The highly anticipated Cardano ERC-20 converter will be launched on the testnet soon. Francisco Landino, project manager of InputOutput Global (IOG), announced the news in the latest episode of Cardano360.
Most people think that the ERC-20 converter is a key component beyond Ethereum. The idea behind this concept has always been to provide a viable alternative for Ethereum application developers.
With this in mind, as the launch of the Alonzo smart contract is about to be completed, the competition between the two public chains will intensify in the coming weeks.
Cardano ERC-20 converter became a game changer
CardanoERC-20G converter first broke out in July 2020. CEO Charles Hoskinson mentioned it in the live broadcast.
As the name implies, the purpose of the ERC-20 converter is to help the migration of Ethereum tokens to Cardano.
Regarding why application developers choose to migrate, Landino said the benefits of doing so include lower costs and faster utilization. He also claimed that the converter will improve security, especially in the process of verifying smart contracts.
Landino announced the ERC-20 converter 4 months ago and launched the ERC-20 converter on the testnet in May.
Explaining the reasons for the postponement of the release, he said that the original plan was to release twice. One is for the bridge from Ethereum to Cardano, and the second is for bridge from Cardano to Ethereum.
But in the process of completing the first version, his team noticed improvements in the second The method of the process that has existed as a backlog of tasks in the version. They decided to postpone the first version and merge the two projects for simultaneous launch.
But when finishing the first version, his team noticed ways to improve the process, which already existed as a backlog in the second version. They decided to postpone the first version and merge the two projects for simultaneous launch.
testnet ERC-20 Can it be released as scheduled?
The biggest question is, when will IOG release ERC-20 on the testnet?
Landino confirmed that it will be launched next week and even allows users to use SingularityNET tokens to try the conversion process themselves.
"You will see everything on the testnet next week,Users will be able to test how they migrate their AGA tokens from Ethereum to Cardano; and then from Cardano back to Ethereum.
In March of this year, Hoskinson claimed that more than 100 companies plan to migrate from Ethereum to Cardano. He said that this is mainly because Cardano provides cost savings of up to one thousandth.
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