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Understanding the ERC-20 Token
Understanding the ERC-20 Token
ERC 20 is the standard used technically by smart contracts to create tokens on the Ethereum blockchain network .

 

Smart Contracts at a glance

For the sake of better understanding, you should first understand how to create tokens before this standard is introduced. The first step is to create a smart contract or smart contract. The contract is decentralized and has an important role in the creation of token assets. Smart contracts record and manage each transaction so that all vital information is stored in it.

Advantages of ERC-20

ERC20 token generator has various advantages, the first is that there are extensive customization options so that developers and publishers can experiment more freely. For example, there are several developers who are experimenting with using ERC-20 for in- game currency .

Disadvantages of ERC-20

Since ERC-20 is the first token standard to be developed on the Ethereum network, it also has some drawbacks. The disadvantage of this token is that the transaction speed is quite slow, each transaction can occur in one minute. This can be said to be less fast by some users.

Example of a Token using ERC-20

There are several tokens created using ERC-20. Some of them are Chainlink and UNI. Chainlink was created with the aim of being a liaison between external data or external data with smart contracts on the Ethereum network or other similar crypto networks.

ERC-20 Token Generation

To create an ERC-20 token, there are several conditions that must be met by the developers. There are 6 mandatory conditions that must be met and 3 optional conditions before creating this type of token. If these mandatory conditions are not met, the developer cannot create and release tokens.

ERC token standard development

Since ERC-20 is a new token standard and also the first token standard on the Ethereum network, there are still some issues being experienced. In the future, ERC-20 will continue to develop and undergo updates to overcome the problems that exist in ERC-20. One of the developments carried out is by creating new standards such as ERC-223.

Smart Contracts at a glance

For the sake of better understanding, you should first understand how to create tokens before this standard is introduced. The first step is to create a smart contract or smart contract. The contract is decentralized and has an important role in the creation of token assets. Smart contracts record and manage each transaction so that all vital information is stored in it.

Advantages of ERC-20

ERC-20 has many advantages. The first advantage is that create erc20 token has extensive customization options so developers and publishers can experiment more freely. For example, there are several developers who are experimenting with using ERC-20 for in- game currency .

Disadvantages of ERC-20

Since ERC-20 is the first token standard to be developed on the Ethereum network, it also has some drawbacks. The drawback of the ERC-20 token is that transactions in ERC-20 are quite slow, each transaction can occur in one minute. This can be said to be less fast by some users.

Example of a Token using ERC-20

There are several tokens created using ERC-20. These tokens are like Chainlink and UNI. Chainlink was created with the aim of being a liaison between external data or external data with smart contracts on the Ethereum network or other similar crypto networks.

ERC-20 Token Generation

There are several conditions that must be met by the developers to create this token. There are 6 mandatory conditions that must be met and 3 optional conditions. If these mandatory conditions are not met, the developer cannot create and release tokens.

ERC token standard development

Since ERC-20 is a new token standard and also the first token standard on the Ethereum network, there are still some issues being experienced. In the future, ERC-20 will continue to develop and undergo updates to overcome the problems that exist in ERC-20. One of the developments carried out is by creating new standards such as ERC-223.

visit :

https://www.blockchainx.tech/erc20-token-development