Cardano (ADA) developer Input Output Hong Kong (IOHK) is asserting the profitable launch of a check community (testnet) to enable Ethereum-based tokens to migrate to the Cardano blockchain.
IOHK says that it’s initially partnering with decentralized synthetic intelligence community SingularityNET (AGIX) within the initiative.
“In this preliminary testnet model, customers can transfer SingularityNET’s AGIX tokens to Cardano and again to Ethereum by way of the permissioned bridge.
This marks a big step ahead in driving interoperability between blockchains to set up a practical setting for decentralized finance (DeFi).”
The testnet is a working prototype and paves the way in which for the mainnet, which is the prepared product. The mainnet converter will probably be launched “soon after” the testnet, per SingularityNET CEO and chief scientist Dr. Ben Goertzel.
According to IOHK, the testnet converter transforms Ethereum’s ERC-20 tokens into native tokens on the Cardano blockchain. An ERC-20 token is a typical used to create and situation sensible contracts on the Ethereum blockchain.
The Cardano developer additionally says that the sixth-largest blockchain by market cap can be engaged on connecting to different decentralized protocols.
“We are at present constructing out and collaborating on a number of bridges to join Cardano to different blockchains, and this primary converter is a crucial artery on this system.
The extra these connections develop, the upper the community impact to enhance the movement of liquidity throughout the Cardano ecosystem.”
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