What is CKD20? Regulation of the normal ERC20
Before we start clarifying the ERC20 terminology, it is essential to distinguish some main ideas in the cryptocurrency market.
Coins: A cryptocurrency that can be managed individually, developed for the function of being used as currency, to store value and for transactions. For example BTC, BCH, ETH, LTC…
Token : It is a cryptocurrency whose operation will have to be based mainly on another cryptocurrency and the intended use of the token is broader than that of the currency. For example, BNB (on the Binance Chain platform), USDT (on the Ethereum platform ), Dai (on the Ethereum platform ), Maker (on the Ethereum platform )…
altcoin: is the common name for all currencies other than Bitcoin
Stablecoin: It is also a token, but its value is not volatile like other currencies or tokens, but rather it is anchored or secured by the value of an asset with a constant value, such as fiduciary dollars, gold, silver…
ERC20 (Ethereum Request for Comments) is the name of a set of specifications that tokens created on the Ethereum blockchain platform must meet. To build tokens on the Ethereum platform, erc20 token development company smart contracts must be developed must be developed , and these smart contracts must be programmed according to the ERC20 specifications.
The ERC20 standard was initially proposed by developer Fabian Vogelsteller on November 19, 2015. Then ERC20 became more widely known in 2017 when the tasks of ICO tasks started to explode at that time and till now ERC20 standard has become more and more. well known.
The guidelines of normal CKD20:
There are 9 guidelines according to the ERC20 standard, of which three are optional and six are required. As follows:
three optional guidelines:
token id — Token id, for illustration Marker
Decimals: Decimals (up to 18), specifying the number of decimal places in the token unit. The decimals of MKR are 18, which means that the smallest unit of MKR is (852) 3952 0100 MKR.
six necessary guidelines
Provide total: Full supply, total volume of tokens that can be researched, total supply of MKR is 1,005,557 MKR
balance of — Stability of the token that an account or wallet has
to transfer : transfer to account, transfer tokens from your wallet to another user’s wallet by providing the recipient’s wallet address and the number of tokens you want to transfer
transfer from : transfer from a particular account to another, this rule is really equivalent to transfer but more useful, you can authorize someone to transfer the tokens on your behalf
Approve — transaction reconciliation, restrict the amount of tokens withdrawn from your wallet, this rule helps you avoid the dangers of contractual errors and theft of all the tokens in your wallet.
Feature : allows you to check user stability. In case you give a selected wallet address permission to handle your tokens, when you use the allocation feature, it will check the withdrawable balance and the remaining balance will be returned to your wallet. .
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What is the ERC20 token? How to distinguish ERC20 tokens from other tokens?
What is the ERC20 token?
At this level, you can very easily come up with the idea of the ERC20 token. Simply put, ERC20 tokens are tokens developed on the Ethereum blockchain platform and are compliant with the ERC20 standard.
Currently, there are thousands of ERC20 tokens listed on coinmarketcap , some of which may be listed as DAI, Maker, OKB, Aave, USDT…
Distinguish ERC20 tokens from other tokens
Here are some attributes of ERC20 tokens that can be distinguished from other individuals:
Wallet Entry — ERC20 token wallet addresses often have a “0x” in front of them. Then there are forty hexadecimal characters erc20 token development (such as digits up to 9 and letters a through f, regardless of the setting or situation).
Example of an ERC20 token wallet : 0x85bf91f82e6ac1168fa4bafc7ab87e39e7710571
Also, as the operation of ERC20 tokens is often tied to the Ethereum platform, the ERC20 token wallet address is also the ETH wallet address. Assuming you have an ETH wallet, the ERC20 tokens you own or are about to invest in will also have the same ETH wallet address.
Transaction Cost — Not only with ERC20 tokens but with all other tokens, when you transact to transfer tokens to one more wallet, there will be a transaction fee. This charge will be supported on any and all native platforms.
Processing Time : The transaction processing speed associated with ERC20 tokens will be considerably faster than other tokens.
High protection: The ERC20 standard is implemented in smart contracts, so it will guarantee the security of your transactions. In the event that you enter the wrong wallet address, the procedure will immediately report an error, the volume of your token is preserved.erc20 token generator
