Cardano has been in the highlights as the digital asset continues to see its graphs go up, compared to the stats from July. As it continues to go up, the main reason might be the very beneficial updates that are being deployed into the system by the development team of Cardano.
According to the team at IOHK, further updates were presented by the company at the time of the very recent Cardano 360 Event hosted. Notifying through a video, higher-ups from Cardano officially announced that the release of the ERC-20 converter is coming very soon, maybe next week, so testers should keep their eyes open.
What is the ERC-20 Converter Tool?
The ERC-20 converter will gain a connection between Ethereum and Cardano’s systems, enabling Ethereum assets to come into Cardano’s testnet systems. The ERC-20 converter tool’s main objective is to help users in transferring their Ethereum tokens into the Cardano Blockchain. Officials from Cardano stated that this new converter is designed in such a way that it will support both end-users and token distributors. So, looking at it from an eagle’s perspective, it is basically a sort of bridge that will allow Ethereum’s network to connect with Cardano’s network, making transferring Ethereum assets to the Cardano blockchain a heck of a lot easier.
Project Manager at IOHK, Francisco Landino, said that using this new tool, Ethereum users will be able to gain the benefits of Cardano’s lower transaction fees and large transaction spaces. The tool will also help to increase security and bring interoperability into the blockchain. In addition to that, the ER-20 Converter will also be a tool that runs on service, increasing its reach and making it easy to run. SingularityNET will have its AGIX token be the first token to travel to Cardano.
These spectacular announcements have definitely further boosted Cardano’s image in the market, as it is already showing quite a smooth performance, completely synchronized with its respective updated roadmap. The Alonzo hard fork is scheduled to hit on the 12th of September, highlighting the updates on the network. In addition, the Cardano Foundation also posted another update coming in the future on Twitter. The announcement basically highlights the partnership with Hacker0x01 in order to launch a hacking competition, which will focus on rewarding any hackers who find bugs within the system.