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/
Topic: ERC 20 in simple terms (Read 86 times)
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