Cardano Founder on ‘Side Effects’ of SingularityNET’s AGIX ERC-20 Converter Bridge

Cardano Founder on ‘Side Effects’ of SingularityNET’s AGIX ERC-20 Converter Bridge

April 21, 2022

On Wednesday (April 20), Charles Hoskinson, Co-Founder and CEO of IO Global (aka “IOG”), the company responsible for Cardano’s research and development, warned of — in a tongue in cheek manner — the “side effects” of using SingularityNET’s recently-launched AGIX ERC-20 converter bridge.

As you may already know, on Monday (April 18), the AGIX ERC-20 converter bridge went live:

As decentralized AI network SingularityNET explained in a blog post published on that day, the converter bridge is “a very significant milestone in SingularityNET’s Phase Two efforts.”

The blog post went on to say:

Open collaboration and interoperability have always been key values for the SingularityNET and Cardano projects. The launch of this bridge is a celebration of both. Conversion between the Ethereum and Cardano blockchains of the SingularityNET and NuNet tokens, AGIX and NTX, will be supported at launch.

It also mentioned:

The AGIX ERC-20 Converter allows anyone to move AGIX and NTX tokens between the Ethereum and Cardano blockchains. When tokens are converted from one blockchain network to the other, the converted tokens are burned (destroyed) on the initiating side, and matching tokens are minted (created) on the receiving chain. The total supply of tokens does not change due to this operation.

The tokens move from the user’s converting wallet, into their receiving wallet, on a one to one basis, per the Phase Two proposal, allowing blockchain interoperability of the SingularityNET platform.

https://youtube.com/watch?v=OOAEFRl88hE%3Fstart%3D1%26feature%3Doembed

One of the many happy first users of the converter bridge was the host of YouTube channel “Digital Fortress” who sent out the following tweet to express his excitement:

This promoted IOG CEO Charles Hoskinson to tweet about the “side effects” of using this converter bridge:

Warning, the ERC-20 converter has known side effects including: overwhelming jubilance, hysterical laughter, and inner peace. Consult your engineer prior to use of ERC-20 converter

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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