What does ERC-20 mean?

Hello guys. Could someone explain to me what ERC-20 means? I know it's ethereum tokens standard, but I want to know what features and capabilities it has. Thanks in advance, David.

Hello guys. Could someone explain to me what ERC-20 means? I know it's ethereum tokens standard, but I want to know what features and capabilities it has. Thanks in advance, David.

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5 answers


Paul9657

ERC-20 tokens are created based on the Ethereum network. Shortcut ERC stands for Ethereum Request for Comments. This is a common standard for creating tokens on the Ethereum blockchain. ERC-20 is the universal language that all tokens on the Ethereum network use. The platform consists of a blockchain that stores transactions and a virtual machine that encodes smart contracts that guarantee their execution. The standard simplifies the creation of projects in a decentralized register and optimizes the operation of the network. Standard tokens ERC-20 are unified. Cryptocurrency and tokens represent digital assets and shares. After a token has been created it can be traded, spent, or given to someone else. Tokens can be used for messaging, data storage, and consensus. It is important that they comply with the accepted address format.

ERC-20 tokens are created based on the Ethereum network. Shortcut ERC stands for Ethereum Request for Comments. This is a common standard for creating tokens on the Ethereum blockchain. ERC-20 is the universal language that all tokens on the Ethereum network use. The platform consists of a blockchain that stores transactions and a virtual machine that encodes smart contracts that guarantee their execution. The standard simplifies the creation of projects in a decentralized register and optimizes the operation of the network. Standard tokens ERC-20 are unified. Cryptocurrency and tokens represent digital assets and shares. After a token has been created it can be traded, spent, or given to someone else. Tokens can be used for messaging, data storage, and consensus. It is important that they comply with the accepted address format.


dryer923

The ERC-20 system has created a list of rules that apply to all tokens generated with it. The appropriate set of mechanisms and functions ensures that these digital currencies, regardless of their configuration, will work identically throughout the ecosystem, which guarantees their smooth operation and security.

Implementing it into the ethereum network has allowed to create other cryptocurrencies which are used in its network by means of smart contracts. All you have to do is pay for the use of the network in the form of "gas". These tokens can be sent to all addresses and wallets that support the ERC-20 standard, so users do not have to worry about safe storage of their cryptoes. 

When configuring your own token on the ethereum platform we can specify the following parameters: 

  • Total supply. 
  • Determining what part of the tokens should be in the creator's account and what part should go to other accounts. 
  • Allowing other users to get a certain amount of cryptocurrency after fulfilling a pre-determined condition in an smart contract.

These are standard features that use ERC-20 tokens and allow them to work. Ethereum uses a programming language called Solidity. It was created by a Vitalik Buterin.

Apart from the ethereum network there are many other platforms that allow you to create your own digital currencies. Due to the fact that ethereum was the first one, this cryptocurrency based on the ERC-20 system is the largest. The most recognizable of them, which started as ERC-20 tokens before they migrated to their own chain are EOS, Tron or Binance coin.

Creating your own cryptocurrency using the ethereum platform and ERC-20 takes about 20 minutes.

The ERC-20 system has created a list of rules that apply to all tokens generated with it. The appropriate set of mechanisms and functions ensures that these digital currencies, regardless of their configuration, will work identically throughout the ecosystem, which guarantees their smooth operation and security.

Implementing it into the ethereum network has allowed to create other cryptocurrencies which are used in its network by means of smart contracts. All you have to do is pay for the use of the network in the form of "gas". These tokens can be sent to all addresses and wallets that support the ERC-20 standard, so users do not have to worry about safe storage of their cryptoes. 

When configuring your own token on the ethereum platform we can specify the following parameters: 

  • Total supply. 
  • Determining what part of the tokens should be in the creator's account and what part should go to other accounts. 
  • Allowing other users to get a certain amount of cryptocurrency after fulfilling a pre-determined condition in an smart contract.

These are standard features that use ERC-20 tokens and allow them to work. Ethereum uses a programming language called Solidity. It was created by a Vitalik Buterin.

Apart from the ethereum network there are many other platforms that allow you to create your own digital currencies. Due to the fact that ethereum was the first one, this cryptocurrency based on the ERC-20 system is the largest. The most recognizable of them, which started as ERC-20 tokens before they migrated to their own chain are EOS, Tron or Binance coin.

Creating your own cryptocurrency using the ethereum platform and ERC-20 takes about 20 minutes.


cryptoboy

Initially, token implementations were not officially defined. This meant that each implementation could have different functions, and could not be supported by third party software.

The Ethereum community developed an implementation standard called ERC20 over time. This standard defines the basic functionality that should be supported by a token. ERC20 standard. It also allows for the authorization of token transfers by third parties.

