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ERC-20 tokens one step closer to going native on Cardano

By:
on Dec 8, 2021
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  • ERC-20 converter testnet is now ready to be tested by the community
  • Users can keep their converted tokens in Yoroi or Daedalus wallets
  • SingularityNET is smart contract template that can be used by AI agents to request data exchange

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ERC-20 tokens have been developing dynamically for some time now, but they’ve never been closer to going native on Cardano (ADA/USD) before, CoinFi reported. The sixth-biggest crypto by market cap shared important news through developer arm IOHK.

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Converter testnet ready to be tested by ADA community

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According to founder Charles Hoskinson, an ERC-20 converter testnet is now ready to be tested by the community. Users can take advantage of a permissioned bridge to transfer tokens between the Ethereum (ETH/USD) and Cardano blockchains via AI service provider SingularityNET and its AGIX token.

IOHK issued the following statement, drawing attention to the need for blockchain interoperability.

We are currently building out and collaborating on multiple bridges to connect Cardano to other blockchains, and this first converter is a vital artery in this system. The more these connections grow, the higher the network effect to boost the flow of liquidity within the Cardano ecosystem.

IOHK also reported that users could keep their converted tokens in the Yoroi or Daedalus wallets. They can also reconvert to the ERC-20 standard. IOHK were quick to alleviate concerns:

Users do not need technical expertise or coding experience to use the converter. They simply access the tool through a URL and then proceed by creating a new account or configuring an existing Metamask account.

Notwithstanding that fact, performance optimization isn’t complete yet and the testnet is still being monitored for issues.

What is SingularityNET?

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The platform describes itself as a decentralized offering, which lets AIs coordinate and cooperate at scale. If you’ve heard of the robot Sophia, you are abreast of developments. Sophia was created by David Hanson, who cofounded SingularityNET.

Using smart contracts to improve AI

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According to its whitepaper, the company wants to utilize smart contracts with view to decentralizing AI technology. In essence, SingularityNET is a set of smart contract templates, which can be used by AI agents to request an exchange of data and a presentation of AI wokr results.

Readers might ask themselves whether Cardano is simply exploring AI or the crypto sector is approaching this industry. Cardano is currently in the red, but SingularityNET’s token is doing well.

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