We are proud to announce that the SingularityNET AGI token is ready for the biggest milestone since it was first generated: becoming cross-chain compatible! This is a first and crucial step in the rollout of SingularityNET Phase 2 plan that was supported by and voted for by an overwhelming majority of our community in February of this year. We are excited that the time has now come for us to start delivering on our promise!
An important part of the Phase 2 plan is to make our token interoperable with Cardano, and to mint 1 billion tokens on Cardano in addition to the 1 billion on Ethereum along with the ability to seamlessly swap between one token and the other at a 1:1 ratio. The new supply will be released over a period of 91 years, at an exponentially decreasing rate. To prepare for that, we are replacing the AGI token, which has a 1 billion fixed supply cap and was built for Ethereum only, with the AGIX token , which has the appropriate supply to support the migration and will be interoperable between the Ethereum and Cardano blockchains.
In order to support the upgrade, we needed to replace the existing Ethereum contract, thereby creating a hard fork that will make the old AGI obsolete and launch the brand new AGIX token. On May 28th at 08:00 A.M. UTC+0 we will take a snapshot of AGI balances to automatically airdrop AGIX on a 1:1 basis (you will not need to pay any gas fees). Please note that the AGI token will cease being supported from May 28th ! This hard fork is a largely automated process, but please check that your AGI tokens are stored in the places listed in the section below before May 28th 08:00 AM UTC+0, so that we can get your AGIX tokens to you.
What does this mean for you?
We will take care of most of the process –
- IF your tokens are in a wallet to which you control the private keys OR staked in our staking portal you don’t have to do anything to participate in the hard fork . To avoid any complications it is best to keep your tokens in your wallet and not engage in any AGI(X) transactions between May 28th at 08:00a.m. UTC+0 and May 31st when you receive your AGIX tokens .
- We are in talks with centralized exchanges to smoothly convert AGI tokens on their platform to AGIX, and will keep our community posted as this discussion finalizes. Therefore, if you have AGI tokens on a centralized exchange such as Binance or Kucoin, we advise you to wait and stay tuned to this blog for confirmation that your tokens will be converted from AGI to AGIX . In the highly unlikely event that the exchanges are unable to convert automatically, we will let you know well in advance of the May 28th 08:00 AM UTC+0 snapshot so you can move your tokens to a safe place. If you are leaving your AGI tokens on a centralized exchange, please subscribe to this blog for updates.
- IF your AGI tokens are in the liquidity pools of a DEX like Uniswap , you will need to move them to a privately owned wallet before May 28th 08:00a.m. UTC+0 to allow us to send you your AGIX tokens in a prompt way and without undue complexities.
AGIX tokens will be airdropped to AGI token holders on a 1:1 basis. The critical dates for the 1:1 AGI to AGIX airdrop are as follows:
- May 28th 08:00 AM UTC+0 AGI snapshot for hard fork
- May 28th AGI hard fork starts and start AGIX release
- May 31st AGI hard fork finishes — AGIX released to all wallets
It should be assumed that, after the 28th of May, the old AGI will no longer be usable on the SingularityNET platform or on exchanges. Between May 28th and May 31st, the new AGIX tokens will be distributed to all existing wallets.
Why do we need to replace the existing smart contract?
An important part of our community-led Phase Two plan is to mint an extra 1 billion tokens on Cardano, to be gradually released over 91 years. Our old (AGI) contract has a maximum supply limit of 1 billion tokens, so we need to replace it with the new AGIX token contract to allow for 2 billion tokens.
Next steps
Having the new AGIX on Ethereum is an important step to becoming a multichain AI network, but it is not the only thing that needs to be done. Next steps to complete the token transition are:
- Minting 1 billion AGIX tokens on Cardano. These will be locked at first, and a smart contract will be implemented to unlock them at an exponentially decreasing rate.
- Creating a bridge to enable everyone to exchange their tokens from AGIX on Cardano to AGIX on Ethereum and vice versa at a 1:1 ratio whenever they want.
These are separate events that we will keep you posted on in a future blog!
Building a Decentralized Future Together
SingularityNET began with a vision of a global interconnected AI mind, with blockchain serving as the axons connecting the mind together. Cardano began with a vision of a blockchain with a high level of modularity, formal verifiability, and a layered architecture allowing quick low-cost computation. Cardano’s rigorous development and review processes guarantee the highest quality of code, and its formal verifiability is crucial for trust in e.g. AI goal systems or financial transactions. By merging these unique capabilities of the Cardano blockchain with the AI power of SingularityNET, we are creating a global, democratic, decentralized platform of self organizing, collaborating AI services. Therefore, we are excited to roll out this AGIX upgrade, which brings us one step closer to our ultimate goal of decentralized benevolent AGI.