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What are ERC-20 Tokens ? (Explained)
If you're following crypto world actively then probably you've heard 'ERC-20' term hundreds of times and if you're really not a developer kind a person then after digging more you had encountered with more difficult terms like mainnet, smart contracts and many more like this. If you're interested to know more about these things in a simply way, then keep reading !! In this article I'll explain what are ERC-20 tokens and how they're booming the global crypto adoption. What Are ERC-20 Tokens ?
Well if someone asked me to describe what are ERC-20 tokens then my response will be, "The ERC-20 tokens are the tokens built on Ethereum network". It's that simple !! And if you thought what is it with 'ERC-20', then it's a set of standards in Ethereum network. The main advantage of ERC-20 standards is that it allows developers to create their own tokens inside Ethereum network. This is why Ethereum & ERC-20 standards are very famous in developers community. Why ERC-20 Standards Were Created ? At the beginning of the Ethereum there were no ERC-20 standards but as the popularity of Ethereum grows the more and more developers get attracted towards Ethereum network and created their own tokens. But as the number of tokens gets increasing, so the number of rules increased as every developer set his/her own rules in their smart contracts. Because of these different rules you've to be genius to make interactions between two totally different rules. What Solution Does ERC-20 Brings ? To resolve this interaction issue between two or more independent tokens into the network, Ethereum created a set of standards, which we call ERC-20. Now after bringing these set of rules every token or it's smart contracts has to follow them which helps to two or more contracts interact with each other. How It Helped Global Crypto Adoption ?
As Ethereum is already popular in developers community and after implementing ERC-20 rules into network it gives opportunity to multiple companies and businesses to create their own tokens and it also booms the interactions between those companies helped to bring the whole 'supply-chain' to the Ethereum network. As Ethereum provided easy crypto solution to hundreds of industries and they their services & products available for their own personalised tokens, it increased the adoption of tokens (cryptos) in consumers of that companies & businesses. What Will Be The Future ? Today I can say many ERC-20 tokens are very famous & it encouraged thousands of developers to develop their projects on Ethereum. But still it's a programming thing, there are hundreds of bugs & issues has been raised and I think there'll be more in future but I personally think that this will help the network to grow and develop more awesome projects. Hope you liked this article & if you're blockchain enthusiastic person & want to discuss about it then I'm always there to discuss on blockchain. Hope you find this article helpful and liked it. Please comment your feedback about this article. Subscribe me if you like to get notified for my future articles. **Thanks For Your Time And Appreciation !!**
30 comments
Nice explanation about ERC-20 tokens. Thanks for your this informative article. 💞
Wow. Thank you for explaining this. For sure many will be enlightened with your article. More ink to your pen 🌻
Thanks @ladyhanabi glad you find my article helpful.
Since I joined this platform, I always see that almost anyone are posting about cryto. Because of this, i'm starting to become curious when it comes to this topic. Thank you for this explanation :)
Crypto (BCH) is the main feature of read cash & many people are crypto enthusiastic !!
Maximum people knows about Etherium wallet.But ERC-20 is still unknown to us.Thank you so much for your nice explanation about ERC-20.
Glad my article taught you something new !!
yeah.Its true.previously it was hard to understand for me.But this time I understand this article very simply. Thank you @Ashma.It's becoming possible to me just only for you.
You have a lot you know about crypto. Keep it up💞
Not much, just a bit of it !! Of course it's a vast technology & growing day by day !!
That's true💞
I am still learning about cryptocurrencies and such. Thank you for this wonderful information. It really helps me alot😊 keep it up!
Thanks @Yayaya13
Always welcome😊
Good article for someone like me who want to learn about cryptocurrencies. Crypto world is very new to me. And being here in read cash help me to learn about this things. Thanks!
This is helpful, thank you for a well explained article.😊
Wow. This is really an informative article for me. I don’t know what is ERC 20. I joined many airdrop but there they wants ERC Eth address. But i don’t understand that. So i don’t try to join on this airdrop. Thank you so much @Ashma for your kind information.
I'm glad you found it helpful @aminul
Nice elaborative article. There was a time that only ethereum network could host tokens now TRX is also a big competition for Ethereum
Yeah TRX is also a great platform for developers & I've seen some great TRX projects
Yeah and the founder Justin Sun is very active in many ways. I have some investment in TRX that I stake
Yeah & I heard that he's offering $1 million bounty for finding twitter hackers
Yeah you are right. I just did a short post on that to discuss that on read cash
Yup !!
Great explanation. These days the number of tokens created on the Ethereum network is increasing rapidly. I have lots of these token in my wallet amd i have high hope that they will increase in value also
Ohh that's great @Stella hope it'll increase in value so as your portfolio
Lets pray it does. And i hope tge transaction fees of ERC tokens also reduce so we can do easy transactions
Yup @Stella , I just had a news that ethereum developer community is working about that issues, still in discussions but it'll be resolved in future
I hope it is.
Yup