Cardano’s widely anticipated ERC-20 converter will soon be available on testnet. The statement was made by Francisco Landino, Project Manager at Input Output Global (IOG), during the most recent edition of Cardano 360.
The ERC-20 convertor is often regarded as a necessary component of outdoing Ethereum. The notion was always intended to provide a viable option to Ethereum application developers. With that in mind, and as the Alonzo smart contract implementation nears completion, the competition between the two chains will heat up in the coming weeks.
Cardano’s ERC-20 converter was originally discussed in July 2020 during a live stream by IOG CEO Charles Hoskinson. As the name implies, the ERC-20 convertor bridges Ethereum’s blockchain to Cardano, allowing users to migrate Ethereum tokens across and back again. Landino elaborated:
“people will be able to move liquidity or be able to move their utility tokens to use the applications that are migrating from Ethereum to Cardano.”
Landino stated that there are several reasons why application developers would transfer, including cost savings and the ability to take advantage of faster speeds. Additionally, he asserted that switchers would have increased security, particularly when it came to authenticating smart contracts.
Landino earlier stated in May – over four months ago – the impending launch of the ERC-20 converter to testnet. He explained the delay by stating that the initial plan was for two releases. One for the Ethereum-Cardano bridge, and another for the Cardano-Ethereum bridge.
However, while completing the first release, his team identified opportunities to improve the process that were already backlogged in the second release. They chose to postpone the initial release and combine the two projects for a simultaneous deployment.
“We intended to release the Ethereum to Cardano migration process first, but as we completed the test, we realized we could improve some aspects of the Cardano to Ethereum process that were already in our backlog. As a result, we decided to combine the two releases and provide everything as a single package.”
When can we anticipate the testnet’s launch?
The critical question is when IOG will launch the ERC-20 on testnet. Landino said that the service will open next week and will allow users to experiment with the conversion process using SingularityNET tokens. “Everything will be visible on the testnet next week, and users will be able to experiment with migrating their AGA tokens from Ethereum to Cardano. Additionally, returning from Cardano to Ethereum.”
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