think it's going to be a little faster than that. I think it's going to just go away. Look at the website, it explains it quite clearly. But just so you know, first of all, the circulating supply is 1 billion. The price right now is about 4 cents or so, it's not too much. The question might ask is what the heck is SingularityNet? Well, SingularityNet decentralized marketplace for AI, artificial intelligence. It states there's a significant gap between the people developing AI tools, researchers and academics, and the businesses that want to use them. Organizations need a more customized solution that want a single AI project can offer and research project. Oftentimes have trouble accessing a large enough data. And this is where SingularityNet closes the gaps. So here's how, there was an example that they gave because they have that. They are the ones that created the Sophia AI robot. And what they say is like, they'll put the artificial intelligence in and go, okay, let's say you want, you have a business and you want to go out there and take a look at all the different websites as far as like videos and gives and puts some kind of data input into it. Well, you're going to need some artificial intelligence to actually go to the website to actually make that happen. Artificial intelligence to actually take a look at the video, assimilate it, see what you need to know and then put that into some place. And then the third part could be any kind of like storage or whatever else. So you need three components for AI. SingularityNet gives you all those AI different types of aspects. And you can pay for those instead of having to work it off from scratch. That is the power of SingularityNet. So I think it's an interesting concept. Let's see if it all works out, but I've been in the game for quite some time and they're the ones that gave us that crazy Sophia robot. So we'll see. But to finish this article up, this was the interesting part. CEO of SingularityNet, Ben Gortzel said, we are updating our old SingularityNet platform to SingularityNet phase two. In our own words, our old platform works fine, not counting the well-known shortcomings of Ethereum Blockchain. Just his words, not mine. And there will be many improvements in phase two. One of which will be Cardano, a much more advanced blockchain. So look, these guys are at the forefront, doing some pretty ambitious things. So we'll see if it all works out. But this is just one example of projects moving from Ethereum over to Cardano and then some people say, well, that's just one. But I mean, do you really think are out there that are looking at this going? Let's see if Cardano can pull it off. Let's see if Ethereum can actually make Ethereum 2.0 work. Because there is a big dichotomy between a programmer and what they do and a business owner and what they do. Me personally, I'm not a programmer, but I'm a business owner. I can tell you right now, if something is expensive for me to use and doesn't work too well, I'm going to the next thing. Because it's my job to make money for me, my family, and also my employees. So it's not working. I'm not here to be a raw, raw cheer boy. I'm here to make a bottom line and make a buck. And that's how it works. So if I have something that's going to work a little better, I'll probably go that route. Now, later on, if something happens where it's like, well, you know what, Ethereum 2.0 is good and it's released fast and there's no gas fees, I might consider coming back. But again, business, this just makes sense to me. And if it's not working, I'm out. And that's what I can really tell you. Anyhow, let me know what you think about that in the comments section. And this kind of leads me to my next point, which is about the Alonzo rollout plan. So just so you know, they've already got their test net live. Alonzo is when everything comes in as far as smart contracts. And it's going to be staggered. And I was always critical about Cardano because it takes a damn long. But in all honesty, it's great that they do these things because they can kind of test what's going on and make sure that things actually work. And they're going to go all the way from June, July, August. And then in August, it's pretty much where it's just a done deal. September is just kind of like working out a little bit of the kinks. But they're going to get the stake pool providers, which Dan, DNews, dandiedescript.com. We are part of those SPOs so you can stake your Cardano. And when they get everything involved, the first one will be just a couple of ones in June, July, pretty much all of them. And then September, it's like a hard rollout and off they go. I think it's pretty amazing they can actually hit these numbers and actually make it happen. I think it's going to work. It seems like they've been hitting their goals every time. So again, we will see. So I think it's great that they do these things to make sure things work because this is the problem that I see with projects that come out too fast and really just don't do too much testing and reviews and