The eagerly awaited converter Cardano ERC-20 will soon be launched in the testnet. In the latest episode of Cardano 360, Francisco Landino, project manager at IOG, announced this.
Most people consider the ERC-20 to be an indispensable part of the Ethereum outdoors. The concept was always based on the idea of offering developers of Ethereum applications a viable alternative.
Given that and the completion of the smart contract rollout for Alonzo, competition between the two chains will increase in the coming weeks.
The Cardano ERC-20 converter is a change
The Cardano ERC-20 Converter was first presented in July 2020 by IOG boss Carlos Hoskinson in a live stream.
As the name suggests, the ERC-20 converter is intended to bridge the blockchain from Ethereum to Cardano so that Ethereum tokens can be used again and again by users. Landino added, “They will be able to move liquidity to use applications migrating from Ethereum to Cardano or move their utility tokens.”
Landino said it is taking advantage of lower costs and faster speeds to determine why application developers should choose to migrate. He also argued that switchers would improve security, especially when verifying smart contracts.
In May – almost four months ago – Landino announced that the Testnet ERC-20 converter would soon be launched.
He said the original plan was to make two versions and explained the delay. One to the Ethereum Bridge and Cardano, the other to the Cardano Bridge.
“We planned the migration from Ethereum to Cardano for the first time, but when we finished the test we saw that we were able to improve some points that we already had in the backlog from Cardano to Ethereum. So both publications were merged and everything was published together. “
When can we wait for the test network to be rolled out?
The big question is when will IOG begin launching the ERC-20 testnet.
Landino has confirmed that it will launch next week and will even allow users to use the SingularityNET tokens to test the conversion.
“Next week you will see everything on the testnet and users can test how their AGA tokens can migrate from Cardano to Ethereum. And then back to Ethereum, from Cardano. “
Hoskinson claimed in March that more than 100 companies plan to sail out of Ethereum. This is mainly due to the fact that Cardano saves up to 1/1000 of the price.