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What is ERC20 token?

 

What is ERC20 token?


In today’s article, we will tell you what is ERC20 token (ERC20 token). The full form of ERC20 is (Ethereum Request for Comments 20).

First of all let me tell which blockchain Ethereum works. We all know what bitcoin is. It works in a proof-of-work blockchain, which requires the help of large computers.

We call this help mining. The computer verifies the transaction through algorithms. In return, he receives a mining prize.

Now let’s talk about Ethereum which works in Proof-of-Stack Blockchain. What happens is that you have to do Ethereum staking to run the whole system.

Staking means that you have to keep Ethereum in your wallet and lock it for some time, in return you will be rewarded.

What is ERC20 token?

The world of cryptocurrency can seem daunting to most investors, especially those who do not have the technical knowledge of blockchain and smart deals.

Those who don't know what's a coin and a commemorative and what's the difference between the two. still, the prospect of numerous new cryptocurrencies has attracted all kinds of investors, including those who are cautious of investing in digital commemoratives or cryptocurrencies.

Understand that Ethereum is an open source blockchain. Whose currency is Ethereum. Now let me tell you that we can create our own coin inside Ethereum.

However, it will not be called a currency. This will be called a token. And we will call the same token as ERC20 token because it is built on Ethereum.

For example, Ethereum is a blockchain and its currency is Ethereum. And Shiva Inu is built in the Ethereum blockchain. So shiva inu has been an ERC20 token. hope you understand.

Features of ERC20 token?


  • We can transfer it from one account to another.
  • View complete statement of any wallet address. How many tokens does he have in his account?
  • We can see the total supply of that ERC20 which is the supply of that token.
  • You can approve a token from your wallet if it is used by a third party.

Use of ERC20 token?


  • Several well- known cryptocurrencies use the ERC20 standard, including Maker( MKR), Basic Attention Token( club), and the OMG Network( OMG).
  • For your information, let us also tell you that other than Ethereum, wherever you look at the crypto portmanteau address with 0x, you realize that it isn't a coin but an ERC20 commemorative.
  • Or another ERC20 blockchain commemorative that's erected inside the Ethereum blockchain, for illustration, the Benson Smart Chain and the Polygon blockchain, a blockchain erected inside Ethereum and an address starting with 0x.

What is the Future of ERC20 Token?


A news report shows that the ERC20 token dominated the ICO bull run from around 2017 to 2020, with a number of successful cryptocurrencies established under the ERC20 protocol.

For example, EOS remains a popular ERC20-based token, having raised over $185 million in its five-day ICO launch. Bancor (BNT) is another, which had a crowdfunding of 153 million at the time of the ERC20 token sale. Several other ERC20 tokens have raised millions of dollars in ICOs.


Conclusion


In this article, we learned about the important term ERC20 token in the crypto world. Or what purpose is it serving? You may or may not invest after that, although investors without technical knowledge can certainly succeed in the world of cryptocurrency.

The basic idea of ​​the most important features of an existing cryptocurrency is undoubtedly the safest and strongest for an investor. Helps to give you financial guidance.


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