Cardano’s IOHK Releases Ethereum ‘Converter’
- IOHK is releasing a to token converter.
- The converter will allow users to turn ERC20 tokens into ADA native special tokens.
- Also, IO intends to use the converter as the first step for the SingularityNET migration.
Input Out (IO), the team behind Cardano, is releasing an Ethereum (ETH) converter. The converter will allow users to move ERC20 tokens from the Ethereum network to Cardano (ADA).
In a recent blog post, IOHK outlined why they chose to convert ERC20 over other tokens. The blog specifies that the ERC20 standard is specific to Ethereum. The standard currently supports over 400,000 contracts including Binance coin, Tether, Uniswap, and others.
In addition, ERC20 fuels Ethereum’s Layer 2 platforms, smart contracts, and DApps. In fact, Ethereum pioneered programmable tokens and as such supports the largest blockchain ecosystem. However, as blockchain and crypto adoption grows Ethereum has started struggling with various scaling problems.
To be specific, some of the problems Ethereum is facing are…
This article was first published on coinquora.com
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