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What Does The ERC20 Token Development, And How Does It Work?
The proposal identifier number is 20. ERC stands for Ethereum Request for Comment. ERC20 was created 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 all Ethereum-based tokens must follow. 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, ERC20 tokens utilize Ethereum’s blockchain network instead of running on their blockchain network and require a gas fee for transactions.
Before ERC20, everyone who generated a token had to reinvent the wheel, meaning each token was unique. Creating new tokens can be challenging since no clear structures or guidelines exist. To work with another token, a developer must comprehend that token’s complete intelligent contract code. Adding multiple types of tokens forced developers to read through every token’s code and understand how to handle those tokens on their platforms, which was especially painful for wallets and exchange platforms. Adding additional tokens to any app was a challenge. Today, the ERC20 standard is used by wallets and exchanges to integrate multiple standardized tokens into their platforms. It promotes 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 introducing 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.
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