Cardano launches ERC-20 conversion test network with AI tokens for testing

ERC-20 tokens have been around for some time. At this point, however, they are one step closer to being native tokens on Cardano. At the time of writing, the sixth largest blockchain by market cap had some major news to report thanks to the support of the IOHK developer arm.

It’s time to test

Cardano founder Charles Hoskinson Disclosure that the test network (test network) of the ERC-20 converter is now set up and ready for the public test. With the AI ​​service provider SingularityNET and its AGIX tokens, Testnet users can take full advantage of a licensed bridge to transfer these tokens between Ethereum and Cardano.

Communication from IOHK emphasize Demand for blockchain interoperability:

“We are currently building several bridges and are working together to connect Cardano to other blockchains. This first converter is a vital lifeline in the system. The more the connections grow, the greater the network effect to promote the flow of liquidity into the Cardano ecosystem. ”

According to the IOHK release, users can deposit the converted tokens into Daedalus or Yoroi wallets. A conversion back to the ERC-20 standard is also possible. According to the company, the process may sound technical, but readers shouldn’t be concerned. IOHK explains:

“Users don’t need technical know-how or programming experience to use the converter. You simply access the tool via a URL and then continue with the creation of a new account or the configuration of an existing Metamask account. ”

The developer also warned that the test network is still being monitored for issues and has not yet completed the performance tuning process.

In fact, one user tried the test network and shared their gas charges for reference.

The source: Twitter

AI is getting closer to crypto?

So what is SingularityNET? herself description itself is a “decentralized platform that enables AIs to work together and coordinate on a large scale”. Perhaps, however, readers know the robot Sophia better. The creator of the AI ​​robot is David Hanson, also co-founder of SingularityNET.

follow White paper (White paper) the company wants to use smart contracts to decentralize AI technology.

“At its core, SingularityNET consists of a number of intelligent contract templates with which an AI agent can request the performance of AI work, exchange data and deliver the results of the AI ​​work.”

The question now is whether Cardano is researching AI or is the cryptocurrency itself getting closer to this technology area? Only time can tell.

Token AGIX

At the time of writing, Cardanos ADA is still in the red, but SingularityNET’s AGIX is trading at $ 0.24.

AGIX 4-hour chart | Source: Tradingview

The AGIX price has increased 5% in the last 24 hours. Additionally, the token has a market capitalization of $ 212,580,767 and is the 300th largest blockchain.

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