Input Output blog post published, “We are now launching an ERC20 converter to ensure better interoperability in the future as well as lay a solid background for extended business opportunities.”
The ERC20 converter will permit issuing organizations and their users to be able to handle ERC20 token migration to Cardano.
The ERC20 converter is designed for token issuers and organizations who are willing to make migration of their tokens to Cardano possible. The token holders/users on the Ethereum blockchain and related ERC20 blockchains will be able to use the tool to move their ERC20 tokens to the Cardano network. This will be possible in just a few clicks.
Once the ERC20 tokens are migrated to the Cardano, they will be converted a “special native token on Cardano, but with the same value and functionality of ERC20. Since two way convertibility is baked in, if the users wish they will be able to move their tokens back to the source network (the ERC20 blockchain on the Ethereum network). This they will be able to do by burning the “ERC20 Cardano species.”
For clarity on burning, “Burning” a coin, in terms of cryptocurrency, refers to sending an otherwise usable token (or fraction thereof) to an unusable account. The act of burning effectively removes tokens from the available supply, increasing its relative scarcity.
So, when the Cardano Version of the ERC20 token is burnt there is no possibility of using the same value in the network. Once burnt, the ERC20 token will go back to its original network and it becomes usable there.
A dedicated testnet for the ERC20 converter is set to be made available soon. SingularityNET to Cardano migration plan is the first in the list. The ERC20 converter will introduce a new SingularityNET AGIX token as the first milestone in the plan.
Users to assess the process of migration while working with AGIX tokens both in Cardano and Ethereum Kovan testnets.
Moving ahead as the number of ERC20 converter partnerships increases, the range of token types that are supported in the network will grow.
Some are like: The Future of Cardano is very bright. Others are right on the spot: Will this increase the price of ADA and if yes how much can we expect? Ultimately it is all about ROI and profits.
And the Samaritans like: It’s not wise to expect any one single event to raise the price of ADA. Rather look at the totality of the innovations, partnerships, and announcements. All of this combined leads me to believe we will see an increase in the price of ADA over time.
