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Ethereum is currently the second most famous cryptocurrency in the world. But most people do not know, there is much more than the simple ETH cryptocurrency token
Ethereum is actually a decentralized platform to write, execute and distribute smart contracts It is also the basic platform that supports many decentralized apps.
Because it is possible to deploy many dApps , it is very easy to create token based on ethereum, token and projects are created on the same platform With a combination of this tokenization and smart contracts, the fulfillment of the project, monitoring and monitoring become very simple. [19659004] Each token created on the platform must adhere to a d) These standards determine the function, performance and execution of the token. Think of these standards are the variants of an operating system. For example, you can compare them with the performance of the software on various Windows platforms.
The most popular token ethereum are the standard ERC-20 tokens. However, ethereum has many other standards that you can adopt when creating your own dApp.
These offer different functions and sometimes are updates to the ERC-20 standard. The other token standards include ERC-223, ERC-721, ERC-777 and ERC-820.
Let's take a quick look at every token standard and highlight their functions, should we?
ERC-20 token standard [19659004] This is the most common token ethereum standard. It serves as a basis for many dApp currently running on the platform. This standard for tokens is popular due to its ease of creation and its functions.
The developers and founders of ICO come to this standard because execution protocols are ridiculously simple and can be set up in no time. It is no wonder that the best token on the ethereum platform belongs to this standard. It usually has six basic functions, which include:
- totalSupply () function -specifies the number of tokens to create and made available for circulation.
- transfer function () – performs the initial token distribution to the designated portfolios (this function is the reason why ICO tokens are usually ERC-20 tokens.
- transferFrom () Security tokens can be transferred and traded by users This function works as an intermediary that receives the address of your wallet, the recipient, the amount to be sent and then executes the transaction.
- balanceOf () function -tracks token balance in each wallet.
- approve () function – ensures the maintenance of the maximum number of tokens and keeps track of which tokens are in the wallet.This is what prevents people from creating tokens from scratch.
- allowance () function- enable the validity of the transaction so that users can not send more than they have.All transactions are checked to make sure that they are valid before they are executed.
With these 6 functions tions, creating new tokens and developing platforms and portfolios for them is extremely simple. This standard has already been used by thousands of different projects. Indeed, all projects in the 20 main Ethereum tokens are ERC-20 tokens.
Standard Token ERC-223
This is an improvement of the ERC-20 token standard. Most people are unaware of the fact that the ERC-20 standard has a major flaw that causes the loss of all transfers sent to smart contracts similar to that used for portfolios.
This means that instead of the transaction registering as invalid, tokens simply disappear and become irrecoverable. The ERC-223 standard is the answer to this problem. With this, transfers can be sent to a contract or smart wallet using the same function.
As a result, this also eliminates the extra step required for ERC-20 tokens, thus guaranteeing half the transaction costs in the gas. Because they are improvements on the ERC-20 token standard, they are considered backwards compatible.
This means that they are essentially the same as ERC-20 and the added advantage of their current solution. This is why developers think it may soon supplant ERC-20s as a standard for ethereal-dominant tokens.
This standard is not as popular because it has not been used in any major cryptographic project. Once done, it will become popular among developers and will transform the way the dApps are built on the Ethereum platform.
Standard Token ERC-721
The next in line is the ERC-721 standard which is also relatively unknown. The standard became known only when CryptoKitties, a game based on cryptography, became famous last year.
This is different from other tokens because of its ability to help developers create something called non-fungible token (NFT). With this, token prices can vary considerably even if they are on the same platform.
Consider it similar to the purchase of the Microsoft Office package and the Camtasia registration app. These two work on Windows, but have a different price. NFTs are excellent for the tokenisation of physical products such as wines, art, properties and much more.
He thinks he is capable of creating digital values of these things. Two of the most important ERC-721 projects are protocol 0x and the project 0xcert. This is particularly effective in helping people create their own resources on the blockchain.
Although this is not so popular, we bet it will be soon, considering the fact that more physical assets will become tokenized in the near future.
ERC-777 and ERC-820 Token Standard
The ERC-777 is an other improved version of the ERC-20, which is equally compatible back in the 1990s. ERC-223;. The only difference is that it can handle a lot more transaction volume than ERC-223.
Combined with the ERC-820 standard, which is essentially a central register that makes it easy to review smart contracts, thus offering some transparency. The ERC-777 token standard performs and tests contract functions at an unprecedented level.
The ERC-777 can also be programmed to move tokens through the execution of smart contracts. Its highly customizable nature is its greatest interest and the reason why it will most likely have an unprecedented success in the near future.
For now, however, there are no known projects on the ethereum platform using the ERC-777 to ERC-820 token standards. So, we will just have to wait and see how it behaves when it is implemented on a popular project.
Conclusion
These token standards are only the beginning. As the platform evolves and more solutions are presented, we can expect to see even more tokens and improved versions of those currently available.
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