BUFF and ERC-20: What is it and why do you need it?
Excited about BUFF? So are we. It’s pretty amazing to think that gamers can finally enjoy the benefits of a loyalty reward program. The same way you can accrue frequent flyer miles just for spending time on a plane like you would be doing anyway, you can start earning BUFF coins just by gaming as you normally would.
The best part is that BUFF coins aren’t strictly an in-game form of wealth like the gold coins that most games have built into them. As a virtual token or cryptocurrency, BUFF coins bridge the gap between in-game wealth and real-world wealth. They can be spent on virtual items across games and gaming platforms and can even be exchanged for traditional currency.
If you’re new to the concept of cryptocurrencies or you just want more info about the BUFF coin, you should check out our previous article: Eager to get you BUFF tokens? Here’s what you need to know. But for now, we’d like to focus on one specific aspect of the BUFF coin — one that touches on both its practical use and technical function: the concept of crypto wallets and ERC-20.
What is a crypto wallet and why do you need it?
What is the primary function of a normal wallet? To carry your money of course! A crypto wallet does the same, for your crypto money. The biggest differences are that you have to have a crypto wallet in order to possess or trade in cryptocurrencies and it only exists online. You need a crypto wallet in order to accrue BUFF coins, spend them on gaming products or exchange them for other currencies. The wallet is what connects the BUFF coin to the outside world.
What is an ERC-20 wallet?
Don’t get too lost in the phrase ERC-20; it’s not as complex as it looks. Well, it is, but you don’t need to understand the technical parts of it to get started. To put it simply, ERC-20 is a standard for creating a maintaining a token like the BUFF coin. Think of it as a well-established technical template for tokens. An ERC-20 wallet will handle any token, like the BUFF coin, that meets the ERC-20 standard. It’s an important tool to simplify interactions between the thousands of tokens on the market.
Why does BUFF need an ERC-20 wallet?
We wanted to open doors for ourselves rather than close them. From a business point of view, deciding to meet the ERC-20 and require an ERC-20 wallet was a no-brainer. This standard means reliability and easy interaction with other currencies. Also, ERC-20 tokens are all based on the trustworthy Ethereum blockchain. Our alternatives were less secure blockchains that didn’t meet our needs or going through the highly complex process of building our own blockchain for the BUFF coin. No thanks.
What ERC-20 wallet should you choose?
BUFF has its very own ERC-20 wallet built into its app. If BUFF coins are the only token you’ll be managing, and/or you’ll mostly be spending them on virtual items either in a game or through BUFF’s marketplace, you don’t need to worry much about choosing a wallet. BUFF’s will give you everything you need.
But if you’re a bit more of a crypto aficionado, there are a few important parameters to watch out for when choosing which wallet you’ll want to use for your BUFF coins, including user-friendliness, compatibility and above all, safety. Especially if you’re new to the crypto space, you’ll want something straightforward and easy to use, something that’s compatible with your operating system and something that gives you complete control over your safety with backup and restore functions.
We recommend you start your search by looking at Myetherwallet, a popular choice thanks to its convenience. Metamask is another useful wallet, functioning simply as a browser extension — can’t get any easier than that.
ERC-20 is about giving you the best experience with crypto possible. This standard lets you know that there’s nothing to fear from the crypto world, and it’s one of the pieces of the puzzle that makes BUFF possible.
Note: This article was created for educational and informational purposes only. BUFF assumes no responsibility or liability for any errors. The usage of this content is the reader’s responsibility.
