It’s all about AI and erc20 converter — Cardano and SingularityNET
‘OVER THE NEXT DECADE, the AI revolution, the blockchain revolution will transform the world, so it just makes perfect sense the partnership is a match made in heaven. Both want to have a positive impact on humanity. We want to bring about revolutionary planetary-scale technological change that fundamentally decentralizes society and democratizes access to wealth and two identities.’ -Janet Adams, Chief Operating Officer
SingularityNET “The new ERC20 converter”
The new ERC20 converter will allow #Ethereum tokens like SingularityNET’s $AGIX to run on the #Cardano $ADA proof-of-stake #blockchain. (timeline set)
Bringing ERC20 to Cardano will allow Ethereum tokens like AGI to run on our proof-of-stake blockchain — coming soon to testnet.
Backstory what is the ERC20 converter, and how did it come about. Cardano will have the tool to migrate the AGIX token from Ethereum, where it currently resides, to Cardano.
A custodial bridge it’s a slightly different thing from a permissionless bridge. The first bridge that we ever built to connect two other blockchains like Ethereum and Cardano
It works to lock your tokens in the Ethereum site and then mint the tokens on the Cardano side. If you want to migrate back to Ethereum, you will have to burn those tokens on Cardano to unlock the tokens on the Ethereum side. That makes our tool a centralized solution because only one central authority needs to have custody of those locked tokens on Ethereum. It’s a central authority that the users need to trust, but the process is entirely transparent, and users can verify on the chain that their locked tokens are there they haven’t moved. — Joaquin Lopez Diaz, Business Analyst, Input-Output (IOHK)
Test it on testnet; you don’t need to use your AGIX, you don’t even need AGIX, and you won’t pay gas fees. (timeline set)
#Blockchain #Bitcoin #Cardano @singularity_net #ERC20 #Ethereum #Solana #DeFi #Gaming #SmartContracts #Cryptocurrency #GraphProtocol #Energy #Networks #NFT #Technology
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