New AI and stable coin announcement Djed
The second announcement was made by Charles Hoskinson (AI), who confirmed that the COTI platform had been selected as the official issuer of the Djed stablecoin.
AI is coming to Cardano Blockchain.
Cardano has announced it will welcome Grace, an AI robot set to revolutionize global healthcare. Grace is being developed by Awakening Health, a joint venture between SingularityNET and Hanson Robotics. The creators chose Cardano, which means the blockchain will become a private and secure environment for Grace’s AI modules.
Cardano was also selected to ensure that Grace meets the stringent requirements of the Health Insurance Provisions and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR).
Security, privacy, and performance improvements
The switch to Cardano offers Grace and its modules more security and data protection. It will also guarantee a significant improvement in Grace’s performance, which in turn results in more predictable, lower, and stable costs. Switching to Cardano also solved the problem of scalability, allowing Grace to work at the highest level and ensure fast processing of biological data.
Grace’s main functions
Awakening Health designed the AI robot to interact with the elderly and with people who are isolated from others for one reason or another. Grace looks like a paramedic, speaks Korean and English, and uses a thermal imaging camera to take a patient’s temperature. She (Grace) was also designed to measure patient reactions and reflect on their emotions. This helps Grace make a better diagnosis, but it also allows her to be unequivocal about her patients.
Commenting on the announcement, SingularityNET CEO and creator of AI technology for Grace, Ben Goertzel:
While Covid-19 has had a huge physical health impact, the mental health impact will continue long after the lockdown is lifted. This is why solutions like Grace are so important to tackling loneliness and relieving the workforce on the front lines. And with Cardano’s market leadership, it will be able to meet this global challenge. As we gradually improve Grace’s general intelligence skills over the next few years, she will be able to fulfill more and more valuable functions in the elderly and in the medical field – learn more and more about humanity and the acceptance of humanistic values while she is on.
COTI Platform becomes the official publisher of DJED
The Cardano Summit 2021 also announced that the COTI platform will be the official issuer of the stablecoin DJED. DJED is a new stablecoin for Cardano based on an algorithmic design that ensures price stability through smart contracts. The programmability of the smart contract also ensures that the stablecoin works for decentralized financial transactions.
Specially developed for transaction fees on Cardano
The DJED stablecoin retains a reserve of base currency while burning and minting other stable assets and reserve coins. It can be used to pay transaction fees on Cardano, which makes transaction costs more predictable for users on Cardano and ensures users are protected from high gas charges.
A significant improvement in Cardano payments
COTI Group’s CEO Shahaf Bar-Geffen commented on how DJED can help Cardano:
The stablecoin ecosystem has matured significantly in recent years. Blockchain participants use stablecoins to participate in daily transactions as they enable a seamless exchange of currency values regardless of the location of the sender and recipient. I believe that adding stablecoin DJED to the Cardano blockchain will greatly improve the way transactions are processed on the platform.
Meanwhile, Charles Hoskinson, Chief Executive of the IOHK stated:
The DJED co-stall could be a game changer in the crypto space and attract a whole new audience at a time when the industry is booming. DJED shares our commitment to formal verification and is proving to be a powerful method of combating price volatility in the cryptocurrency market. COTI is a longstanding partner of the Cardano ecosystem. It’s great that you are involved in this new project.
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