The highly anticipated converter Cardano ERC-20 is set to start on testnet soon. In the latest episode of Cardano 360 Francisco Landino, Project Manager in IOG made the announcement.
Most people consider the ERC-20 as an indispensable component of the Ethereum outdoors. The concept was always based on the idea of offering Ethereum applications developers a viable alternative.
In view of this and the closure of the intelligent contractual rollout for Alonzo, competition between the two chains will increase over the coming weeks.
The converter Cardano ERC-20 is a changeover
The Cardano ERC-20 Converter was first reported by IOG Chief Executive Carlos Hoskinson on a live stream in July 2020.
The ERC-20 converter is intended, as its name suggests, for bridging the blockchain of Ethereum to Cardano enabling Ethereum tokens to be used over and over again by users. Landino added: “They will be able to move liquidity to use applications migrating from Ethereum to Cardano, or move their utility tokens.”
Landino said that it benefits from lower costs and using faster speeds to determine why application developers should decide to migrate. He also argued that switchers would improve security, in particular during the verification of intelligent contracts.
In May – almost four months ago – Landino had already announced that the testnet ERC-20 converter would soon be launched.
He said that the original plan was to make two versions, explaining the delay. One to the Ethereum bridge and Cardano, the other to the Cardano bridge.
“We planned for the first time the migration from Ethereum to Cardano but when we finished the test we saw that we could improve some items we already had in the Cardano to Ethereum backlog. So both releases were merged and everything was released together.”
When can we wait for the rollout of the testnet?
The big question is, when is IOG going to start the ERC-20 testnet launch?
Landino has confirmed it will start next week and will even allow users to use the SingularityNET tokens to test the conversion.
“Next week you will see everything on the testnet and users can test how their AGA tokens can migrate from Cardano to Ethereum. And then, back to Ethereum, from Cardano.”
Hoskinson claimed in March that more than 100 companies plan to sail from Ethereum. That’s mainly because Cardano saves up to 1/1000th of the price.