Cardano's ERC-20 equivalent?

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#1

Hey, everyone. I looked into the forum, didn’t see an exact answer to this question, so here it is.

Can someone, please, explain to me what Cardano’s ERC-20 token equivalent is? I know Traxia (TMT) is the first altcoin to be created on the Cardano network, but how is this possible if Goguen is still not released?

Besides the fact that the ICO smart contract needs to be written in Plutus, instead of Solidity, are there any other major differences with Ethereum’s TGEs?

Thank you for your time.


#2

They are launching ERC-20 on Ethereum network for now and in Q4 after Goguen release they will just port it onto Cardano.

Plutus is just one of many options. Cardano will fully support Solidity as well. So any contract created for Ethereum now will be able to be deployed on Cardano.

Also Cardano will support many other languages, like Java, C#, Python, and many nore. Even Blockly )

One of chains in Cardano CL should be fully backward-compatible with Ethereum, specifically so that developers could easily migrate to Cardano. Other chains, afaik, may implement a bit different rules and not support Solidity because of that.


#3

Thank you for the concise answer!
So how does the porting process work like exactly? If someone has TMT coins, will he need to do anything (like swapping the tokens for instance) or he wouldn’t even notice the change? I can’t quite wrap my head around it.

Also, are there any other ADA wallets besides Daedalus, since I read that its users have experienced some issues with it recently?


#4

There’re no specific details at this stage, but as I understand, porting may be quite different for everyone, depending on what your contract does. In the most primitive case you just take the same Solidity code and deploy it on Cardano, and it should work, but then, of course, you would lose all your data that already exists on Ethereum. Some other people may have to rewrite the contract a bit, in order to accommodate the state they have reached on Ethereum.

For ERC-20 I would assume that it goes something like this:

  1. You deploy contract on Ethereum network
  2. You perform your ICO thru contract
  3. CardanoCL releases
  4. You deploy almost the same contract on Cardano
  5. You perform either manual or [semi-]automatic coin distribution that would cause Cardano addresses to mirror the original distribution from ICO

How exactly this re-distribution is performed - that’s the main question. Idk. There’s too little info for now, CL is still early in development. But the basic idea is that you need to create a solution that would match Ethereum addresses of ICO participants with unique Cardano addresses (something like EOS performs a registration for Ethereum addresses of all holders), and then you either write a contract that would match original distribution from the beginning (Cardano CL should support oracles in some form, so it might be possible to create a contract that actually monitors Ethereum network :), but I’m not very sure, and there’s not enough data for now). Or you create an off-chain script that would just read data from Ethereum network and send a bunch of transactions into your new Cardano contract.

Idk for now, there may be some specific solution for this problem released later on.

It might be useful to try contacting Traxia and ask them, how they plan to solve this issue.

No other wallet for now. And Daedalus getting much better with every release. Especially if you have Windows - there are little to no problems reported there, afaik, apart from it being quite slow . But it’s just cuz it’s a full node. Lite wallet is on it’s way.


#5

Wow! I’m absolutely taken aback by the time and effort you’ve put into answering my questions! Thank you so much! I will contact Traxia for sure!