things like that. You get stuff that happens kind of like this. And this is what is this? Burger or Binance Smart Chain, BurgerSwap. It loses 7.2 million from a flash loan attack. And when we look at these, we just see numbers. You just see like 7.2, you're like, well, who cares about 7.2 million? Why aren't we over like 1.4 or 5 trillion dollars in a market cap? So who cares about 7.2 million? You know who cares? The people that lost that money. And this is just a prime example of just a little bit that could happen. Now, extrapolate that out to an entire large ecosystem of a large market cap and they get in a DeFi and they lose 100 million, 200 million, a half a billion dollars. That is a catastrophe. So I'm glad that Cardano is doing these types of things. And again, I was critical before, but get it now, especially because of examples like this. So this is what happened just as a recap. Around 3 a.m. on May 28th, BurgerSwap on the Binance Smart Chain encountered a flash loan attack. 7.2 million was stolen and 14 transactions. This is what's amazing to me is that hackers can like do a little bit of work. I mean, I don't know how much it takes. I'm not a hacker. But just do a little bit. Don't have to leave their house and their millionaires. So like I just saw a guy-riching movie and it was all about a bank heist. And I'm like, that's a lot of work. You know, like, why wouldn't they just, you know, if you were just a hacker, you want to do all this work. And I think this is the big thing because it's just like money sitting out there. Why wouldn't these hackers do it? You need somebody to really come in and do an audit. Take a look at all the different potential pitfalls that can happen and then protect against that because this obviously was not the team. So here's what happened. Users can add liquidity and earn the project's native token, the burger. Hackers created their own fake coin. Okay. And formed the new trading pair with Burger. This was the route. Burger to fake coin to WBNB. Through Burger, back to fake coin, trading pair. Attacker re-entering BurgerSwap through fake coin. M-manipulated number of reserve zero and reserve one in the pairs contract. Causing the price to change. And just so you know, flash under a smart contract based schemes that allow the issuance of loans within a single transaction or attack. So that's the problem with smart contracts and DeFi. And it makes a lot of sense of why I was doing a lot of their due diligence. Make sure this kind of nonsense doesn't happen. And my last point is this. I do believe that if you're looking at some massive gains, this is investment opinion, not investment advice. This is what I'm doing. Take a look at the ecosystem that's happening with Cardano. Again, I think Ethereum with their ICO days and everything's being built on it and decentralized exchanges and DeFi, they get a lot locked up. But now you got somebody coming right behind and going, you know what? We can do a lot of things too. And if you want to come over to where it's faster, it's a lot cheaper. We got a lot of things going on as far as like development goes. This could be your opportunity to get into our system. And I've already interviewed the guys over at Indigo and Liquid, Charlie, which is their Oracle, and Sunday Swap and CardStarter have already reached out as far as and also Tesseract. So right now is not a good time to do like the first part of the interviews. And then I have to put them all together because it's just not a great time. I'm just busy. So I'll put this all out in Dan Clips. And these are the things that I think that as they move forward, these are the things that I'm going to get into heavily because I believe this is the next step of crypto and where things are going. And we already talked about WMT, a world mobile token, where they're doing great things over in Africa. They're doing two parts. They're giving the infrastructure as far as the solar panels and the actual mesh telecommunications pods. On top of that, they're actually doing the token. And that'll be coming out in Q3 for the token itself. And we already did a video with Mickey Watkins, a CEO. You can find over at Dan Clips. I'll also put that in. And this is a great example of doing good and doing well. So I'll probably go in pretty heavy on that one as well. So look, that's it for today. I know it was pretty Cardano heavy. I know people love Ethereum. Probably didn't like that video. But you know what? I own both. I think they could do great. I just want to hedge my bet and just talk about the things that are really coming up. And I know everybody talks about, well, there's EIP 1539. Hey, we'll see. Just like we'll see with the smart contracts with the Cardano. It could go either way, but we'll find out. Anyhow, that's it for today. If you liked the video, give it a thumbs up. That really helps out. Consider subscribing. All the things we talked about are time sensitive. And that is all. Everything is fine as far as the links will be in the description. Thanks so much. See you on the next one.