Testnet release of the AGIX Converter bridge between Ethereum and Cardano
Hello Singularitarians!
Today we are excited to announce the launch of the public testnet AGIX ERC20 Converter Bridge. This testnet will allow users to explore the cross-chain capabilities using test-tokens from the SingularityNET AGIX Testnet Faucet, without needing real AGIX tokens or needing to pay gas fees, and allows us to gather user feedback which we will then incorporate before the mainnet release.
We are encouraging everyone in the SingularityNET community to get involved, become familiar with the converter process, and give feedback. This post is going to take a deep dive into this converter, and touch on the process of integrating SingularityNET with Cardano. So let’s get started.
This testnet release — enabled by the Alonzo hard fork event and progress in Cardano’s Plutus — allows SingularityNET to actively move ahead to build out our cross-chain ecosystem. Once live on mainnet, this Converter Bridge will mark a significant milestone in the three-year roadmap of the SingularityNET Phase Two initiative.
With SingularityNET running on Cardano we will be able to create the marketplace, as it has always been envisioned. We become:
- A global platform of self-organizing collaborating AI services;
- Efficient and affordable;
- Competitive in the broader market;
- A key partner in rapidly expanding ecosystems; both the Cardano Ecosystem and our very own Singularitarian Decentralized AI Ecosystem.
How does our custom-built Converter Bridge work?
Simply put, the bridge will allow anyone to turn AGIX-ETH from their Ethereum wallet into AGIX-ADA in their Cardano wallet, or vice versa. When you move tokens from Ethereum to Cardano, you will lock the Ethereum-based tokens in a smart contract, and an equal amount of new tokens will be minted on Cardano for you. When you move back from Cardano to Ethereum, the AGIX-ADA tokens will get burned and the same amount of AGIX-ETH tokens will be unlocked on the Ethereum side, available for you to claim. Here is a short animation that provides a visualization of how the process works:
Try out the testnet version for yourself and let us know how it went on the community forum or via IOHK’s helpdesk.
At this time, the Converter Bridge is deployed only on testnet. You can use it to change Ethereum testnet tokens to Cardano testnet tokens and back again. These tokens have no financial value, and can be exchanged without gas fees.
Important Note: Even after the converter goes live on the mainnet there is still some important maintenance required to upgrade AGIX-ADA. In order for AGIX-ADA to take full advantage of the Cardano chain, updated AGIX-ADA smart-contract enabled tokens need to be minted in a hard fork event (ONLY Cardano AGIX-ADA will be affected). We will notify the community of the details of the hard fork, and when the hard fork is complete and AGIX-ADA is smart contract enabled.
Converter Network Fees
Once the converter is deployed on mainnet, it will require the usual network fees:
AGIX-ETH to AGIX-ADA transfer (Ethereum to Cardano)
- Typical network fee on Ethereum is paid by user, No network fee from Cardano side
AGIX-ADA to AGIX-ETH transfer
- User will pay the network fees on both Cardano (1 to 2 Ada estimated) and Ethereum (typical Ethereum network fee)
Estimated costs for Ethereum are unknown, and will reflect market rates; you should expect that the ETH fees will be the typical smart contract interaction cost.
Let’s explore using the testnet AGIX ERC20 Converter Bridge.
Testing the AGIX ERC20 Converter Bridge
No technical knowledge is needed to use the testnet converter — if you can stake SDAO or swap tokens on a DEX you will be able to follow the necessary steps successfully. A full walkthrough is available here, including how to set up the test wallets, and receive test-ETH, test-ADA, and test-AGIX to transfer — you get to try this converter without spending or sending a single one of your own tokens.
To use the Testnet Converter you will need a Metamask account set to the Kovan Test Network. The testnet Converter is currently limited to Metamask accounts (details of mainnet features and compatibility will be announced very soon). Additionally, you will need a Cardano test wallet, either the testnet Daedalus or the Yoroi Nightly wallet.
The tool itself provides tips and guides to smooth the process along the way. The converter includes a Dashboard, from which the migrations are initiated, as well as a Transactions page which shows the status of initiated transfers. So you can view transaction progress, and historical transactions as well.
Since the current ERC20 Converter is the testnet version, it is still being improved in gradual upgrades — that is what testnet is for. If you have any questions, you can visit the FAQ in our community page or use the IOHK Helpdesk to report bugs; we encourage the community to use the forums and help each other in using this Testnet Converter. We are looking forward to hearing your feedback for possible ways to make the Converter even better.
AGIX on the Cardano blockchain
It can be easy to overlook what an exciting milestone this testnet release is for SingularityNET, as our first step to becoming truly multi-chain. This will also be the first bridge connecting to Cardano ever, and AGIX will be the first token able to cross from an external chain — quite an honor.
This bridge has been a developmental challenge, as Cardano is still in the process of releasing and finalizing its smart contracts platform. The end results of this collaboration are worth the wait, and worth celebrating.
The converter is a key step in delivering on SingularityNET’s Phase Two proposal, and on the promise of a decentralized, blockchain-based Artificial General Intelligence. The future is multi-chain and decentralized, and we need to build it on a secure and verifiable blockchain execution platform without prohibitive fees, delays, or friction.
The Future of AGIX-ADA
All this brings SingularityNET closer than ever to our vision of building a constellation of beneficial AI that cooperatively work together to form a global, interconnected AI mind. We will be one step closer to our ultimate goal of decentralized benevolent AGI.
When the testnet version has been verified, and we are able to release the Mainnet version, we will take the knowledge and experience we have gained, and begin building out the rest of the SNET ecosystem on Cardano.
This includes beginning to roll out DEEP funding, and design of the Phase Two 5% loyalty rewards. Shortly, we can also begin to design and implement AGIX-ADA staking and the marketplace/platform on Cardano for rollout when plutus contracts will enable it.
Deployment timelines have not been finalized, but will be communicated as soon as they become known. We know these are important topics for the community, and we are working hard to build out all of these features.
It took a lot of heavy construction to get here, and a great deal of work remains ahead. If you want to help accelerate the singularity, you can get involved and contribute; try out the testnet, and offer support and enthusiasm in the community forums. Additionally, join us in the official SingularityNET Community Telegram Group.
Also, please check out last week’s Cardano360 segment, where our own Janet Adams appeared to discuss the converter, and the road ahead. We hope everyone in our fantastic community is excited about the very bright future ahead!
