Cardano’s Ethereum (ERC-20) Converter Testnet to Launch Next Week

Tobi Loba — Thu, 26 Aug 2021 23:55:06 +0000

Based on the latest development, Cardano’s ERC20 converter testnet will soon be released.

During a recent event, the project manager at Input Output Global (IOG), Francisco Landino, shared some vital updates regarding Cardano’s ERC-20 converter, stating that its testnet will be released next week.

The ERC-20 converter, which was brought to the notice of the Cardano community in May, will allow users to bring Ethereum-based tokens to Cardano, the world’s largest proof-of-stake (PoS) blockchain.

#Cardano360 STREAMING NOW: ERC-20 Converter: A bridge from Ethereum to #Cardano. Coming soon to the testnet.

Join to hear the latest & see a new demo https://t.co/G8xsyq7Tni pic.twitter.com/vE5YUavAZz

— Input Output (@InputOutputHK) August 26, 2021

According to the IOG product manager, the new tool is specially designed for both end-users and token issuers. He further stated that any ERC-20 token could be issued on Cardano as a native token.

It can be recalled that IOG CEO, Charles Hoskinson had once stated that over 100 companies were ready to move from Ethereum, the world’s largest smart contracts platform, to Cardano, its stern rival.

Francisco Landino also presented a demo of how to convert SingularityNET’s AGIX token to Cardano using the ERC-20 token converter designed by IOG.

Getting Ready For the Launch of Smart Contracts on Cardano As Slated

Dimitris Poulopoulos, the delivery lead at IOG revealed that the internal team is currently looking for anything that could raise alarm on the network ahead of the Alonzo mainnet deployment. He stated that the team is currently monitoring the network to confirm stability.

Also, the head of technical integrations at the Cardano Foundation, Mel McCann, claimed that the team has started to track 140 exchanges and over 100 third parties within the crypto ecosystem.

Mel McCann noted:

“We have a lot of different components that we offer to exchanges, and not every exchange business is the same.”

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The post Cardano’s Ethereum (ERC-20) Converter Testnet to Launch Next Week appeared first on Times Tabloid.

Ethereum’s ERC-20 Bridge to Cardano and Why It’s Important

Solomon Odunayo — Sat, 21 Aug 2021 23:33:44 +0000

Ethereum’s ERC-20 bridge is expected to bring ETH to Cardano, according to a trending post on Cardano subreddit.

At the moment, decentralized finance (DeFi) is worth more than $75 billion. Most of this value is in the form of Ethereum’s ERC-20 token standard, such as Chainlink (LINK), Tether (USDT), Basic Attention Token (BAT), Wrapped Bitcoin (WBTC), among others.

However, Ethereum network has started to face gas fee issues majorly caused by network congestion. This is why there is a need for bridging ERC-20 tokens to the Cardano network.

Ethereum’s ERC-20 Bridge to Cardano

Ethereum will possibly fail to solve this problem in the short term, so an ERC-20 token bridge is being implemented by Input Output Global (IOG), the software firm behind the development of Cardano (ADA).

The bridge will enable Ethereum ecosystem to leverage a cheaper, faster, and eco-friendly alternative; the Cardano network.

How Does It Work?

If authorized by the issuer, a converter developed by IOG will turn any ERC-20 token into a native asset with just a few clicks from the user.

With two-way convertibility, the user can “translate” between both types of tokens, maintaining their price.

The Benefits of ERC-20 Bridge to Cardano

Allowing Cardano users to invest in ERC-20 tokens without leaving the ecosystem.
Making Cardano (ADA) more valuable as its network will have more traffic.
Decongesting Ethereum network thus making its gas fees go down.

The Current State of the ERC-20 Token Converter

The converter is currently in the Alonzo testnet. More will come as interoperability becomes the standard of the industry.