The Cardano network developers have recently introduced ERC-20 token converter testnet on the network. The ERC-20 token is a Fungible token standard called Ethereum Request for Comment assigned 20th place and it allows the tokens to become identical with each other in terms of value and type.
Cardano network founder and IOHK-CEO has made it official that the ERC-20 token converter is already in action on the ecosystem. He further explained that even the non-developing investors are going to access the converter with the help of a URL. He also clarified that the investors will have the option to send their converted tokens to a new wallet address or transfer to a Metamask account.
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As noted by Hoskinson, the new ERC-20 converter makes use of SingularityNET and its native token AGIX. SingularityNET is a decentralized AI Corporation and coordination bridge. With the integration, the testnet users can access the wider permission network to transfer their tokens between Cardano and Ethereum networks.
However, Hoskinson has also warned the investors that the ERC-20 token converter is only in its initial phase and it can contain some bugs that require fixing. One Cardano investor pointed out the issue relating to the gas fee when deploying the converter recently.
David Hanson is the founder of a popular AI robot called Sophia and is also the mind behind SingularityNET. In a Whitepaper published by the official development team behind the SingularityNET project, it was mentioned that basically, it is a smart contracts template and AI agents use this channel to interact, exchange information, and produce the best output for their AI services.
Some Cardano experts ponder if the blockchain network has broader plans to fund and develop AI technology with the ecosystem. However, Cardano developers have not suggested any ideas thus far.