Cardano (ADA) is set to launch its new ERC-20 converter bridge next week, targeting Ethereum-based tokens for migration. Announced by founder Charles Hoskinson, this tool is a key feature of the Alonzo hard fork upgrade, scheduled for September 12th.
The converter will allow Ethereum token users to transition to Cardano, leveraging its higher transaction capacity and lower fees. Initial details emerged in May, with confirmation from IOHK project manager Francisco Landino during the Cardano 360 event.
Key Features of the ERC-20 Converter
- Testnet Launch: Begins next week.
- First Migrant Token: SingularityNET (AGIX) will be the first to migrate.
- Security Benefits: Analysts suggest enhanced security for ERC-20 token holders.
Growing Rivalry with Ethereum
The launch intensifies the competition between Cardano’s Hoskinson and Ethereum’s Vitalik Buterin. Over 100 companies plan to migrate from Ethereum to Cardano, citing scalability and cost advantages.
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Recent Cardano Milestones
- Ethiopia’s National ID System: Hoskinson’s bid for a blockchain-based solution.
- Japanese Regulatory Approval: ADA listed in Japan’s strict market.
- All-Time High (ATH): ADA’s recent price surge.
FAQ Section
Q1: What is the ERC-20 converter bridge?
A: It’s a tool allowing Ethereum-based tokens to migrate to Cardano’s network, benefiting from lower fees and faster transactions.
Q2: When does the converter go live?
A: The testnet launches next week, with full deployment on September 12th.
Q3: Which token will migrate first?
A: SingularityNET’s AGIX token will be the initial migrant.
Q4: Why are companies switching from Ethereum?
A: Cardano offers scalability, lower costs, and a proof-of-stake model, unlike Ethereum’s current proof-of-work system.
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Final Notes
- Keyword Integration: ERC-20, Cardano, Ethereum, hard fork, blockchain, scalability, crypto.
- Disclaimer: This content is informational and not financial advice. Cryptocurrency investments are volatile.
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