Ethereum is 2nd largest market cap blockchain decentralised platform where thousands of tokens are running on the network through ERC-20, ERC-751 & ERC1155.
Because of those smart contract ,the ethereum is becoming more congested network with high gas fee for transaction validation.
ERC-20 tokens if i say simply, is the contract made upon ethereum blockchain with detailed token supply which can be used to operate any enterprise ,DeFi projects , crypto exchanges.
Cardano which is 5th largest market cap blockchain technology prepared to convert ERC20 tokens after Alonzo hard fork and plutus smart contract deployment.
I think Cardano will be the best solution for business enterprise based tokens which can be migrated from ethereum network to provide their users a congestion free network & less transaction fee.
Singularity Net AGIX token will be the first to get migrated through a special token on cardano which will be working as bridge in between ethereum and cardano blockchain where these tokens will be convert able by burning these special token.
The migration of token can be easily explored through etherscan and cardano explorer.
Cardano also working on metamask wallet enabling for cardano based smart contract tokens which will provide easiness to users as metamask is one of the popular decentralised wallet on ethereum , Binance smart chain.
Proof of stake consensus is already in cardano blockchain and scaling their network for smart contract tokens ,will provide boost to the blockchain.
In compare of Ethereum where gas fee are like 20 to 50 dollars to transact ,cardano is ultra popular blockchain where fee issue will be not a big deal .
ERC 20 based tokens like reward, payment, finance, transaction all these tokens will be operated smoothly after the feature launched.
ERC751 & ERC1155 Fungible & Non-Fungible NFT creation and sending on ethereum blockchain is highly expensive which is not helping to connect Low Budget artist ,music album creators to bear the price for every transactions.in the sense, cardano is working in the right direction by providing convertible erc20 to cardano blockchain.
source of information: Cardano official website and twitter.
(Image credit: @thepeakstudio)
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