The blockchain is a vast technology and has numerous implementations, cryptocurrency being the most popular implementation. With the recent boom in the ICO funded Blockchain startups, ERC20 has come out as the set of rules which are required to be fulfilled in order for a token to be accepted and referred as an ERC20 token. ERC stands for Ethereum Request for Comments, the official protocol for proposing improvements to the Ethereum network. ‘20’ is the unique proposal ID number.
As of January 2018, more than 21,000 ERC20 token standard based contracts have come into existence. ERC20 tokens are defined over Method-Related functions which define the token supplies, properties and the core functionalities of the tokens. Apart from these defining functions, Security is a major aspect of ERC20 tokens, ICO process, and contract maintenance. Encryption plays a major role in providing security to the blockchain hosted services and applications. The 128-bit encryption provides ‘next to impossible to crack’ level of security to ERC20 token standard based transactions as well as all the other blockchain hosted applications as services. The blockchain is not a centralized rather distributed ledger system, where the data is saved over the network of computers, which makes it more difficult to hack as compared to a centralized system where all the information is saved over a single server.
ERC20 tokens are defined with the help of smart contracts, which are a set of rules, coded into a program, that executes exactly as they are defined by their coders. Ethereum platform’s core functionality is hosting such smart contracts. Ethereum allows coders to code their own smart contracts. A well defined smart contract, written by an expert web developer, is a must while creating ERC20 tokens as a small fault in the set of rules can result in token loss, availability loss or in worst cases, no transactions.
We, at SemiDot, make sure that the new tokens are created, defined and implemented as per the ERC20 token standards, providing a flawless & secure Ethereum based token for your ICO launches and future transactions.
As defined above, this is the most common standard used right now in the coin definition and ICO launches. More than 99% Ethereum based tokens are based on this set of standards.
ERC223 standards provide an improvement in the currently existing ERC20 token standard and prevent the token loss during transactions by rejecting them if they are not ERC compatible.
ERC721 tokens are non-fungible, unique and hence cannot be exchanged with any other ERC based tokens, making them valuable due to their uniqueness and rare qualities.
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