AGIX Staking on Cardano, Explained
Own, accumulate, and take part in the future of decentralized AI
Greetings Singularitarians,
We have recently made another step toward becoming multichain, by initiating our staking portal on the Cardano blockchain. The first epoch was opened to a small batch of volunteer testers and community whitelist, providing extra rewards and helping us improve our documentation and community knowledge base. The first epoch was successful, and we deeply thank all of our first users for their participation and feedback.
We are excited to announce the upcoming 2 epochs will also provide higher rewards to whitelisted users, as we gradually open the portal out to be available to the entire community. Starting epoch 4 the whitelist will be removed and the portal opened up to all users.
The second epoch begins on November 30th, 09:00 UTC. First epoch stakers don’t need to do anything, and their stake will continue to accumulate additional rewards. The second round of chosen stakers, based on a first-come-first-served whitelist, will be notified by email on Wednesday morning of their eligibility, and will have until December 11th, 09:00 UTC to deposit their stake for the second epoch.
What: 2nd AGIX-ADA Staking Epoch — Deposits Opening
When: Nov 30th, 09:00 UTC
What to do:
- First Epoch participants — nothing…simply let your stake continue to accumulate rewards
- Second Epoch participants — watch your email for whitelist selection, and stake your tokens before December 11th
- Minimum stake during the 2nd epoch will be 2000 AGIX with the maximum remaining 50,000 AGIX
In celebration of this 2nd epoch opening, and a very successful first round, we’d like to share a deep dive into how our Cardano Blockchain Staking Solution works — we invite you to learn more, get involved, and become a part of our journey to decentralize AI.
What Is AGIX Staking All About?
AGIX is the native token of the SingularityNET platform, and it functions as both a utility and decentralized community governance token.
AGIX tokens are used to facilitate transactions within the SingularityNET ecosystem, including exchange for decentralized AI services, and governance of our decentralized AI platform. AGIX token holders can also choose which projects to fund inside SingularityNET’s funding program for developers of AI projects called Deep Funding.
Now, SingularityNET community members like you can also stake AGIX on the Cardano blockchain, allowing you to facilitate decentralized AI transactions while being rewarded for your participation in the AI ecosystem.
Here’s an outline of how it works, you can also see our Staking guide.
The Basics of AGIX Staking on Cardano
The AGIX staking on Cardano process features a unique, innovative approach consisting of two phases — the User Phase and the Reward Distribution Period.
The User Phase represents the staking and withdrawing period. During this phase, users can deposit and withdraw their AGIX an unlimited number of times, with no lockup required. This phase lasts 11 days.
On the other hand, the Reward Distribution Period represents the reward calculation and distribution period. During this period, your tokens will remain locked for the mechanism to calculate the total reward amount to be split among all stakers — and the individual reward each staker will receive, and distribute it to them. This period lasts 3 days.
AGIX Staking Cycle on Cardano
One Staking Window/Epoch consists of one entire User Phase and one entire Reward Distribution Period and lasts 14 days in total.
The Staking Epoch ends when the rewards are calculated on the Reward Distribution Period. The staking rewards are then distributed among stakers during the successive epoch.
Here’s an overview of the staking process:
AGIX Staking Considerations
To finalize, it’s important to note certain considerations of the AGIX staking mechanism that you should know about.
First of all, the preliminary reward amount of the current Staking Epoch is determined by the admin in the previous epoch. If a users removes their deposit without waiting for the next Reward Distribution Period, the distribution of rewards is not recalculated and the user will not receive a reward.
In other words, stakers have to complete two full Staking Epochs with their respective User and Reward Distribution Periods in order to receive their first reward.
This is a unique circumstance that only happens once every time users start a new stake. From that point forward, stakers will receive their rewards in every successive epoch.
The launch of AGIX staking on Cardano represents a fundamental milestone for the SingularityNET ecosystem and our efforts to democratize access to AI.
We encourage our community to try out our new staking portal, and join us as we keep moving forward towards a fair, open and decentralized AI ecosystem everyone can access.
Get Involved
AGIX Staking on Cardano began with the introduction of three promotional epochs. These epochs are designed to offer limited-time extra rewards for whitelisted community members who want to participate in joining one of the first three AGIX staking epochs on Cardano.
The second promotional epoch is set to begin on the 30th of November, 2023, at 09:00 AM UTC
For those eagerly awaiting to join, we’ve got good news. The next group of whitelisted community members has been notified via email, so check your inbox and stay tuned for further updates!
In the coming days, we will further delve into the technical intricacies of our novel staking solution on Cardano. Thanks for being part of our roll-out of AGIX Staking on Cardano!
About SingularityNET
SingularityNET is a decentralized Platform and Marketplace for Artificial Intelligence (AI) services. Our mission is the creation of a decentralized, democratic, inclusive, and beneficial Artificial General Intelligence (AGI), democratizing access to AI and AGI technologies through:
- Our Platform, where anyone can develop, share, and monetize AI algorithms, models, and data.
- OpenCog Hyperon, our premier neural-symbolic AGI Framework, will be a core service for the next wave of AI innovation.
- Our Ecosystem, developing advanced AI solutions across market verticals to revolutionize industries.
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