More clarification about ethereum network

decodx

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Quote from: Dzwaafu11 on March 26, 2023, 04:53:23 AM

First: I want to know what those tokens are for. Furthermore, why is it produced on the Ethereum network?

OP, you know that Ethereum is not the only blockchain platform that enables the creation of smart contracts and decentralized applications (dApps)? There are other blockchain platforms, such as Solana, EOS, Stellar, Tron, Waves, Polkadot, Algorand, Cardano..., that offer different features and benefits for developers. For example, EOS claims to offer faster transaction speeds and lower fees than Ethereum, while Cardano claims to have a more secure consensus mechanism. Therefore, while Ethereum may be one of the most popular blockchain platforms for creating tokens, it's not the only platform that supports token creation.

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Quote from: Marvelman on March 26, 2023, 07:45:58 AM

Sure, Ethereum is a decentralized blockchain platform that enables the creation of smart contracts and decentralized applications. It's been around for quite some time and has a vast network of developers and users, and there are many documents online that can help you understand its features and functionality. ERC-20 and ERC-721 are standards that define the rules and functionality of tokens on the Ethereum network. These tokens can be used for a variety of purposes, such as facilitating transactions or representing digital assets.

Your post is right but just to point out that Ethereum is not decentralized as you think. It has the influence of the main developers like Vitelik Buterin. It also goes from PoW to PoS which makes it more centralized. There were premined ether coins which also makes it more towards centralized. I understand that it is not centralized like fiat system, but also not completely decentralized.

Marvelman

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Quote from: Dzwaafu11 on March 26, 2023, 04:53:23 AM

I kept reading to learn more about the Ethereum network. I learned that Ethereum policy permits the network to include some other unique projects and tokens. Since Ethereum's launch, many other projects and tokens have been added to the network. For example, ERC-20 and ERC-721 have been created to enable these tokens to operate within the Ethereum network.

First: I want to know what those tokens are for. Furthermore, why is it produced on the Ethereum network?

Second, what is the actual function of the ERC-20 and ERC-721 on the Ethereum network?

Sure, Ethereum is a decentralized blockchain platform that enables the creation of smart contracts and decentralized applications. It's been around for quite some time and has a vast network of developers and users, and there are many documents online that can help you understand its features and functionality. ERC-20 and ERC-721 are standards that define the rules and functionality of tokens on the Ethereum network. These tokens can be used for a variety of purposes, such as facilitating transactions or representing digital assets.

I suggest starting with the Ethereum Whitepaper, which outlines the technical details of the platform. Additionally, there are many online resources, such as forums and documentation, that can help you understand Ethereum's features and capabilities.

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Quote from: Dzwaafu11 on March 26, 2023, 04:53:23 AM

I kept reading to learn more about the Ethereum network. I learned that Ethereum policy permits the network to include some other unique projects and tokens. Since Ethereum's launch, many other projects and tokens have been added to the network. For example, ERC-20 and ERC-721 have been created to enable these tokens to operate within the Ethereum network.

First: I want to know what those tokens are for. Furthermore, why is it produced on the Ethereum network?

Second, what is the actual function of the ERC-20 and ERC-721 on the Ethereum network?

The first thing I want to emphasize is that Ethereum is decentralized, in essence it is not decentralized like Bitcoin, but no one person makes all the decisions. So even the really important stuff goes through a very open and public decision-making process.
Most of the market's early infancy didn't have many platforms for developers to build products on a blockchain platform easily. So the ethereum platform takes precedence, but over time it encounters more scalable problems that lead to bottlenecks.

And for the second point that you are wondering, I think you can easily find information about them basically ERC20 represents project tokens, while cryptocurrencies are designed for peer-to-peer transfer. , ERC-20 allows anyone to send and receive Ethereum over and through another platform. This has enabled the majority of Ethereum usage on decentralized applications. And the ERC-721, created to establish the NFT as we understand it today, technically an ERC-20 token can be seen by users as an NFT, but keep in mind that anything is possible is “encrypted” as an NFT.

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Quote from: Dzwaafu11 on March 26, 2023, 04:53:23 AM

I learned that Ethereum policy permits the network to include some other unique projects and tokens. Since Ethereum's launch, many other projects and tokens have been added to the network.

Ethereum is a smart contract platform. A smart contract can be anything.

Quote from: Dzwaafu11 on March 26, 2023, 04:53:23 AM

First: I want to know what those tokens are for. Furthermore, why is it produced on the Ethereum network?

Tokens are created in order to keep track of things. It is a representation of that things. And things can be anything since it is just a smart contract.

Why was it produced on Ethereum? because Ethereum is a project that is specifically made to be able to accept smart contracts on their blockchain.

Quote from: Dzwaafu11 on March 26, 2023, 04:53:23 AM

Second, what is the actual function of the ERC-20 and ERC-721 on the Ethereum network?

As an ecosystem where everything is almost possible, it is required that the community set a standard. Standard is required to make adoption and compatibility run smoothly across the spaces.

So, ERC-20 and ERC-721 are just two of many standards within Ethereum. It is built to set a specific trait so other wallets or Dapps, or anything related will be able to easily implement these tokens.

If you want to dig deeper into what it is all about, take a look further at:

https://ethereum.org/en/smart-contracts/
https://docs.openzeppelin.com/contracts/4.x/tokens#standards

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Quote from: Dzwaafu11 on March 26, 2023, 04:53:23 AM

First: I want to know what those tokens are for. Furthermore, why is it produced on the Ethereum network?

If you buy those tokens, the price and marketcap of ether will increase with it because the tokens are built on Ethereum blockchain.

Quote from: Dzwaafu11 on March 26, 2023, 04:53:23 AM

Second, what is the actual function of the ERC-20 and ERC-721 on the Ethereum network?

ERC20 token are tokens which are not NFTs built on Ethereum blockchain, they were the first that developers can create before NFT came to Ethereum blockchain. ERC721 are Ethereum tokens that are NFTs.

Dzwaafu11

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I kept reading to learn more about the Ethereum network. I learned that Ethereum policy permits the network to include some other unique projects and tokens. Since Ethereum's launch, many other projects and tokens have been added to the network. For example, ERC-20 and ERC-721 have been created to enable these tokens to operate within the Ethereum network.

First: I want to know what those tokens are for. Furthermore, why is it produced on the Ethereum network?

Second, what is the actual function of the ERC-20 and ERC-721 on the Ethereum network?

Topic: More clarification about ethereum network (Read 77 times)