The ERC20 standard defines the requirement of such functions as:

  • name - returning the token name: e.g. MyToken
  • function name() constant returns (string name)
  • symbol - returning the token symbol: e.g. MTO
  • function symbol() constant returns (string symbol)
  • decimals - decimal points of the token, used mainly for representation. Likewise, Wei's relation to Ethereum function decimals() constant returns (uint8 decimals)
  • totalSupply - total number of available tokens
  • function totalSupply() constant returns (uint256 totalSupply)
  • balanceOf - number of tokens on the indicated account
  • function balanceOf(address _owner) constant returns (uint256 balance)
  • transfer - a function used to transfer tokens from your own account to others. This function must call the Transfer event. It must throw out an exception if the account from which you want to make the transfer does not have sufficient funds
  • function transfer(address _to, uint256 _value) returns (bool success)
  • transferFrom - Allows a third party to send funds from one account to another.
  • function transferFrom(address _from, address _to, uint256 _value) returns (bool success)
  • approve - allows you to allow a third party to send funds in the indicated amount
  • function approve(address _spender, uint256 _value) returns (bool success)
  • allowance - checks the amount that can be transferred by a third party (in connection with the two previous methods)
  • function allowance(address _owner, address _spender) constant returns (uint256 remaining)

Events:

  • Transfer - is called when a transfer is made
  • Approval - is invoked when the approval is successful

Of course it should be noted that ERC20 implementations may vary in detail. They can also be more extensive, providing additional functionality (e.g. freezing part of the funds, handling ETH transfers or automatic token allocation in exchange for a crypto). Depending on the creators' assumptions, tokens can support security or place great emphasis on saving gas consumed by the contract.

Initially, token implementations were not officially defined. This meant that each implementation could have different functions, and could not be supported by third party software.

The Ethereum community developed an implementation standard called ERC20 over time. This standard defines the basic functionality that should be supported by a token. ERC20 standard. It also allows for the authorization of token transfers by third parties.

The ERC20 standard defines the requirement of such functions as:

  • name - returning the token name: e.g. MyToken
  • function name() constant returns (string name)
  • symbol - returning the token symbol: e.g. MTO
  • function symbol() constant returns (string symbol)
  • decimals - decimal points of the token, used mainly for representation. Likewise, Wei's relation to Ethereum function decimals() constant returns (uint8 decimals)
  • totalSupply - total number of available tokens
  • function totalSupply() constant returns (uint256 totalSupply)
  • balanceOf - number of tokens on the indicated account
  • function balanceOf(address _owner) constant returns (uint256 balance)
  • transfer - a function used to transfer tokens from your own account to others. This function must call the Transfer event. It must throw out an exception if the account from which you want to make the transfer does not have sufficient funds
  • function transfer(address _to, uint256 _value) returns (bool success)
  • transferFrom - Allows a third party to send funds from one account to another.
  • function transferFrom(address _from, address _to, uint256 _value) returns (bool success)
  • approve - allows you to allow a third party to send funds in the indicated amount
  • function approve(address _spender, uint256 _value) returns (bool success)
  • allowance - checks the amount that can be transferred by a third party (in connection with the two previous methods)
  • function allowance(address _owner, address _spender) constant returns (uint256 remaining)

Events:

  • Transfer - is called when a transfer is made
  • Approval - is invoked when the approval is successful

Of course it should be noted that ERC20 implementations may vary in detail. They can also be more extensive, providing additional functionality (e.g. freezing part of the funds, handling ETH transfers or automatic token allocation in exchange for a crypto). Depending on the creators' assumptions, tokens can support security or place great emphasis on saving gas consumed by the contract.


leomessi

ERC-20 is a protocol standard that defines certain rules for issuing tokens in the Ethereum network. A token issued on this blockchain is only compatible if it fulfills the functions defined by the protocol in the smart contract

Functions defined in the protocol:


totalSupply ()
Defines the total number of tokens that will be created within a given ecosystem
transfer ()
Responsible for the initial distribution of tokens to user wallets
transferFrom ()
Enables exchange of tokens between holders after initial distribution
balanceOf ()
Responsible for tracking token balances in user wallets
approve ()
It provides a guarantee that the supply of tokens is kept constant
allowance ()
Checks that transactions are correct before they are added to the blockchain

ERC-20 is a protocol standard that defines certain rules for issuing tokens in the Ethereum network. A token issued on this blockchain is only compatible if it fulfills the functions defined by the protocol in the smart contract

Functions defined in the protocol:


totalSupply ()
Defines the total number of tokens that will be created within a given ecosystem
transfer ()
Responsible for the initial distribution of tokens to user wallets
transferFrom ()
Enables exchange of tokens between holders after initial distribution
balanceOf ()
Responsible for tracking token balances in user wallets
approve ()
It provides a guarantee that the supply of tokens is kept constant
allowance ()
Checks that transactions are correct before they are added to the blockchain


OpenAI BOT

ERC-20 is a technical standard used for Ethereum smart contracts. It defines a set of rules that all Ethereum tokens must follow, in order to function properly within the Ethereum ecosystem. ERC-20 tokens are easy to create and enable interaction between different tokens on the Ethereum platform.

ERC-20 is a technical standard used for Ethereum smart contracts. It defines a set of rules that all Ethereum tokens must follow, in order to function properly within the Ethereum ecosystem. ERC-20 tokens are easy to create and enable interaction between different tokens on the Ethereum platform.


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