HECO, ERC, MDEX, DeFi and other strange letters future freelancers need to know
Okay, you’re a freelancer. Probably, you’ve already got paid or used cryptocurrency. But if you don’t know anything about crypto, you better read this article first.
Wono.io is a freelance exchange, introducing its own cryptocurrency to regulate the transactions between employers and freelancers and create a fair freelance industry 2.0. The Wono token is based on smart-contracts which automatically regulate the business relationship with parties and provide fair payment when the job’s done.
But if you don’t know anything about smart-contracts, we recommend you to read this article first. Otherwise, it’s gonna be difficult for you to read on.
Okay, now let’s deal with these weird letters.
The ERC20 standard
ERC20 is a scripting standard used within the Ethereum blockchain. It has a number of rules and actions that an Ethereum token or smart contract must follow. It also describes the steps to implement the token in the blockchain. In short, ERC20 is a set of guidelines and functions any new token created in the Ethereum network must follow.
Takeaways
-ERC20 is used to create tokens within Ethereum blockchain
-ERC20 is used for smart-contracts
-Smart-contracts can be used to create smart property or tokenized assets for investments
-ERC20 standard was implemented in 2015.
-Many cryptos use ERC20 standard
ERC20 has been popular with ICOs and crowdfunding companies. Thousands of tokens also operate on ERC20.
HECO
Huobi Eco Chain (Heco) is a decentralized and cost-efficient public chain. It is compatible with smart-contracts. Heco has a developed DeFi ecosystem, with wallets, assets, and applications. It is based on Ethereum but it has an improved cross-chain functionality. It helps to reduce costs and optimize user experience.
Advantages
-low transaction fees
-low transaction delay
-cross-chain asset transfers.
MDEX
MDEX is a decentralized trading platform (DEX). It automatically makes markets based on the concept of fund pools. It supports the decentralized cross-chain transaction protocols of Heco and ETH.
MDEX earns revenue by charging transaction fees from its users. The platform rewards users who mine their own MDX tokens. By the way, Wono token is listed now and can be traded on MDEX.
DeFi
That stands for “decentralized finance”. It’s financial applications built on blockchain technologies, typically using smart contracts.
DeFi consists of applications and peer-to-peer protocols developed on decentralized blockchain networks. They require no access rights for lending, borrowing, or trading of financial tools. Most DeFi applications today are built using the Ethereum network. With DeFi technologies, parties do not need an intermediary to interact between each other.
Why do I need to know this?
All these technologies are based on smart-contracts which allow users to define transaction conditions themselves and safely get paid for their work. That’s the essence of the freelance 2.0 industry. When there’s no scam and people can trust each other. We believe a future freelancer needs to understand how smart-contracts work and get paid in cryptos. Because cryptocurrency is getting popular in the world, and freelancing is not an exception. For instance, in the US 38% of freelancers regularly use cryptocurrency. In some cases, it’s more convenient for both employers and freelancers. For example, if the banking fees are too high and some delays are possible. In the case of crypto payments, most transactions are free and instant.
Moreover, with Wono tokens, freelancers can pay for the freelance exchange services and even stake tokens to get more income. You can read more about it here. We at Wono believe that freelancers should have more opportunities to get income. We are creating a fair freelance industry 2.0, based on smart-contracts where freelancers can get instantly paid for their job and employers may hire good specialists, not being afraid of scam. Help us to create a better industry. Thus, you need to know some things about smart-contracts, mentioned in this article.
By the way, our token pre-sale is going on now! So, don’t miss your chance to buy tokens with discounts and get more bonuses.
Thanks for reading! Don’t forget a clap, please.
