Cardano (ADA), the sixth largest blockchain by market capitalization, has been working on it for a while and gave the good news. Hoskinson announced today that the ERC-20 converter testnet is now ready and available for community testing.
Cardano (ADA) Latest Developments
Charles Hoskinson announced that the ERC-20 converter testnet is now available for the community to try out. Testnet users will be able to transfer between Ethereum and Cardano using artificial intelligence service provider SingularityNET and AGIX tokens. This bridge represents an important level for Cardano.
“We are currently building multiple bridges to connect Cardano to other blockchains. This is the first transformative but vital artery for now. The larger these connections, the greater the network effect to increase liquidity flow in the Cardano ecosystem.”
According to IOHK’s statement, a user can move their converted tokens to their Daedalus or Yoroi wallet. Also, re-conversion to the ERC-20 standard is possible. This process may sound technical, but users should not worry.
First Converter of Cardano Network
Although it may sound technical and complex, an important step has been taken for Cardano (ADA). Users will be able to do cross-network transactions easily without having any technical knowledge.
“Users do not need technical expertise or coding experience to use the converter. They access the tool via a URL and then perform their actions by creating a new account or configuring an existing Metamask account”.
However, the developer needs to know that the testnet is still being monitored for issues and the performance optimization is not yet complete.
So, what is SingularityNET? The company describes itself as “a decentralized platform that allows AIs to collaborate and coordinate at scale.” You may be more familiar with Robot Sophia. The creator of the AI robot is David Hanson, who is also the co-founder of SingularityNET.