The AGIX ERC-20 Converter Bridge is Live!

Ben Goertzel
SingularityNET
Published in
6 min readApr 18, 2022

--

Hello Singularitarians,

Today we are thrilled to announce that, as of 15:00 UTC on April 18, the AGIX ERC-20 Converter Bridge is live. The Converter Bridge is a very significant milestone in SingularityNET’s Phase Two efforts, and brings us one step further in our historic expansion.

You can find the converter bridge here. IMPORTANT NOTE: for eligibility for the NTX airdrop for AGIX holders, only Ethereum balances are considered!

Open collaboration and interoperability have always been key values for the SingularityNET and Cardano projects. The launch of this bridge is a celebration of both. Conversion between the Ethereum and Cardano blockchains of the SingularityNET and NuNet tokens, AGIX and NTX, will be supported at launch.

It has been a pleasure to co-create the Converter Bridge alongside the IOG team; we thank them for their dedication and hard work, and look forward to many more collaborative efforts in the future.

Using the Converter

At launch, the AGIX ERC-20 Converter Bridge will support both AGIX and NTX conversion between the Ethereum and Cardano Blockchains. Instructions for using the Converter can be found in the SingularityNET Converter GitBook, and the user-friendly interface of the Converter will guide the entire process.

From the start page, link your Ethereum and Cardano wallets. Next, choose your “From” and “To” conversion network, and the token you want to convert (AGIX and NTX will be available at launch):

The Converter will prompt you to authorize your wallet via web3 connection. After authorization, you can begin the conversion process.

For Ethereum to Cardano conversion, you will sign a transaction to initiate the process, and transfer tokens to the contract; the ERC-20 tokens will be burned, and equivalent tokens will be minted for you on the Cardano side.

For converting from Cardano to Ethereum, you will similarly sign a transaction to initiate the process, however there will be one additional manual step by the user. When you begin the process of conversion, you will be provided a Cardano deposit address; when you deposit your Cardano tokens from your wallet to this deposit address, the conversion process will automatically begin — burning the tokens on the Cardano side, and minting them on the Ethereum wallet to be transferred to your ERC-20 wallet. Please be sure to wait for this transaction to complete before proceeding.

The transaction history view will show your conversions that have been initiated, are in progress, or have been completed.

For additional information, see the GitBook instructions or the GitBook FAQ.

Converter Details

The AGIX ERC-20 Converter allows anyone to move AGIX and NTX tokens between the Ethereum and Cardano blockchains. When tokens are converted from one blockchain network to the other, the converted tokens are burned (destroyed) on the initiating side, and matching tokens are minted (created) on the receiving chain. The total supply of tokens does not change due to this operation.

The tokens move from the user’s converting wallet, into their receiving wallet, on a one to one basis, per the Phase Two proposal, allowing blockchain interoperability of the SingularityNET platform.

Here is an explanation, in plain language, of how the AGIX ERC-20 Converter works:

Important notes

Due to some limitations of snapshot capability, the NuNet NTX airdrop eligibility will currently only be considered on the Ethereum network. AGIX-ADA tokens do not qualify for NuNet NTX airdrop eligibility currently.

Also, it is important to note that transactions will take time — 10 minutes or more (especially during peak traffic) is expected as we wait for a minimum of 15 block confirmations on either blockchain before we flag the conversion as done. The complexities of performing transactions on two blockchains leave this timing highly variable, due to potential blockchain network congestion. The transaction history page will always confirm the state of a conversion, whether it is initiating, processing, successful, or expired.

If for some reason you refresh the website before finishing a transaction, you can view and continue ‘in progress’ actions by clicking on the ‘Transactions’ tab at the top of the Converter Bridge site.

While the current implementation for converting from Cardano to Ethereum requires a manual step by the user, the SingularityNET engineering team are currently working on a more seamless integration with Nami wallet.

