Cardano publishes ERC-20 converters in the test network and researches against quantum attacks

After the introduction of the ERC-20 converter was delayed, the developers of Cardano Input Output (IOHK) notification The testnet version is now live this week.

The first ERC-20 token processed with the converter was AGI from SingularityNet. According to IO, SingularityNet is a protocol that has the advantages of lower fees, higher transaction capacity, and improved security.

Interoperability between chains is a topic that preoccupies the cryptocurrency sector. With the ERC-20 converter coming into the mainnet, investors are putting their hopes on ADA as the coin has stagnated so far.

Source: TradingView

What is an ERC-20 converter?

Discussions about the ERC-20 converter first gained momentum last July when CEO Charles Hoskinson mentioned it in a video.

In essence, an ERC-20 converter is a tool that enables the migration of Ethereum ERC-20 tokens to the Cardano chain and vice versa if the user so wishes.

“By enabling ERC20 token migration to Cardano, we are focusing on delivering a value proposition that leverages Cardano’s advantage over Ethereum. In particular, Cardano has higher transaction processing capacity and lower fees compared to the high cost and often congested traffic of Ethereum.

Ethereum is the leading smart contract platform with the greatest network effect. From that base, the ERC-20 converter pulled part of the total value of $ 105 billion locked in DeFi on Ethereum to Cardano.

SingularityNet is the first partner to join. According to Dr. For Ben Goertzel, the adapter is crucial to realize the project’s ambitions for a decentralized AI platform.

“It will not only bring a faster and cheaper AI network, but also a much superior platform to expand SingularityNET with improved new functionalities and to realize our vision of a decentralized AGI headquarters.”

Additionally, the commercial IO team says it is in the process of doing other migrations to the Cardano chain.

Delay ERC-20 converter to Cardano

The previous ERC-20 converter update came in late August when IOHK project manager Francisco Landino said they would be getting to the testnet soon.

Landino said the original plan was to release two releases: the Ethereum-to-Cardano Bridge and the Cardano-to-Ethereum Bridge.

But during the completion of the first release, the team discovered that tasks were overlapping with the second release. As a result, they delayed both releases and solved all the problems at once.

As always, this underscores Cardano’s usual delays. But IOHK has always maintained that security, prioritizing getting things right the first time, rather than rash releases.

Cardano begins! research Anti Quantum attack

Charles Hoskinson said his team is currently preparing for the quantum computing era on Cardano.

It is predicted that quantum computers will provide answers to problems that today’s computers cannot solve. However, some fear that quantum computers could threaten the crypto industry.

In a new YouTube video, Hoskinson says they are working to make Cardano immune to quantum attacks.

“The first thing you have to do is model the algorithms that are quantum resistant.

We have already started this process but have not been able to apply it to products that will be launched in 2022.

However, with the knowledge and people we have, it is possible if this is a priority for Cardano over the next five years. ”

Hoskinson speak that Cardano’s quantum attack countermeasures couldn’t get on the market earlier because they had to make significant compromises.

Since there are no quantum computers yet, the inventor of Cardano says that the threat posed by quantum computers is not really a problem today.

“It makes more sense to model all the theoretical properties that have to be followed and improve the level of mathematics so that we have better foundations to work on and improve on the problem of the mathematical properties of quantum computers. We do that and that is an academic task at the moment.

It is not a real problem or cause for concern at the moment. There are no active quantum computers that threaten a cryptosystem. ”

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page