Input Output Hong Kong (IOHK) has now been transformed into Input Output Global (IOG), and as per the latest news, it is now responsible for launching a converter for Cardano that shall allow for increased interoperability between Charles Hoskinson’s project and the Ethereum network. This news arrives around the time when IOG stated that this latest development should enable various users to be able to swap any supported ETH tokens (through ERC-20) and turn them into unique tokens that are based on Cardano itself.
As of the time of this writing, many of the altcoins have been experiencing losses, and most are currently in the red. Cardano’s ADA token is unfortunately not exempt from this, and it is currently trading at $1.77. This had also occurred shortly after ADA had spiked in price when it had gone over $2 not too long ago.
Token migration to Cardano
As per the official statements, the converter is mainly designed for those particular token issuers (which are mainly just organizations that desire to allow for the migration of tokens to Cardano) as well as the issuers’ respective users (otherwise referred to as token holders). This decision had been made in an attempt to have the ERC-20 tokens be successfully moved to Cardano’s network.
Moreover, as per the IOG’s report, the 2-way convertibility feature will also allow the users to be able to migrate the ERC-20 tokens to Cardano’s network in a manner that does not involve losing any of their respective functionalities or value. The converter will additionally enable the users to migrate the aforementioned tokens back onto Ethereum’s blockchain should they decide to do so.
Lastly, once the converter is ultimately deployed, the users of the supported ERC-20 tokens shall be able to enjoy Cardano’s arguably superior transaction capacity as well as much needed lower fees, all while also taking advantage of increased security and a substantial decrease in cost.
IOG’s 1st partner shall be the decentralized AI network known as SingularityNET (AGI). The converter is set to be introduced via a new version of SingularityNET’s AGIX token. The deployment of this token is also important because it represents a pivotal moment for SingularityNET and its ultimate migration to Cardano.
Furthermore, the initial testnet shall also allow for the assessment of the migration process whilst simultaneously working with the abovementioned AGIX tokens in both Ethereum as well as Cardano testnets.