ERC-20 tokens have been making waves for quite some time. However, they are one step closer to going native on Cardano at this time. At the time of publication, the sixth-largest blockchain by market capitalization had some big news to share, courtesy of its developer arm IOHK.
It’s time for a test.
Cardano founder Charles Hoskinson announced that an ERC-20 converter testnet is now operational and available for the community to use. Testnet users can take advantage of a permissioned bridge to transfer tokens between Ethereum and Cardano by using the AI service provider SingularityNET and its AGIX token.
The IOHK statement emphasized the importance of blockchain interoperability. It continued,
“We are currently developing and collaborating on a number of bridges to connect Cardano to other blockchains, and this first converter is a critical artery in this system.” The greater the number of these connections, the greater the network effect to increase the flow of liquidity within the Cardano ecosystem.”
According to the IOHK announcement, users can deposit their converted tokens into the Daedalus or Yoroi wallets. It is also possible to revert to the ERC-20 standard. This process may appear technical, but readers should not be concerned, according to the company. According to IOHK,
“Users do not need technical or coding knowledge to use the converter.” They simply navigate to the tool via a URL and then create a new account or configure an existing Metamask account.”
However, the developer cautioned that the testnet is still being monitored for issues and that performance optimization is not yet complete.
In fact, one user is said to have tried the testnet and shared their gas costs for reference.
Take a ‘AI’-full of this.
So, what exactly is SingularityNET? It bills itself as a “decentralized platform that enables AIs to collaborate and coordinate at scale.” Readers may be more familiar with the robot Sophia. David Hanson, co-founder of SingularityNET and creator of the AI robot, created it.
According to a whitepaper, the company intends to decentralize AI technology by utilizing smart contracts. It was stated,
“At its core, SingularityNET is a set of smart contract templates that AI agents can use to request AI work, exchange data, and supply AI work results.”
The burning question: Is Cardano experimenting with AI, or is crypto itself moving closer to this technological sector? Time will tell.
AGIX that is adaptable
Cardano’s ADA was still in the red at the time of publication, but SingularityNET’s AGIX was trading at $0.2575.
The price of AGIX has also increased by 14.04 percent in the last 24 hours. Furthermore, the token had a market cap of $225,073,797, ranking it 298th in terms of blockchain market cap.