When reading through a whitepaper, the term ERC20 is most likely listed in the tokenomics. ‘This token is ERC20 compliant.’ Don’t overthink this phrase, it’s less complicated than you think.
If a token is ERC20 compliant, it really just means that it follows a few rules. These rules include:
• Be able to get the total token supply
• Be able to provide an account balance
• Be able to transfer the token
• Be able to approve a token transaction
Being ERC20 compliant isn’t revolutionary, it’s just a measure toward standardization and liquidity. Before ERC20 specifications, different tokens built on the blockchain weren’t able to speak seamlessly. Under ERC20 specifications they can. Similar to saying something is HTML compliant, it means that the particular token meets certain requirements.
So if you find yourself reading the whitepaper of a token and see that it’s ERC20 compliant, don’t let that scare you. Just remember that its ability to be transferred is standardized.
What’s all the Bitcoin hype about anyway? For most people, it’s nothing. For the rest, it’s the wave of the future. I’m not talking about just Bitcoin, but cryptocurrency in general.
The reason that Bitcoin is the craze right now is because what was worth just a few dollars a couple years ago is now worth thousands. Millionaires were made by investing in Cryptocurrency, and the last millionaires haven’t been made yet.
ICOs are a booming industry and everyone wants a piece of the pie. Do promises of certain ICOs sometimes seem to be too good be true? Sadly it might be because they are. Read these three tips to learn what to on the lookout for when exploring up and coming ICOs.
As a guy that thought Java was from Star Wars, I am here to tell you that you don’t need to be fluent in seven programming languages to understand cryptocurrency. In fact, if you’re like me then you had better get ready because cryptocurrency is about to change the world.
You may have heard that a cryptocurrency like Bitcoin is just online money, and you wouldn’t be wrong. However, there is so much more to understand about what makes Bitcoin crypto. Words like blockchain, mining, ICOs and more seem science fiction, but in just a few years they’ll be as common as banks, coining, and the stock market.
Cryptocurrency is something not everyone can say they truly understand. It can be hard to comprehend since it is something of rather a recent past. However, once it is more fully understood, cryptocurrency can be seen for its brilliance and practicality. Since they are decentralized, there is no middle-man that has to look over every transaction of currency. Instead, the system is based on trust and validation of exchanges.
Do you read “going public” in the news and wonder what it means or how you can get involved? Maybe you have been told IPOs can generate outsized returns, but didn’t understand the basics or even where to begin. The simple fact is, most individual investors are unable to access IPOs prior to the the equities hitting a major stock exchange. With the new world of Initial Coin Offerings (ICOs), more people have access to early investment in exciting companies.
Blockchains have the power to revolutionize commerce across the globe. Before being able to discuss the revolutionary potential of blockchains, one must have a basic understanding of the fundamentals. Blockchains can be defined with simple and concise language, however many of the concepts have deep layers and elegant, self-reinforcing designs. This article discusses some of the underlying principles and benefits of blockchains, and how the technology can be applied to everyday business.