Cardano launches test network of its first ERC20 token converter
Cardano launches test network of its first ERC20 token converter By Hannah Perez

The bridging tool was deployed in partnership with SingularityNET

, the decentralized AI company that contributed to the development of the Sophia bot

***

The Cardano ecosystem has obtained its first ERC-20 token converter bridge (from the Ethereum blockchain

).

IO Global, a global Blockchain engineering company and the developers of the Cardano blockchain, announced Tuesday the launch of the AGIX ERC20 convertertestnet(testnet). The launch of the interoperability tool comes in partnership with artificial intelligence firm SingularityNET

.

As a result, users of the SingularityNET ecosystem will be the first to take advantage of the new product. In this first test phase, holders of AGIX, SingularityNET‘s native token, will be able to move their coins to the Cardano network and back to Ethereum

via the authorized bridge.

That is, AGIX ERC-20 tokens in an Ethereum wallet can now be converted and transferred in AGIX-ADA to a Cardano wallet. Users can use wallets such as EMURGO’s Yoroi or IOHK’s Daedalus. SingularityNET ‘s official Twitter account announced the launch on Tuesday. In its tweet

, the company invited its users to try out the bridge and take advantage of the benefits it offers.

This marks the beginning of a rapidly expanding multi-chain decentralized artificial intelligence ecosystem. Low fees, increased transaction capacity and improved security: yes, please!

Cardano launches bridge for AGIX token, from the company behind Sophia robot

SingularityNET is a project that seeks to unite the world Blockchain with that of artificial intelligence. It functions as a blockchain-powered artificial intelligence marketplace that aims to enable monetization of various AI services. Its utility token was initially launched on the network Ethereum under the name AGI. In May, it was renamed to AGIX, compatible with. Cardano.

The company is led by artificial intelligence pioneer Ben Goertzel, who famously helped develop the humanoid robot Sophia while working as chief scientist at Hong Kong-based Hanson Robotics.

Speaking about the launch of the bridge, Goertzel noted that the development represents a further step toward migrating AGIX to the web Cardano while offering users a chance to explore cross-chain capabilities.

The importance of this port for SingularityNET and the entire blockchain and AI ecosystems cannot be overstated: it will not only produce a much faster and cheaper AI network, but also a vastly superior foundation for adding new advanced features to SingularityNET and moving towards realizing our vision of decentralized AGI.

For its part, IOHK said in its release that the launch of the testnet is part of the interoperability mission of Cardano and “marks an important step forward in driving interoperability between blockchains to establish a functional environment for decentralized finance (DeFi).”

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In September this year, the Cardano blockchain integrated with SingularityNETs humanoid robot Grace, which is listed as the first robotic artificial intelligence designed to care for older adults.

To learn more about the new ERC-20 converter bridge from Cardano, you can check out the <a href=”https://iohk.io/en/blog/posts/2021/12/07/the-agix-erc20-converter-testnet-is-now-live/” target=”_blank” rel=”noopener”>IOHK posts and SingularityNET. The latter also published a video explaining how the tool works, which you can watch below:

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Article by Hannah Estefania Perez / DiarioBitcoin

Image by Unsplash