- Santo Blockchain Labs, along with DNA Brands Inc, will migrate from Ethereum to Cardano.
- Both companies are choosing Cardano because of its “economics and technology benefits.”
DNA Brands Inc. and Santo Mining Corp, the owners and developers of DNATags™ announced yesterday that they will migrate from the Ethereum blockchain to Cardano. DNATags™ provides a blockchain-based authentication solution for consumers to verify product authenticity while earning rewards through DNARewards™.
As part of the decision, Santo Blockchain Labs will transition its Ethereum Solidity-based smart contracts to Cardano’s Goguen smart contracts. The company has been developing and implementing Ethereum Solidity smart contracts for over 4 years, and has experience with various standards, such as ERC-20, ERC-721, ERC-1155 & ERC1450.
Reasons for migrating to Cardano
Given the timely launch of Goguen, the company “evaluated the long-term economics and technology benefits” and decided to migrate its technology to Cardano.
As CNF reported, unlike Ethereum, Cardano uses a mechanism that handles token creation directly on the ledger rather than via smart contracts. Thus, all tokens on the Cardano blockchain follow the same logic as ADA, and are thus inherently supported and do not require the creation of layers, as is the case with ERC-20 and ERC-721 tokens.
This design difference significantly increases security. On the other hand, it ensures greater scalability and reduces transaction costs. Ethereum’s gas fees are currently at an astronomically high level given the boom in the crypto market and especially also in the DeFi space and can cost between $100 and $200 for the execution of a complex smart contract. On average, a fee of 24.24 USD per transaction was incurred yesterday, according to BitInfoCharts.
In light of this, Santo Blockchain Labs has decided to migrate. Frank Yglesias, CEO of the company stated:
We are all in when it comes to Cardano, I have been personally been following the work of the guys at Cardano since 2016 and have great admiration for Charles and his team at IOHK. Cardano is the blockchain of the future and the future is here.
What is DNATags™?
As mentioned at the beginning, DNATags™ is used to authenticate products. Secondarily, it provides users with an incentive model. Users will be able to earn DNARewards™ native tokens when they scan products to ensure their authenticity. These DNARewards™ will be exchangeable with other coupon reward systems or in ADA.
As Adrian McKenzie, CEO of DNA Brands, explained, a roadmap is currently being developed:
We are rolling out a branding, marketing, and revenue-generating roadmap to launch DNATags™ and DNARewards™, in the weeks to come we will make public this roadmap.
Santo Blockchain Labs also operates a Cardano staking pool listed under the ticker “SANP”.