ERC20 Token Development: Everything You Need Know.pdf
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ERC20 tokens, launched with Ethereum in 2015, represent a significant development in blockchain technology, allowing for the creation of diverse projects via a standardized token issuance protocol. These tokens operate under a set of nine rules, with six being mandatory, enabling various functionalities on the Ethereum blockchain, such as smart contracts constructed in Solidity. Currently, there are over 350,000 ERC20 token contracts, encompassing categories like stablecoins, utility tokens, and decentralized finance (DeFi) tokens.
ERC20 Token Development: Everything You Need Know.pdf
- 1. ERC20 Tokens: Everything You Need to Know
- 2. ERC 20 Tokens: The launch of Ethereum in 2015 marked the beginning of a new era for blockchain . While previously the technology's usefulness was largely limited to cryptocurrencies such as Bitcoin , Ethereum was the world's first smart contract platform. In the years since its launch, a huge number of new projects have emerged running on the erc20 token development . All ERC20 tokens are issued according to the same standard, which allows them to work on the Ethereum blockchain, in its ecosystem.
- 3. What are ERC 20 tokens and smart contracts? Like Bitcoin, Ethereum is a chain of blocks consisting of transactions spanning their entire history from the moment the block was created. The Ethereum Virtual Machine, or EVM, is an additional layer of Ethereum. Anyone can program a smart contract on the Ethereum platform thanks to EVM. A smart contract is simply a piece of code written in Solidity, an Ethereum programming language that works using “if-then-then” logic. It functions much like a vending machine.
- 4. What are the rules governing the ERC20 token standard? The ERC20 token standard is relatively simple and includes nine token issuance rules. Six of them are mandatory and must be applied in all cases. Three of them are optional, although at least two of them are usually used. 1.Optional Rules 2.Mandatory rules
- 5. Optional Rules Mandatory rules Total circulation Balance (BalanceOf) Approve Transfer Allowance Transfer From Token name Ticker token Decimal Thus, if any implementation of an Ethereum token complies with these rules, they used to create erc20 token standard. Token issuers can introduce additional programming rules that determine the behavior of the tokens.
- 6. projects using the ERC 20 token standard: According to Etherscan, there are more than 350,000 ERC 20 token contracts on the Ethereum blockchain . It's fair to say that at least some of them will die out and not stand the test of time. Here are some of the main types and categories of projects: Stablecoins Utility Tokens DeFi Tokens