Public Testnet AGIX ERC20 Converter Bridge Is Now Live

SingularityNET recently released the AGIX ERC20 Converter Bridge’s public testnet. The testnet will help users find better cross-chain features via test tokens from the AGIX Testnet Faucet. The process does not charge any gas fees or real AGIX tokens while gathering user feedback to be incorporated before the mainnet release.

The venture invited its community for their involvement to become familiar with the process and offer feedback. SingularityNET used the Alonzo hard fork progress and event in Cardano’s Plutus for the testnet release. It helps SinguLarityNET to proceed with its cross-chain ecosystem actively.

After going live on the mainnet, the Converter Bridge will be one of the biggest achievements for the SingularityNET Phase 2. As SingularityNET reaches Cardano, it can create new marketplaces as it had originally planned. The integration will help SingularityNET become:

  • Affordable and efficient
  • A worldwide platform of self-organizing collaborative artificial intelligence solutions
  • Competitive in the global industry
  • A capable partner in quickly growing ecosystems

The bridge would allow every user to convert AGIX-ETH via an ETH wallet into AGIX-ADA in the Cardano wallet, or vice versa. After moving the tokens from Ethereum to Cardano, users will lock the ETH-based tokens in a smart contract. It will trigger a release of an equal amount of tokens, which will be minted on the Cardano network.

After turning back from Cardano to ETH, the network will burn the AGIX-ADA tokens. The process will unlock the same amount of AGIX-ETH tokens on the Ethereum chain. Once the venture verifies the testnet, it will also release the mainnet version. 

The final version will incorporate the experience and knowledge gained from the testnet. SingularityNET will start developing the rest of its framework on the Cardano network.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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