Author Topic: What are ERC-20 tokens?  (Read 154 times)

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What are ERC-20 tokens?
« on: September 22, 2022, 06:56:24 AM »

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What are ERC-20 tokens?
    • A token refers to a token, the kind that predates cryptocurrencies. They serve to represent a value or utility, such as those used in old arcades or in casinos around the world, for example.
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      • The blockchain technology introduced by Bitcoin allows these tokens to not only exist digitally, but to function more securely, be traceable, impossible to counterfeit or spend more than once.
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        • The tokens created with this technology can represent almost anything. Among its most popular uses are stablecoins, cryptocurrencies whose value is linked to assets such as the dollar, so that its price does not vary over time. Also, tokens can be found that are part of the economy of a game, represent collectible objects or are just financial instruments.
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          • The borders between tokens and cryptocurrencies are currently very blurred, but there are two fundamental characteristics that differentiate them. The use of cryptocurrencies is limited to the exchange of value, that is, they are money and are not used in other cases. Tokens, on the other hand, can represent a large number of assets, and even collectible goods.
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            • Likewise, the tokens always need the blockchain of a cryptocurrency to work. Although this may sound complicated, in practice it makes things easier for token developers.
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              • One of the most used blockchains to create tokens is Ethereum, the second most important cryptocurrency after Bitcoin. In order to homogenize the creation of tokens and guarantee the proper functioning of the network, the developers of Ethereum created a standard called ERC-20.
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                • Due to its ease of creation and versatility of use, these types of tokens are currently the most popular. In fact, there are about 282 thousand ERC-20 tokens, distributed among users around the world, and this number does not stop growing.
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                  • As many users want to test existing tokens as well as new ones, they need reliable tools to manage them, which are constantly evolving.
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                    • An example is this Bitcoin Wallet, which now also supports ERC-20 tokens, in addition to cryptocurrencies that can be sent, received and exchanged cheaply on the platform. In addition, it is an excellent option to buy bitcoins, cryptocurrencies and tokens with a credit or debit card.
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