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The first ERC-20 converter started working in the Cardano test network

The first ERC-20 converter started working in the Cardano test network

According to Newsbtc, Cardano celebrated the launch of its first ever ERC-20 converter. The project, which has been in development for a long time, finally reached its launch milestone with the help of Cardano developer IOG. Thanks to the converter, the network will be able to support the migration of ERC-20 tokens from Ethereum to Cardano blockchain.

The development of the blockchain began to grow strongly after the launch of the smart contracts capability. The first signs of DeFi appeared on the network as developers began testing their DApps with the help of the fund. This has inspired even more development, and the community is waiting with bated breath for the day when they will finally be able to access DeFi services on Cardano. SingularityNET brings this anticipated capability to the Cardano blockchain. It has tested the converter with its AGIX token. The converter is currently running on the test network and users can transfer AGIX tokens from Cardano to Ethereum and vice versa using the AGIX ERC-20 Converter. This will allow AGIX transactions on a network with much higher bandwidth and lower fees. Cardano has always focused on interoperability, and this converter helps it move toward its goal – full interoperability with other blockchains. Founder Charles Hoskinson has expressed this view in the past, explaining that there will not be one blockchain that controls all others. But rather, blockchain infrastructures will coexist and continue to compete with each other. The SingularityNET converter contributes to this interoperability by allowing “transfer” ERC-20 tokens into Cardano tokens, preserving their value and functionality. The converter also works in reverse: users can convert the token back to its original ERC-20 format using the built-in conversion system. “The importance of this port for SingularityNET and the entire blockchain and AI ecosystem cannot be overstated –it will not only create a much faster and leaner AI network, but also a better foundation for adding new advanced features to SingularityNET and moving toward realizing our vision of decentralized AGI” –Dr. Ben Gertzel, CEO and Chief Scientist at SingularityNET.  

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