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Cardano’s ERC20 Converter Coming Soon to Testnet

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Cardano’s ERC20 Converter Coming Soon to Testnet

On May 17, Cardano (ADA) announced that their new ERC20 converter would allow ETH (ETH) tokens to run on their proof-of-stake (PoS) blockchain.

Since its launch in 2017, Cardano has provided much faster transactions at lower fees than ETH. The inability to provide smart contracts has held them back, but Charles Hoskinson, the founder of Cardano, recently announced plans to support them.

Most recently, Cardano has been praised for its use of proof-of-stake, which some believe can solve environmental worries associated with proof-of-work.


Cardano will soon be able to support ERC20 token migration to its platform, with the impending of Alonzo hard fork and Plutus smart contracts.

Once this is live, users of supported ETH tokens will be able to move them from the ETH network to Cardano’s. Smart contracts have grown in popularity since ETH inception, due to their utility in business transactions. ERC20 tokens address many needs, hence they have been widely adopted by wallets and exchanges.

While the ERC20 standard was created for ETH, with over 400,000 contracts based on this token standard, it is becoming more expensive. So, by enabling the migration of ERC20 token to Cardano, they are now able to compete with ETH.

More good news for Cardano

These latest developments come on the back of an impressive few weeks for Cardano. Last month, Cardano’s parent company IOHK announced that they had partnered with the Ethiopian government, further expanding into Africa. This news came after they had announced plans to bring sustainable internet connectivity to Tanzania.

The partnership with the Ethiopian Ministry of Education aimed to provide student IDs to almost five million users, with the long-run goal of providing usable data for policymakers and drive personalized teaching.

The post Cardano’s ERC20 Converter Coming Soon to Testnet appeared first on BeInCrypto.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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