What is erc20 token? How to create your own token
Before getting to know about the erc20 token, if you have an idea to create an erc20 token, or any erc standard related queries, tell us your requirements.
What is an erc20 token?
Normally, Ethereum is the decentralized network of two functions, one is blockchain that can record transactions and other is the ability to produce smart contracts. Thus ERC20 is applied for the creation of smart contract tokens on ethereum blockchain.
ERC20 is the protocol standard that defines some set of rules which need to be met in order for a token to be accepted on the ethereum network. This set of standard rules are applied to all ERC20 tokens since these rules are needed to interact tokens with each other on the ethereum network. These rules include how the tokens are transferred and how the data within each token can be accessed.
Whenever a new application of blockchain technology and smart contract is developed on top of ethereum, a new ethereum token has been created. Thus ERC20 makes token creation easy and allows them to exist within one blockchain.
In technical words, what do you mean by ERC20 token creation?
In ethereum blockchain, the ERC20 tokens are created using the agreement called smart contracts. The algorithm used for the creation is ERC20. The smart contracts are nothing but the execution code built on the ethereum functions and they are written using the language called solidity. Ethereum and ETH tokens are stored on the digital storage space called Meta Mask.
To know more about erc20 token creation, follow this article.
Best erc20 compatible crypto wallets available in the market:
1) My etherwallet:
MyEtherWallet gives you the ability to generate new wallets so you can store your Ether yourself, not on an exchange. This process happens entirely on your computer, not our servers. Therefore, when you generate a new wallet, you are responsible for safely backing it up.
MyEtherWallet.com & MyEtherWallet CX are not "web wallets". You do not create an account or give them your Ether to hold onto. All data is created on our computer/your browser, not their servers. It's not a website where you put your Ether and they store it for you. They just make it easy for you to save your wallet information in your browser/on your computer. Then they give you a place where you can access that information and do stuff with it.
2) Meta mask:
Metamask is a cryptocurrency wallet which can be used on the Chrome, Firefox and Brave browsers. It’s also a browser extension. This means that it works like a bridge between normal browsers and the Ethereum blockchain.
The Ethereum blockchain is a network where users can build their own apps (which are called dApps) and cryptocurrencies. Ethereum also allows its users to write transaction guidelines called smart contracts. MetaMask can be used to store keys for Ethereum cryptocurrencies only.
So, the MetaMask wallet can be used for storing keys for Ether and ERC20 tokens on three different web browsers. It also allows users to browse the Ethereum blockchain from a standard browser. MetaMask requires no login and does not store your private keys in any server, instead, they are stored on Chrome and password protected.
3) Trust wallet:
Trust Wallet is an application that supports Ethereum, ERC20 and ERC223 tokens. Tokens on the Ethereum blockchain can be exchanged for other digital currencies, and the ERC20 standard allows users to interact with other Dapps applications that support the same standard. The app supports about 30,000 tokens.
Access to the Trust wallet is stored on the device, so all information is isolated from the Internet, developers and third parties. Users can log in using a code-password, Face ID or Touch ID.
The developers believe that the application is quite easy to use. The interface works intuitively, it is fast and easy to understand. When tokens are transferred from one wallet to another, they are automatically displayed after the transaction is completed. If the user buys tokens during the ICO, they can be added through manual search.
Trust Wallet is somehow similar to Metamask, but it is safer and has advanced features. The Trust wallet is similar to an ecosystem that allows the user to exchange assets without leaving the application.
The source code is available on GitHub. Anyone can explore the app, conduct a personal audit or suggest changes.
The app is available for iOS and Android. Users can download the application on the website.
Leave your comments below.
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