By Tobi Loba
On a daily basis, Cardano (ADA) moves closer to the much-awaited era when smart contracts functionality will be deployed on the network.
Before this phase finally arrives, the ERC-20 converter, a token migration bridge, has to advance into the testing phase. This token migration testnet is nearing deployment as confirmed by the project manager at Input Output Global (IOG), the software firm behind the development of Cardano (ADA).
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Going by a blog post published on IOG official website on 17th May 2021, Landino pointed out that the ERC-20 converter tool will make the migration of Ethereum-based tokens to the Cardano blockchain seamless. The ERC-20 converter will be deployed officially on the network after the Alonzo hard fork, which is expected to bring smart contracts functionality to Cardano.
In the blog post, Landino noted:
“The ERC20 converter testnet is now in the final stages of quality assurance testing before the public launch. This stage will allow us to test the user journey and improve their experience along with fixing any occurring issues…
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“Once deployed, users of supported Ethereum tokens will be able to bring them over from Ethereum’s congested network and take advantage of Cardano’s transaction capacity and lower fees, while enjoying enhanced security, reduced cost, and interoperability.”
According to the IOG product manager, the token migration tool is an integral part of the plan to utilize the advantage that Cardano currently has over Ethereum in terms of scalability and transaction costs.
With the ERC-20 token converter, crypto projects will be able to move their native tokens to the Cardano chain seamlessly. The blog post also pointed out that the Cardano analog will possess the same value as the Ethereum-based coin. The process is also designed to be reversible via the baked-in two-way convertibility.
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Going by the announcement, SingularityNET will be the first crypto project to use the token migration tool and the new asset will have an AGIX ticker.
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