AGIX and NTX on Cardano details

AGIX native token policy id: f43a62fdc3965df486de8a0d32fe800963589c41b38946602a0dc535
Asset: asset1wwyy88f8u937hz7kunlkss7gu446p6ed5gdfp6

AGIX Cardanoscan: https://cardanoscan.io/token/f43a62fdc3965df486de8a0d32fe800963589c41b38946602a0dc53541474958
AGIX Minswap swap page: https://app.minswap.org/swap?currencySymbolA=&tokenNameA=&currencySymbolB=f43a62fdc3965df486de8a0d32fe800963589c41b38946602a0dc535&tokenNameB=41474958

NTX native token policy id: edfd7a1d77bcb8b884c474bdc92a16002d1fb720e454fa6e99344479
Asset: asset19yuner2nz27pq9pjdta50xwfyd0d2nry2l6lvu

NTX Cardanoscan: https://cardanoscan.io/token/edfd7a1d77bcb8b884c474bdc92a16002d1fb720e454fa6e993444794e5458
NTX Minswap swap page: https://app.minswap.org/swap?currencySymbolA=&tokenNameA=&currencySymbolB=edfd7a1d77bcb8b884c474bdc92a16002d1fb720e454fa6e99344479&tokenNameB=4e5458

The Opportunities of the Converter

The launch of this Converter represents a milestone for AI and Blockchain, which form the bedrock of decentralized AI for all. AI is changing every dimension of human experience, and the emergence of generally intelligent AI systems (AGI) will be an even more powerful tool. It is crucial that the emerging global AI network is open, not concentrated in the hands of a few, if AI is to live up to its potential of creating abundance for all humanity and breaking down systems of scarcity.

SingularityNET and Cardano are blazing the trail of taking back control from siloed, exclusive and centralized power structures, and creating the decentralized tech stack. Transparency, equality, sovereignty, and opportunity are critical to these endeavors, created by the infrastructure of blockchain networks, and enabled by intelligent AI systems operated through smart contracts.

The launch of the Converter is a critical step in bringing the SingularityNET Platform, Marketplace and ecosystem to Cardano, to provide infrastructure for a vibrant and flourishing decentralized AI network. This opens up the opportunity for Cardano to become the premier blockchain for decentralized AI systems — decentralized AI for governance, for defi, for reputation, even for decentralized computation of stake pool consensus.

Cardano’s systems are optimized for these opportunities — from the Plutus smart contract language, based on the functional programming language Haskell, to the scalability of the Hydra protocol, enabling innovations like the HyperCycle sidechain architecture.

To understand more about the opportunities available for SingularityNET and Cardano, as well as the background on why SingularityNET sees Cardano as a vital move for the project, please see our Phase two documentation.

Quote from Dr. Ben Goertzel, CEO of SingularityNET:

The importance of this port for SingularityNET and the whole blockchain and AI ecosystems cannot be overestimated — it will yield not only a far faster and more economical AI network, but also a massively superior foundation for adding advanced new functions to SingularityNET and moving toward realizing our vision of decentralized AGI.

We’re Hiring!

With all the exciting things going on, we’re looking to expand our team! Please see our singularitynet.io/jobs page for open positions, we need you!

Next Steps

  • Deep Funding is alive and kicking! We will keep you updated about the progress and wonderful ideas proposed. Note: Deep Funding proposals can be submitted up until May 1st 2022. Round 1 has $1 million available for AI developers. See https://proposals.deepfunding.ai
  • SingularityNET Ambassador program to start late Q2
  • The porting of the Staking Portal will happen in early Q3 and be hosted by SingularityDAO
  • We are taking this opportunity to fundamentally redesign and update some of the functionalities of the Platform while we port it, expected early Q4
  • Loyalty rewards for phase one token holders, upcoming yield farming rewards on Cardano

More on these topics will be shared shortly. Thanks a lot for all the patience and support we have received over the past months!

Stay Up to Date With the Latest News

Join the conversation, and follow SingularityNET for the latest news and updates:

--

--