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What does ERC20 token mean and how does it work?
The proposal identifier number is 20. ERC stands for Ethereum Request for Comment. ERC20 was created in order to improve the Ethereum network. One of the most notable ERCs is ERC20. It has become the technological standard for creating smart contracts on the Ethereum blockchain network, which is used to implement tokens. ERC-20 is a set of guidelines that must be followed by all Ethereum-based tokens.
Tokens are blockchain-based assets that may be sent/received and have value, according to the ERC20 standard. In many ways, ERC20 tokens resemble Bitcoin and Litecoin. However, instead of running on their own blockchain network, ERC20 tokens leverage Ethereum’s blockchain network and charge a transaction fee in the form of gas.
Before ERC20, everyone who generated a token had to reinvent the wheel, which meant that each token was unique. Due to the lack of any specific structure or guidelines for creating new tokens, if a developer wished to work with another token, they would have to comprehend the complete smart contract code of that token. Adding multiple types of tokens forced developers to read through the code of each and every token and understand it in order to handle those tokens on their platforms, which was especially painful for wallets and exchange platforms. Needless to say, adding additional tokens to any app was a challenge. Today, the ERC20 standard is used by wallets and exchanges to integrate multiple standardised tokens into their platforms, as well as to promote easy exchange between ERC20 tokens and other tokens. The ERC20 token standard has made token interaction almost painless.
A Wallet for Ethereum with a Unified Design
Since the introduction of the ERC20 standard (EIP20), it has been clear that tokens will play a significant role in the Ethereum ecosystem. The Ethereum wallet was created with a single design in mind. From the standpoint of the user, ether and tokens should be handled similarly.
The APIs for transmitting Ether and sending tokens are very different under the hood. Checking the balance is also possible, although they will appear the same on the GUI.
To send Ether, we’ll need to use the web3.js library’s native functionalities, whereas sending tokens and checking balances will require interaction with a smart contract. I’ll return to this topic later.
Redux and Redux-Saga are two different kinds of redux.
The wallet benefits substantially from using the Redux store as a single source of truth. Redux’s actions and reducers make it very simple to manage GUI actions and user-triggered flows.
The Redux store additionally stores the key-store object in addition to the UI state (a partially encrypted JavaScript object supplied by eth-lightwallet). By employing a selector, the keystore can be accessed from anywhere in the app.
