Cardano will launch ERC-20 Ethereum converter bridge next week

Cardano (ADA) will launch new ERC-20 converter bridge next week as company founder Charles Hoskinson targets Ethereum tokens as ripe fruit for picking.

The feature is expected to launch on September 12th as a component of the massively anticipated Alonzo Hard Fork upgrade.

With the new tool going live on the testnet next week, hopes are high – and investors are giddy with excitement following last week’s impressive bull run to new all-time highs.

We first learned about the the ERC-20 tool in back in May, however, the latest revelation came from comments given by the IOHK project manager Francisco Landino during the Cardano 360 event.

The blockchain developer explained that users of Ethereum-based tokens will be to switch over to enjoy the benefits of Cardano’s transaction capacity and lower fees as soon as the new tool is deployed.

Converter adds to rift

The launch of the converter is likely to add to the rift between Ethereum’s Vitalik Buterin and his co-founder turned rival Charles Hoskinson (Cardano’s founder).

According to the ADA founder, more than 100 companies have already announced that they will be moving across from Ethereum to Cardano. Interestingly some analysts suggest the ERC-20 converter could enhance security for ERC-20 users.

The first token to be migrated to Cardano upon launch will be SingularityNET – a network specialising in decentralised artificial intelligence. The start-up plans to be the first to migrate, moving its native AGIX token across to the Cardano network.

This comes after a swathe of positive news coming out of the Cardano project with Hoskinson recently announcing his intention to put in a bid to build a blockchain-based national ID system in Ethiopia, IOHK successfully getting ADA listed in the super strict Japanese regulatory environment, and of course the new ATH for Cardano in the past week’s juicy price action.

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