The Couchain Innovation Runs on an ERC-20 Standard You Cannot Ignore
You’ve been watching the cryptocurrency space recently, you’ll see the exponential boom in various crypto and blockchain projects enticing prospects to invest. These involve projects from every conceivable application imaginable, from real estate contract systems to entirely new Blockchain 4.0 platforms. If you decide to invest and support in one of these, you’ll be most likely be rewarded with some sort of token that has some value once the project is completed successfully.
What most of these tokens have in common is that quite a number of them use the ERC-20 token standard. And this token standard is growing rapidly in popularity and usage. So, what are they?
ERC-20 is a digital coin built on top of and used with the Ethereum network, the world’s second most popular cryptocurrency platform next to Bitcoin. The innovative thing about Ethereum is that it extends blockchain functionality to more than just recording transactions. A neat feature of Ethereum is that it can produce Smart Contracts.
Smart Contracts are basically, as their name suggests, contracts built on top of and utilizing Ethereum’s blockchain technology. They are used to enforce any agreement between one or two parties. A number of rules and conditions are set forth in the Smart Contract, and if one of these are met, an action is taken. The action is usually the issuance of ERC-20 tokens.
Couchain Token Safety
Because they are blockchain powered, Smart Contracts inherit its security and stability benefits. Smart Contracts cannot be counterfeit or changed once made, and its provisions will be enacted whatever happens. It means everyone involved in the contract cannot screw with each other. The absence of a corruptible central authority (like a lawyer or executor in the real world) means it is a fair platform for deals and the like.
Smart Contracts and ERC-20 tokens are very flexible in that they can enforce and represent anything imaginable. They can be customized to virtually limitless possibilities, limited only by their designers’ creative potential. They have been used as virtual voting chips, currencies for various apps, as a digital representation of a real world asset, collateral and for use as investment instruments. This is just scratching the surface.
As a common real world example, Smart Contracts are used to fund startup projects like the one stated above through what is called an ICO. An ICO, or Initial Coin Offering, is analogous to traditional Initial Public Offering (IPO) offering shares to a company.
The intention with an ICO is almost the same in that people get something for investing. In this case, however, they get ERC-20 tokens instead of the usual company shares (although these tokens can represent shares if the startup wants them to). All of this process happens automatically and is enforced by the underlying Smart Contract.
Open Source Nature
ERC-20 is also open source, meaning anyone can freely create Smart Contracts and the corresponding token atop the Ethereum platform using Solidity, its proprietary programming language. Although expertise in Solidity is still not as many as the industry needs right now, it is beginning to change, as more people get into this new token standard.
This openness and accessibility, however, is a double-edged sword: it can work both ways. However, Couchain has a creation pathway that can be accessed on Etherscan with ease.
Big and Tradable
One big advantage with Couchain tokens is that they are tradable as this snapshot from CoinMarketCap shows:
Holders of Couchain are free to exercise their ownership rights and exchange it with ease for fiat money or other coins or tokens of their choice.
Here are some of the markets for Couchain you can explore:
As there are some ample markers for Couchain, the desirability of its trading is clearly established.
Benefits of ERC20 Standard for Couchain
The benefits of this token standard far outweigh these issues. The biggest benefit of the ERC-20 standard is simplicity for the developers. Anyone wanting to start a new crowdfunding or investment initiative for his or her startup project need not develop his or her own platform or coin specification.
Developers just need to create a Smart Contract governing the ICO and its corresponding token, establish the conditions and run with it. The contract gets executed in the background, and developers can focus more on their project, increasing chances of success.
Another benefit is compability with the network. ERC-20 tokens are compatible with other ERC-20 compliant tokens in Ethereum. These can be traded, received and sent through any Ethereum-compatible wallets. This standardization also means there is less room for errors, making it less risky on the part of investors. Listing your coin on popular exchanges is also easier, a necessary advantage for ICOs.
ERC-20 tokens can also serve as “temporary” tokens while a project is developing its own cryptocoin. Initially, for simplicity, ERC-20 tokens are issued to investors and traders while the project is ongoing. When the project matures and the proprietary digital token is ready, a token swap is made. Existing ERC-20 tokens are discarded and replaced with the new token standard on a 1:1 ratio. This is a relatively easier way of migrating users into the new system.
It is this simplicity and compatibility that has made ERC-20 the preferred platform for ICOs. It powers innovation by making developers focus more on their projects and making it easier than ever for investors to fund them.
Couchain, the revolutionary Blockchain 4.0 project, is no different. This new platform, which promises to redefine you world, is also utilizing ERC-20 tokens. Instead of an ICO, however, Couchain did an Airdrop campaign, where it is gave away 6666 COU tokens for FREE.
Participants just needed to join Telegram, follow them on Twitter, and fill out an Airdrop form. In addition, a further 666 was given for successful referrals. Airdrop campaigns are good marketing-driven alternatives to ICO, especially if the goal is quickly building a supportive community. A token swap to the mainnet COU coins will also occur sometime in 2019.
For more information about this exciting new ERC-20 powered Blockchain 4.0 project, stay tuned to this channel.
Official Website: https://couchain.io
Telegram Channel: https://t.me/CouchainChannel
Telegram Groups: https://t.me/CouchainGroups