The ERC-20 is a list of rules that Ethereum tokens must follow and Lympo’s LYM tokens are ERC-20 approved
Blockchain technology is being hailed as the discovery of the new millennium for numerous reasons, one of which is the maintenance of important standards. Among the many cryptocurrencies that use blockchains, Ethereum is one of the most popular ones, and it is based on the use of tokens which can be bought, sold, or traded. However, this must not be confused with Ether, which is the currency of Ethereum.
Tokens are called so because they are digital assets that have values attached to them and work like smart contracts that allow for ease of access, transfer and payment.
Because these tokens have such great importance in the working of Ethereum, a standard was established to make sure that these tokens and the Ethereum blockchain are never affected by technical or structural problems.
At Lympo, we take our society and community very seriously. We want to do what’s best for everyone. As a sports and health ecosystem powered by user-generated and user-controlled data which can help generate exponential returns for industry stakeholders and users alike, Lympo is ready to do whatever it can to make the Ethereum community as safe and secure as possible.
LYM tokens that can be used for transactions on Lympo’s ecosystem including the fitness wallet, marketplace and crowdfunding platform are ERC-20 compliant.
Lympo’s tokens can be used to for numerous activities. If users of Lympo’s ecosystem wish to sell their personal health data to rightful parties, they will receive payment in LYM tokens. If these users wish to purchase goods and services and other healthcare and wellness products or if they wish to invest in new and upcoming startups on Lympo’s crowdfunding platform, then LYM tokens are the best ways to do so.
However, what is ERC-20 and what does it mean when LYM tokens are ERC-20 tokens? The Ethereum Request for Comments (ERC) is the official set of protocols that developers have to follow if they wish to make use of the Ethereum system. The reason for these protocols are simple. If tokens are being issued by some project on the Ethereum system, there must be a way to check the impact of releasing these new tokens and how that will affect ICOs as well as Ethereum’s network.
If a token is ERC-20 compliant, it makes it easy to predict what will be the effect of new tokens being introduced through sales on Ethereum.
Hence, it ensures that all other projects need not have to rework their system each time a new token is released. If all tokens on Ethereum are ERC-20 tokens, then they will work together to ensure that the system doesn’t crash and that all of them do not face unnecessary problems.
While these protocols are extremely important, since the ERC-20 is still a draft, not everyone is forced to follow it. This is a problem not only for making payments, crypto wallets and token sales, but it can affect the future of Ethereum if it is not adopted.
Hence, at Lympo we have taken the effort to ensure that LYM tokens are complaint with ERC-20 so that Lympo makes the Ethereum community more protected. That’s they way we ensure social responsibility at Lympo.