Cardano (ADA) It has recently taken significant steps to approach the market position of Ethereum (ETH) to come. There has been competition between cryptocurrencies for some time and Cardano has ambitious plans.
In May this year, the team behind Cardano, Input Output Hong Kong (IOHK), revealed that they were working on a so-called ERC-20 “converter”. This system should allow tokens based on the Ethereum network to be easily transferred from the Ethereum blockchain to the Cardano blockchain.
This functionality will be available to developers and investors alike. The value of the tokens will be preserved during migration. It is also possible to return tokens to Ethereum blockchain.
– InputOutputHK May 17, 2021
Launch around the corner
During last event From Cardano, Fransisco Landino, Project Manager at IOHK, announced that this Ethereum switch will be launched on Cardano’s testnet next week.
This new development will theoretically allow a large number of developers and companies to migrate from Ethereum to Cardano. According to the founder of Cardano, Charles HoskinsonThis process is already underway.
It is reported that more than 100 companies are already working hard to transition from Ethereum to its main competitor Cardano.
The agenda is quite full for Cardano in the coming period. In the next few weeks, the Ethereum switch will be launched not only on the testnet, but also on the long-awaited Cardano. smart contracts Update is imminent.
On September 1, there will be a new step for the major update, D’Alonzo’s update, on the Cardano Test Network. According to IOHK, everything is still going according to plan and the actual launch on the mainnet will not be long in coming.
fresh from # Cardano 360: Nigel’s update #alonzo timing. TLDR: Things are looking positive and on the right track – hopefully you’ll be able to present our update proposal this Sunday and bring the possibility of a smart contract to #cardano testnet for the full 1st video of september: https://t.co/4AyDhcAAXW pic.twitter.com/m65bSZMTpz
– InputOutputHK August 27, 2021
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