Cardano development firm Input Output Global (IOG) is preparing to launch a converter that will enable interoperability between the Ethereum network and Cardano.
In a new announcement, IOG says the development will allow users to swap supported Ethereum tokens (ERC-20) to special Cardano-based tokens.
“It is designed for token issuers (organizations that wish to enable the migration of their tokens to Cardano), and their users (token holders) to use the tool to move their ERC20 tokens to the Cardano network.”
Per IOG, the two-way convertibility enables users to migrate ERC20 tokens to the Cardano network without losing their value or functionality. The converter also allows users to migrate the tokens back to the Ethereum blockchain.
“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 first partner that IO Global will initially support is decentralized artificial intelligence network SingularityNET (AGI).
“The ERC20 converter will introduce a new SingularityNET AGIX token, the deployment of which marks the first milestone in the SingularityNET to Cardano migration plan. The initial testnet will allow users to assess the process of migration while working with AGIX tokens both in Cardano and Ethereum Kovan testnets.”
According to IOG, the ERC20 converter will soon be deployed on a dedicated testnet.