Topic: ERC 20 in simple terms (Read 214 times)

In short, the ERC-20 defines a common list of rules for all Ethereum tokens to follow, meaning that this particular token empowers developers of all types to accurately predict how new tokens will function within the larger Ethereum system.

Well it is not really appropriate to post a thread about ERC20 here. If you think this is appropriate then would you mind if all users will talk and discuss about altcoins in this section? It will be just fine for you but this will look annoying to others. Besides, it is not that helpful when you see that work was only taking credit of others by posting the reference of the article being copied. Google is also a good resources for educating oneself about ERC20 in fact this article is posted outside the bitcointalk forum(from google probably).

The forum has created boards and ERC20 belongs to altcoins discussion.

Yes, indeed and we should start by posting in the right place/board.

Well you are probably right, but we should consider to answer more questions from newbie and not just posting articles being copied from someone. I do believe that articles are used to support claim and not copied all its content unless if the topic is really that technical where you need to copy all the details of that article.

Good lord this is actually the first time someone is being referred to that board(Altcoin discussion)
It's a total out of order board and the post would sink four pages below in less than an hour..

Your post is a bit helpful but too long,it actually discourages one to read it..
A concise version of posts is always better appreciated than long and unreadable posts..
More audience?,definitely yeah
Good reply?,absolutely NO,Never

was this user intention? (gain audience through replies or pass information). True op will gain more reply but most of them will be from spammers trying to increase their post count repeating almost the same statements they made on previous topic concerning ERC-tokens because there have been numerous of topic created based on this topic already. Newbies who're interested in learning from the forum should know where to go find their information, the forum is self explanatory enough
Edited: understand statements before airing your opinion. If you read my reply correctly you will understand that I'm not in support of the topic been posted here. Also not in support of your reply I quoted above (posting to get audience) topics should be posted to educate, entertain, pass information etc and not to gain audience via reply.

The topic says ERC-20 in simple terms, so it's could pass for a beginners guide. Beginners and help board is suitable for any post or thread which discusses basic information.
And altcoin discussion board is so deep in spam most people avoid them, and also some come this way cause more merits are given in this section.

I think this is not the right place for you to discuss about ERC20. It should be in an altcoin discussions for it talks about altcoins. Move this topic in this section (https://bitcointalk.org/index.php?board=67.0).

I bet you can gain more audience their and had a good reply from the users in that section.

It became interesting what is the standard ERC 20 all the information that I found I decided to share



The ERC 20 standard is the basis for 95% of tokens of ICO projects.
ERC 20 is an Ethereum-based token standard. The standard was introduced to simplify numerous transactions between exchanges, wallets and Ethereum smart contracts. The ERC-20 standard defines a set of rules that must be followed in order for the token to be accepted and to have the ability to interact with other tokens in the network. The tokens themselves are blockchain-assets that can have value, and can also be sent and received like any other cryptocurrency. Before the advent of the ERC-20 standard, there were many compatibility problems between various forms of Ethereum tokens, each of which had an absolutely unique smart contract. Now the new token does not constitute any technical problems to enter the stock exchange, because the stock exchange knows the standard of the token in advance and it will easily add a new coin to the trading
The ERC 20 standard describes the rules for how coins work, and the code is publicly available on Github. Anyone with programming experience can easily create ERC 20 coins in a matter of minutes.
The main secret of the success of this standard is the work on the basis of smart contracts, which were first implemented in the ethereum blockchain.
A smart contract is a self-executing computer code that is recorded in the blockchain - a decentralized block chain stored on many computers. It allows you to exchange assets - money, shares and other types of property directly without the participation of third parties.
I want to note that in the Bitcoin blockchain, some basic principles of a smart contract are also present,
 but their possibilities are severely limited, therefore it is considered that Ethereum is the first platform to fully implement this idea.
It works like this: you sent the token to another address, as a result you have fewer tokens, the recipient has more. Technically, you didn't send anything anywhere. You send the instruction to the smart contract to change the address of the owner of this number of tokens. As a result, you have this amount disappears, and the recipient appears. Thus, the parties interact only with a smart contract.

In order to receive and store ERC 20 standard tokens, it is necessary to create a wallet that will support this standard.

My Ether Wallet is an online wallet that is the most popular ethereum wallet that supports the ERC 20 token standard.
He does not keep your coins in himself. They seem to be in the blockchain, and the wallet helps you interact with them through authorization. But you, in turn, must remember that having lost the mnemonic phrase,
 you can no longer restore access to the wallet and lose all funds on it. A fairly high level of security, due to the fact that the keys are with you. He supports our beloved ERC 20, making it simply indispensable when participating in various bounty companies, as part of the ICO.

MetaMask is a light online wallet, which is a bridge between your main wallet and the various sites on which you pay. It is made in the form of a browser plugin.
 (Google Chrome or Mozilla Firefox), which can be synchronized on another device by importing your password. It works like this: you transfer operational from the main wallet
the amount on MetaMask and without any problems perform various operations, without the need to get into the main wallet all the time. Preservation. If you actively use the ether or any tokens in your life, MetaMask will secure your share capital.
By performing small operations with MetaMask, you once again do not expose your fixed capital to risk by opening the base wallet

Mist is designed to satisfy the needs of most fans of Ether and various coins based on ERC 20. You can use Mist as a regular wallet without any unique functions. Receive, send, save. The wallet interface is nice and quite simple. On the other hand, the advanced user will open here.
 additional options, such as working with smart contracts. Mist also supports a system of multi-signatures for fans of reliable protection. The main drawback of Mist is its size and intermittent problems with synchronization with the blockchain, which for an inexperienced user can create a number of difficulties.
 However, if there is a desire, you can figure it all out. And the time spent will more than pay off the security of your funds. Believe me, this is a good price for a good deep sleep. Mist supports ERC 20 tokens, so it can easily be used to store your very expensive, in your opinion, coins.

All information has been collected from these sources.
http://bitstat.top/blog.php?id_n=1454
http://bestinvestpro.com/smart-kontrakt-prostymi-slovami-chto-eto-i-komu-nuzhno/
https://forklog.com/chto-takoe-tokeny-erc-20/