IOHK, the company behind the Cardano project, has announced its readiness to test a two-way ERC-20 token migration tool.
IOHK project manager Francisco Landino noted in an article on the company’s blog that the Cardano testnet will soon receive integration with the new tool. It is required for the Alonzo hard fork, which is scheduled for August this year, and will add support for smart contracts to the Cardano blockchain.
“After the hard fork, users of the ERC-20 tokens supported by the tool on the Ethereum network will be able to transfer them to the Cardano blockchain. This will allow them to take advantage of the low fees, high bandwidth and security of our network, ”said Landino.
The migration process will be quick and easy – cryptocurrency projects will need to be done “with just a couple of mouse clicks”. The first token of the ERC-20 standard to be transferred to the Cardano network will be the AGI token of the SyngularityNET project. In the future, the migration tool can become a full-fledged bridge between the Ethereum and Cardano blockchains, says Francisco Landino.
In mid-March, IOHK CEO Charles Hoskinson said that Cardano is a “popular destination” for the transition from Ethereum and more than a hundred projects are in the process of migrating to the Cardano blockchain.
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