What is Ethereum Token Standard?
The term ERC represents Ethereum Request for Comments. ERC is just a application level guidelines for Ethereum based tokens, registries etc. Common ERC standards represents a list of rules that the Ethereum based tokens must comply with. These rules are accepted by the Ethereum community only after getting it verified by the EIP.
This Ethereum Implement Proposal (EIP) is a process that verifies the rules enlisted in those ERC standards. Once the EIP finalizes the document, then the developers can create tokens based on that standard.
Below listed are some of the popular ERC Token…
The most recent hype among several crypto enthusiasts is about What is Cardano Blockchain. The reason for its huge growth in such a short period is since it was built on a practical and experimental approach instead of a white paper.
What is Cardano Blockchain?
Cardano cryptocurrency is a 3rd generation decentralized computing platform which focuses on Ada coin blockchain network.It was launched on September 29, 2017, seeks to build a smart contract platform with more sophisticated capabilities than any other protocol on the market.While …
What are Utility Tokens?
Utility tokens are one of the most important Crytpo Tokens. This tokens provides users the access to the products of blockchain networks. Hence this token is essential for buying and selling within the platform. These utility tokens are created using the popular token standards ERC20 and TRC20 of Ethereum and TRON blockchain networks.
How to Create Utility Tokens?
Below mentioned are the basic steps that has to be followed in order to create a utility token that is suitable for your business.
What are CryptoPunks?
CryptoPunks are the perfect example for a successful NFT project. These punks basically an image with 24*24 pixel images which has an unique avatar in it. In total, there are about 10,000 CryptoPunks and all punks are made unique by using a different combinations of several entities like a male face, a female face, or an alien with some accessories like hats, glasses, cigars etc.
List of Expensive CryptoPunks
Below mentioned are some of the punks that have been sold for a pretty hefty price.
What are CryptoPunks?
CryptoPunks are basically an image with 24*24 pixel images that contains an unique avatar in it. In total it has over 10,000 CryptoPunks and among them no two punks are identical. All these avatars are made unique by mixing up several entities like a male avatar face, female avatar, an alien face and it also has a few zombie face. These entities are created along with several accessories glasses, cigar pipes, chain, earring, hat etc and these accessories are used in various combinations which makes every punks unique.
Steps to Create your Non-Fungible tokens like CryptoPunks:
What are Deflationary Tokens?
A deflationary token is a token model in which a specific percentage of tokens are removed from the market every time a token transfer takes place. Its main objective is to create a demand for a token by decreasing its supply in the market. It prevents the market from being flooded with an excessive supply of tokens. This has made the supply of these tokens remains the same even if the demand increases.
Working Mechanism of Deflationary Tokens:
The process of burning these tokens is mainly carried out through two different mechanisms. They are as follows,
What is Ethereum Blockchain?
Ethereum is an open source blockchain platform launched in the year 2015. This platform acts as a home to online payments, digital currency and for many Dapps. The main objective of this platform is to have its users make agreements and transactions without involving any third party companies. The native cryptocurrency of this blockchain network is ETH and it is the next popular cryptocurrency after Bitcoin. With time, other than cryptocurrency trading, Ethereum network has proposed several other purposes like smart contracts, wallet solutions, decentralized applications etc. …
What are ERC-20 Tokens?
ERC-20 token is the most popular token standard in Ethereum network since 2015. Several ICOs have been deployed based on this Ethereum token standard. This ERC-20 is mainly used for developing and implementing smart contracts on Ethereum Blockchain. In the year 2018 several ERC20 tokens have been to raise funds for an emerging blockchain venture which has boosted the blockchain industry. This has led to a huge demand for ERC-20 tokens. Below mentioned are some of the beneficial factors of ERC-20 tokens.
Benefits of ERC-20 Tokens
Easy Usable — These tokens are less complicated and can…
What are ERC-777 tokens?
Other than ERC-20, a standard that is being widely used in Ethereum blockchain network is ERC-777. This token is mainly used to address the limitations faced in ERC20. Same as ERC-20, this token can be stored and managed from any regular Ethereum based wallet.
ERC-777 standard token functions based on the concept called operators. These operators have permission to execute specific tasks such as to send and burn tokens if required. This concept of operators are categorized into two types as follows,
i) Default Operators — allows to send and burn tokens on behalf of all…
ERC-1155 is the only standard that supports both fungible as well as non-fungible tokens. This token standard is considered as the most advanced level of non-fungible token standard. The main objective is to create a smart contract to control many fungible and non-fungible tokens. Such reasons makes the token development services based on ERC-115 more effective when compared to ERC-20 and ERC-721 token standards.
How ERC-1155 fixes the problems faced in ERC-20 & ERC-721?
This ERC-1155 allows to transfer a huge amount of native fungible tokens and non-fungible tokens in a single smart contract with same address, thus simplifies the…