SingularityNET Phase II Launch Sequence Activated: AGI token to be hard-forked to…

This article was first published on SingularityNET - Medium
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SingularityNET Phase II Launch Sequence Activated: AGI token to be hard-forked to Cardano-compatible AGIX

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 ...

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