Thumbnail source: https://cryptogazette.com/cardano-price-prediction-ada-to-reach-21-in-2021/
Cardano (ADA), an altcoin with a promising blockchain that has gained much popularity recently, has announced that its ERC-20 migration tool is coming towards testnet deployment.
The Case
This announcement of the ADA - ERC-20 coverter testnet comes from Franciso Landino, who is the project manager at IOHK (Input Output Hong Kong), which is the research and development centre for ADA. It came as a blog post on Monday, showing the benefits of ADA over ETH and how the converter is expected to function and improve the ADA blockchain. The ADA - ERC-20 converter is planned to go after the promising hard fork Alonzo that brings on smart contracts to the blockchain, a vital organ of a crypto's blockchain.
Proving the need for the ERC-20 conversion, Landino stated:
Once deployed, users of supported Ethereum tokens will be able to bring them over from Ethereum’s congested network and take advantage of Cardano’s transaction capacity and lower fees, while enjoying enhanced security, reduced cost, and interoperability.
The converter testnet release has already been put up the board, Landino promising that SingularityNET's AGI token will be the first ERC-20 coin to become migrated into the ADA blockchain.
It is anticipated by the ADA team that the ERC-20 converter tool will evolve into a cross-blockchain bridge, allowing a variety of cryptocurrencies to move between the two clashing worlds.
ADA is also looking at getting DeFi into its blockchain, thus challenging the massive DeFi industry in the Ethereum (ETH) industry, noticeably having an issue with its transaction fees, the only other crypto giant battling strongly in this field Binance Coin (BNB).
Further Reading
Supporting article - CoinTelegraph - Cardano ERC-20 converter nears testnet phase - https://cointelegraph.com/news/cardano-erc-20-converter-nears-testnet-phase
IOHK Announcement - Bringing ERC20 to Cardano - https://iohk.io/en/blog/posts/2021/05/17/bringing-erc20-to-cardano/
CoinTelegraph - Cardano’s upcoming Alonzo update pushes ADA price despite a major delay - https://cointelegraph.com/news/cardano-s-upcoming-alonzo-smart-contract-update-takes-ada-to-new-highs
Investopedia - What Is ERC-20 and What Does It Mean for Ethereum? - https://www.investopedia.com/news/what-erc20-and-what-does-it-mean-ethereum/
