What is the Converter Bridge?
The converter bridge allows tokens to be migrated from one blockchain to another. The ERC20 to Cardano bridge being launched today will allow the migration of AGIX-ETH on the Ethereum blockchain to be converted to AGIX-ADA on the Cardano blockchain.
What are the benefits of becoming multi-chain with Cardano?
Cardano’s blockchain will enable SingularityNet to build an AI marketplace that is able to deliver on the promise of affordable and rapid AI services, generating more API calls, increasing the flow of liquidity, thus creating more value and utility.
The SingularityNet community ecosystem to be built on Cardano includes this improved AI marketplace, as well as staking, and native DEEP fund capabilities for the internal community.
Please see the Phase II proposal to understand more about the benefits for AGIX to becoming multi-chain.
How will this affect the SingularityNet Marketplace?
SingularityNet running on Cardano will be able to create the marketplace it has always envisioned, a global platform of self organizing collaborating AI services that are rapid, affordable, and competitive in the broader market. This will increase utility, and incentivize development and growth, allowing the platform to grow into its potential.
How do I access the testnet ERC20 converter?
There is a link to a full walkthrough here: https://info-bridge.singularitynet.io
This walkthrough will guide you through creating or linking a Metamask account, and setting it to the Kovan test network, for the Ethereum side of the bridge; and a Test Daedelus or Yoroi Nightly Cardano test wallet for the Cardano side of the bridge. As well as how to access test tokens via faucets, and how to use the Dashboard to migrate tokens, and the Transactions page to monitor. Follow all the steps carefully, and you’ll be migrating tokens in no time.
What is a testnet?
Testnet is a testchain space, where developers can develop and test their platform, using test tokens. This allows the functionality and security of the development to be rigorously tested prior to launch, to catch and fix bugs and glitches
What are test tokens?
Test tokens are tokens used specifically for testing platform mechanics on testnet, distributed by faucets, that hold no value. You can obtain testnet tokens by following the directions in the walkthrough https://info-bridge.singularitynet.io
I confirmed/sent the tokens, but the process has stopped and my coins aren’t arriving. What do I do?
The testnet can be slow, for many reasons. The number one thing to do is just wait patiently a while longer, as long as the transaction hasn’t failed. If the transaction fails, or takes longer than an hour, please report so on the converter feedback area (bottom right corner).
How long will the testnet version be out? How long until Mainnet release?
The Testnet version is intended to be brief, an opportunity for the wider community to try out the converter, report any bugs or issues. Stay tuned for Mainnet!
Can I use _______ wallet with the testnet Converter?
Testnet only supports bridging from Metamask at this time.
Will the Mainnet Converter be compatible with wallets besides Metamask?
The plan is to add other wallets for compatibility in the future. However converting will be limited to Metamask during initial release.
Will it be compatible to migrate tokens straight from an exchange?
Conversion will only be possible from a privately held wallet for the foreseeable future.
Will this converter allow me to transfer SDAO or NTX?
This bridge is only designed for migrating AGIX at this time.
Will I have to pay fees?
As with all blockchain smart contracts, there will be network fees to use the Converter.
Should I transfer my AGIX to Cardano?
There is a lot to be excited about in the cross-chain capabilities with Cardano, and a lot of it is still under development for both SingularityNet and Cardano. Please do your research and decide if moving now is the appropriate decision for you.
*** 5% loyalty rewards pool from the Phase II paper be released?**
*** AGIX staking begin on Cardano?**
*** DEEP fund native integration begin on Cardano?**
The SingularityNet developers team is working hard on creating all the systems for the SingularityNet ecosystem, in collaboration with IOG. This bridge is the first step and a major milestone. There are a lot of cogs that need to mesh together, and new protocols to be built, so there is no timeline yet…but it is very important to all of us, and we have our attention on making it happen as quickly as possible.
Why is all this taking so long?
There are a lot of pieces that have to come together, when developing a completely new platform, capable of interacting with two very different blockchains. The developers have done a stellar job, ensuring that the platform works, is secure, and is easy to use. When you are inventing something that is the first of its kind, it is very hard to judge how long it will take!
What can I do? How can I contribute?
Share this blog post! Try out the testnet converter! Help others, through the forum! Building community and building network effect by bringing in more people who are committed to a beneficial Singularity, is how this space will grow and thrive!