Despite challenges and criticisms, Cardano (ADA), the largest proof-of-stake (PoS) blockchain, continues to advance in its quest to match its stern rival blockchains in the industry, especially Ethereum (ETH), the largest smart contract platform.
A new development has emerged in the ecosystem. Cardano’s first ERC-20 converter is now live on the testnet. According to the report shared via Twitter on 7th December 2021 by Input Output Global (IOG), AGIX tokens will be the first to benefit from lower fees and other great features on the Cardano blockchain.
IOG tweeted, “OUT NOW: Our first ERC-20 converter is now live on testnet! SingularityNet AGIX tokens will be the first to take advantage of Cardano’s lower fees, higher transaction capacity, and enhanced security.”
OUT NOW: Our first ERC-20 converter is now live on testnet!
@SingularityNet #AGIX tokens will be the first to take advantage of #Cardano's lower fees, higher transaction capacity, and enhanced security👇 1/4https://t.co/IHz3hX6IVk
— Input Output (@InputOutputHK) December 7, 2021
Similarly, SingularityNET, a decentralized Artificial Intelligence (AI) economy platform, described the new development as the beginning of a rapidly expanding multi-chain decentralized AI ecosystem.
Ben Goertzel, CEO and Chief Scientist at SingularityNET, who reacted to the progress, 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.
“The importance of this port for SingularityNET and the whole blockchain and AI ecosystems cannot be overestimated – it will yield not only a far faster and more economical AI network, but also a massively superior foundation for adding advanced new functions to SingularityNET and moving toward realizing our vision of decentralized AGI.”
How to Test the AGIX Converter as a User
In the announcement, IOG further stated that users who are interested in testing out the Cardano AGIX converter will have to download the Daedalus or Yoroi nightly testnet wallet, set up a Metamask account, and grab some test tokens, such as $AGIX, $tADA, and $KETH, from the faucet.
Step by step instructions on how to go about the testing can also be found at the Cardano developer portal.