ERC-20 Converter live on Cardano testnet
AGIX ERC-20 Converter launched successfully on the Cardano testnet network by the IOG developer team.
After the completion of the Alonzo hard fork on the Cardano network, the Cardano project is moving toward new initiatives that can bring a high-level change to the crypto industry. In the latest, the Cardano developer team launched its cross-chain tool.
On 7 December, Input-output Hong Kong global (IOHK), the developer team behind the Cardano project, published a blog on the success of the launch of the ERC-20 Converter tool.
In this initial stage, this is still in the testing phase for the other users and developers outside the project, who are interested to use such features in between Ethereum and Cardano blockchain ecosystem.
Erc-20 converter tool
Before the summer of this year, the Cardano project developer team successfully created this tool and now they launched on testnet. Next, they will launch it on the mainnet.
This tool will allow the transactions of the ERC-20 based Ethereum blockchain tokens on the Cardano blockchain network and vice versa. That means, it is a cross-chain interoperability initiative of the Cardano project.
In this initial testing phase, the Cardano developer team worked with the SingularityNET and their AGIX token. So right now, AGIx tokens can be transferred between the Cardano and Ethereum blockchain testnet.
Ben Goertzel, the CEO and at SingularityNET, said:
“I’m extremely excited by the emergence of the AGIX-ADA/AGIX-ETH converter onto Cardano testnet, and soon after that onto mainnet. Every revolution is carried out one step at a time, and this is the first in a series of steps whose result will be the porting of the full SingularityNET decentralized AI platform onto Cardano.
In the present time, there are many blockchain networks and every blockchain network has its unique ability and potential. So this initiative of the Cardano project will give the advantage to connect all the blockchain networks. This tool is designed only for Ethereum and Cardano, but soon developers of other crypto projects will follow the idea of the IOHK team to make their own cross-chain interoperability protocol.
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