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Elevenews

12/10/2021

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Cardano inches closer to major price collapse below $1.25

Cardano price approaches new four-month lows. Cardano Relative Strength Index enters bear market conditions. Sub-$1.00 conditions are becoming a reality. Cardano price continues to face weakness against a broader financial market that is increasingly risk-averse. Price action had already been...

Cardano inches closer to major price collapse below $1.25
<div> <p>ERC-20 tokens have been going places for some time now. However, at this point in time, they&rsquo;re a step closer to going native on&nbsp;Cardano. At press time, the sixth-biggest blockchain by market cap had some big news to share, courtesy of its developer arm IOHK. </p><h4>Time for a test</h4> <p>Cardano founder Charles Hoskinson&nbsp;revealed&nbsp;that an ERC-20 converter testnet is now up and ready for the community to try. Using the AI service provider SingularityNET and its AGIX token, testnet users can make the most of a permissioned bridge to&nbsp;transfer these tokens&nbsp;between Ethereum and Cardano. </p><p lang="en" dir="ltr">Update on the ERC20 Converter <a href="https://t.co/D80E5AsAeO" target="_blank">https://t.co/D80E5AsAeO</a>&mdash; Charles Hoskinson (@IOHK_Charles) <a href="https://twitter.com/IOHK_Charles/status/1468247809560305670?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 7, 2021</a></p> <p>The statement from IOHK highlighted the need for blockchain interoperability. It added, </p><p>&ldquo;We are currently building out and collaborating on multiple bridges to connect Cardano to other blockchains, and this first converter is a vital artery in this system. The more these connections grow, the higher the network effect to boost the flow of liquidity within the Cardano ecosystem.&rdquo; </p><p>According to IOHK&rsquo;s release, a user can put their converted tokens into the Daedalus or Yoroi wallets. Furthermore, reconversion to the ERC-20 standard is possible. This process might sound technical but readers shouldn&rsquo;t worry, according to the company. IOHK explained,</p> <p>&ldquo;Users do not need technical expertise or coding experience to use the converter. They simply access the tool through a URL and then proceed by creating a new account or configuring an existing Metamask account.&rdquo; </p><p>That being said, the developer also warned that the testnet is still being monitored for issues and performance optimization isn&rsquo;t complete yet. </p><p>In fact, one user reportedly tried the testnet and shared their gas fees for reference.</p> <p lang="und" dir="ltr"> <a href="https://t.co/G5eZHkYqTX" target="_blank">pic.twitter.com/G5eZHkYqTX</a>&mdash; cardistack(CSK) pool **Cardano SPO** (@cardistack) <a href="https://twitter.com/cardistack/status/1468272530045779975?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 7, 2021</a></p> <h4>Get an &lsquo;AI&rsquo;-ful of this</h4> <p>So, what is SingularityNET? It&nbsp;describes&nbsp;itself as a &ldquo;decentralized platform allowing AIs to cooperate and coordinate at scale.&rdquo; However, readers might be more familiar with the robot Sophia. The AI robot&rsquo;s creator is David Hanson, who is also the&nbsp;co-founder&nbsp;of SingularityNET. </p><p>According to a whitepaper, the company wants to use smart contracts to decentralize AI technology. It&nbsp;stated,</p> <p>&ldquo;At its core, SingularityNET is a set of smart contract templates that AI agents can use to request that AI work be done, to exchange data, and to supply the results of AI work.&rdquo;</p> <p>The question of the hour &ndash; Is Cardano exploring AI or is crypto itself coming closer to this technological sector? Only time will tell. </p><h3>Agile AGIX</h3> <p>At press time, Cardano&rsquo;s ADA was still in the red, but&nbsp;SingularityNET&rsquo;s&nbsp;AGIX&nbsp;was trading at $0.2575. </p><p>AGIX&rsquo;s&nbsp;price&nbsp;also rose by 14.04% in the past 24 hours. What&rsquo;s more, the token had a&nbsp;market cap&nbsp;of $225,073,797, making it the 298th biggest blockchain by market cap.</p> <p><strong><a href="https://ambcrypto.com/cardano-introduces-erc-20-converter-testnet-with-ai-tokens-for-trial/" data-type="URL" data-id="https://ambcrypto.com/cardano-introduces-erc-20-converter-testnet-with-ai-tokens-for-trial/" target="_blank" rel="noopener">News Source</a></strong> </p> </div>
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