Cardano (ADA) developer Input Output Hong Kong (IOHK) has announced the successful launch of a testnet to allow Ethereum-based tokens to migrate to the Cardano blockchain.
Input Output Hong Kong (IOHK); stated that at the start of the initiative, it partnered with the decentralized artificial intelligence network SingularityNET (AGIX).
“In this first testnet release, users will be able to migrate SingularityNET’s AGIX tokens to Cardano and back to Ethereum via the permissioned bridge.
This represents an important step in enabling interoperability between blockchains, which is important in creating a functional environment for decentralized finance (DeFi).”
The testnet is an important development that will pave the way for the mainnet, which is now a working prototype and ready product. SingularityNET CEO Dr. According to Ben Goertzel, the mainnet converter will be released “soon” after the testnet.
According to IOHK, the testnet converter is Ethereum’s ERC-20 It converts tokens into native tokens on the Cardano blockchain. An ERC-20 token is a standard for creating and issuing smart contracts on the Ethereum blockchain.
The developers also stated that they are working on connecting to other decentralized protocols, Cardano, the sixth largest blockchain by market capitalization.
“We are currently building and collaborating on multiple bridges to connect Cardano to other blockchains and this is only the first converter, a vital artery in this system.
The larger these connections, the greater the network effect to increase liquidity flow in the Cardano ecosystem.”
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