On August 26th, IOHK Cardano developers announced the upcoming launch of the ERC-20 Converter. The primary purpose of the tool is to help migrate Ethereum tokens to Cardano. IOHK launches the testnet next week, while the mainnet will come after the Alonzo hardfork. Furthermore, Cardano announced a bug bounty program to help secure the network.
Cardano’s ERC-20 Converter
Cardano announced that it would launch a testnet for the ERC-20 Converter next week. The Cardano developers, IOHK, announced the plans for launching this tool in May 2021. However, in a Youtube video, IOHK revealed that the tool’s testnet is ready.
The purpose of the ERC-20 converter tool is to allow ERC-20 tokens to migrate from Ethereum to Cardano and back. Ethereum is currently the largest Dapp center. However, the platform offers services at super high gases, and the speed is lacking. Cardano aims to change that with its Alonzo fork. Thus, they are creating a path for the smart contract platform to migrate to its more efficient network.
According to Cardano’s Founder Charles Hokinson, SingularityNET will be the first platform to migrate from Ethereum. Its token AGIX will move from Ethereum into the Cardano layer. The successful migration of the AGIX token will pave the way for more platforms to move. At least 100 Dapp projects will migrate their smart contract from Cardano to Ethereum once the tool goes mainnet. The mainnet will launch soon after the Cardano Alonzo fork.
Cardano’s Upgrades and Bug Bounty
Cardano has always been very slow to act but consistently introduces upgrades that bring profound changes. Subsequently, the Cardano network plans to continue with the rollout of the Alonzo hard fork in phases. On September 12th, the final piece of the fork will roll out fully, making Cardano a smart contract hub.
After the Hard fork, Cardano will introduce the mainnet for the ERC-20 converter tool. Once the mainnet launches, Cardano will become the biggest competitor for Ethereum. To strengthen its share in Defi, Cardano announced a bug bounty program.
Cardano partnered with hacker one, a group of ethical hackers, to test its new network. In a statement, Cardano noted that they aim to ensure they remain the most secure platform.
The statement reads;
“The Cardano codebase will be tested for any performance bugs found which represent a critical vulnerability or potential exploit to core Cardano components… This next step in security protection will help us be the most stress-tested and diligently maintained blockchain and is a clear signal to stakeholders the values we place on security and public safety.”
The Price Action
The ERC-20 Converter news had a positive impact on Cardano market prices. Before the announcement, Cardano was trading at a loss, with its value standing at around $2.47. When writing this report, coinmarketcap shows that Cardano’s prices have increased, and the coin is trading at $2.89.
Generally, the coin has been able to gain over 10% value in the past 24 hours. Trull, the upgrade announcements have contributed to the price changes.
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