Topic: ERC20 , what actually it is ? (Read 250 times)
When I joined an ICO bounty campaign, someone told me that my ether wallet should be ERC-20 compliant. I don't really know what it is exactly, all I know is it supports new tokens. When they sent you a new coin on your wallet address that's not ERC-20 compliant, the coins will be lost.
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. The impact that ERC-20 therefore has on developers is massive, as projects do not need to be redone each time a new token is released. Rather, they are designed to be compatible with new tokens, provided those tokens adhere to the rules. Developers of new tokens have by-and-large observed the ERC-20 rules, meaning that most of the tokens released through Ethereum initial coin offerings are ERC-20 compliant.
Apology if this is not the appropriate discussion forum to ask this question, but I want to know what ERC 20 is? Is it a new blockchain? Does all new token generation depend on ERC 20?
scam token shit no one really care besides the scammers and noobs who want to be rich/millionaire overnight.
There's actually a lot of legit ERC 20 tokens out there. I agree, there are also projects that are scams and newbies wanting to get rich quick like all the airdrop "E" tokens that have been popping up lately. Some may prove themselves to be legit but the majority are just trying to cash in overnight like how EBTC did.
Apology if this is not the appropriate discussion forum to ask this question, but I want to know what ERC 20 is? Is it a new blockchain? Does all new token generation depend on ERC 20?
scam token shit no one really care besides the scammers and noobs who want to be rich/millionaire overnight.
Hey
You should have posted this question in Alternate cryptocurrencies because its related to Etherum.
Not giving you any technical definition but to make things easier ERC20 is some set of rules that any new token that
Is going to be launched regarding the Etherum blockchain needs to follow.
Now a question arrises,
Why do we need this ERC20!?
Its needed so that with time if new tokens are added you won't need to put forth new set of softwares and stuff, like if a new token is launched you don't need to go ahead and reset the software to make it compatible because since it already follows ERC20 then there is no need because it ensures that its already compatible with the previous versions.
You should have posted this question in Alternate cryptocurrencies because its related to Etherum.
Not giving you any technical definition but to make things easier ERC20 is some set of rules that any new token that
Is going to be launched regarding the Etherum blockchain needs to follow.
Now a question arrises,
Why do we need this ERC20!?
Its needed so that with time if new tokens are added you won't need to put forth new set of softwares and stuff, like if a new token is launched you don't need to go ahead and reset the software to make it compatible because since it already follows ERC20 then there is no need because it ensures that its already compatible with the previous versions.
Apology if this is not the appropriate discussion forum to ask this question, but I want to know what ERC 20 is? Is it a new blockchain? Does all new token generation depend on ERC 20?
Erc-20 or "Ethereum Request for Comments" is a protocol used in tokens to implement some rules made using Ethereum smart contracts, mostly used by ICOs use to distribute to their investors. And erc-20 token lets the developers of Initial Coin Offerings to code or program how their token will function and these tokens are blockchain assets that have value and can be also be sent, received and exchange to Bitcoin, Ethereum and other cryptocurrencies. 
Apology if this is not the appropriate discussion forum to ask this question, but I want to know what ERC 20 is? Is it a new blockchain? Does all new token generation depend on ERC 20?
It will be better if you check out these type of doubts in internet. Because who has got the time and patience to explain its functions and uses here. If you are new to bitcoin world, I suggest you to go through coindesk.com. Its a very good site which explains everything about bitcoin, altcoins and ICOs. For better understanding of ERC20 token, I suggest you to go through this link https://medium.com/@jgm.orinoco/understanding-erc-20-token-contracts-a809a7310aa5
ERC20 represent the standard of the tokens that are on the Ethereum blockchain. Some examples of ERC20 tokens are GNT (Golem), STORJ , PAY (Tenx) and many more. You are able to store ERC20 tokens ETH wallets that support ERC20 such as myetherwallet.
Apology if this is not the appropriate discussion forum to ask this question, but I want to know what ERC 20 is? Is it a new blockchain? Does all new token generation depend on ERC 20?
havent heared about ERC 20 ,being a newbie like you seems like you have explore the blockchain community than me.asking for something about not so familiar.but try to check it in anouncement or in other forum discussion maybe u can find some answer.same here i will check it out.
Apology if this is not the appropriate discussion forum to ask this question, but I want to know what ERC 20 is? Is it a new blockchain? Does all new token generation depend on ERC 20?
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