Less than 2 weeks after the introduction of smart contracts on the blockchain, Cardano activates a number of testing tools, including the ERC20 converter.
During the last Cardano360 update, Francisco Landino of the Arch Case sales team explained what the ERC20 converter is:
“The ERC20 is a bridge to connect the Ethereum blockchain to Cardano, so users can migrate their tokens from Ethereum to Cardano, people can move liquidity or move their utility tokens to use applications that migrate from Ethereum to Cardano. These applications are mainly looking for cheaper and faster blockchain with higher security of formal verification of smart contracts thanks to the improved capacities of Cardano. […] This is a two-way bridge.”
The developers started working on this project a few months ago. The first special token testing this tool will be SingularityNET (AGIX).
“The community will see everything on testnet next week and users will be able to see how they can migrate their AGIX tokens from Etherea to Cardana and also from Cardana to Etherea.”
Is the ERC20 converter from Cardano a threat to ETH?
Cardano is currently the most widely used PoS blockchain and aims to be a faster, cheaper and safer alternative to Ethereum. It will be seen later whether Ethereum will be able to maintain the network effect after upgrading from PoW to PoS, or whether Cardano will be attractive enough for projects that have migrated to a blockchain created by Charles Hoskinson.
It is important to note that the bridge is two-way, which means that many projects are likely to use both blockchains. Charles Hoskinson often reiterated that interoperability is very important.
Another guest of Cardano360 was Marcello Mari, CEO of SingularityDAO (SDAO), another project that plans to use the Cardano blockchain.
SingularityDAO’s mission is to innovate the DeFi space by bringing sophisticated artificial intelligence by providing a basket of ETF-style tokens called Dynasets to their community and anyone who wants to come into contact with the cryptocurrency, while AI automatically balances these tokens.
The first launch of these Dynasets is through the ETH blockchain, but Marcello said he is very much looking forward to Cardano mature enough for the second Dynaset interaction to be available in the Cardano ecosystem.
The market appreciates that these projects are being prepared for deployment on the Cardano blockchain. AGIX a SDAO over the last 7 days they increased by 34.7% and 84.8%.
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