Long-time no see! It is Keunyoung Yun, the developer at GBT Protocol.
Today, I am going to talk about ERC-20 which is often mentioned in Ethereum community.
Let’s cut to the chase and have a look!
What means ERC-20?
ERC refers to the abbreviation of ‘Ethereal Request for Comment’, and 20 is the number which is allocated to the standard.
We can interpret it as the 20th Ethereum Request for Comment.
There is a community that users post their suggestions for the standard of Ethereum.
There is the category called ERC, and take the number of the posting orders, so it is called ERC-20.
ERC-20 defined the standard to prevent potential problems that may occur because of the large amount of Ethereum-based coins. In other words, it is an agreement of the listing coins on Ethereum.
The figures who defined this standard are Vitalk Buterin and Fabian Vogelsteller who are the founders of Ethereum.
Here we wonder, why do we need to use ERC-20?
As I said before, the reason for this standard is to make the compatibility between tokens.
The tokens based on ERC-20 can exchange each other by ETH, it is also possible to transfer to Ether-based wallets.
Also, It is relatively accessible for ERC-20 developers, so many ICO companies select ERC-20 tokens.
As of August 25, 2019, a total of 208,165 ERC-20compatible tokens are found on Ethereum main network.
Which we can take as it has high usability.
Typically, EOS, Quantum, Tron released their own main networks and listed their own coins as well.
Then one more question, is there only ERC-20?
Nope, there are many other standards to redeem the limits of ERC-20, ERC-115, ERC-721 and etc.
If you want to know how many other requests are suggested, then you can refer to the link below.
Ethereum Improvement Proposals (EIPs) describe standards for the Ethereum platform, including core protocol…
Even now, there are some requesting generating, I am so looking forward to seeing how many will come in the future.
So, we had time to look at ERC-20 briefly.
Please stay tuned till I come back with other interesting topics!
The first Product of GBT Protocol, Plane Wallet is released on 24th Sep.
#GBT_Protocol #GBT #Planetwallet #ethereum #erc-20 #erc_tokens #etherwallet #planetwallet #blockchainworld