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What is ERC-20? Are there any ERC-20 tokens worth investing in? (Best ERC-20 Tokens in 2021) - YouTube
Channel: Phemex
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[Music]
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when ethereum launched on 2015
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it marked a start of a new era for a
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blockchain
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where previously the technology utility
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was mostly limited to cryptocurrencies
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like bitcoin
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ethereum was the first ever smart
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contract platform
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the years after its launch saw an
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explosion of the new projects that
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entered the space
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powered by erc20 token all erc20 tokens
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are issued at the same
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standard which allows them to operate on
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the ethereum blockchain
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this is martina from femetsteam in this
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video we'll cover all the basics
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around the erc20 token standard and the
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rule of how erc20 is now issued we'll
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also take a look at
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some of the many use cases of erc20
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tokens
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in operation today before we start make
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sure to like the video
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subscribe to our channel and share the
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video with your friends
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at the end of this video we'll ask you a
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question related to today's topic
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leave an answers in comments with your
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femex uid
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and we will pick five lucky members who
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get the special trading bonus
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now let's start so what are erc 20
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tokens
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and what are the smart contracts like
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bitcoin ethereum
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is the chain of the blocks made up
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transaction covering their entire
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history since the genesis book however
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ethereum has another layer known as
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ethereum
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virtual machine which is evm the evm is
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what allows anyone to program a smart
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contract
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on the ethereum platform you will see
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how edm works in this graph
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a smart contract is simply a piece of
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code written in solid bt
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which is the ethereum programming
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language that works on
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if this than that logic it works similar
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to vending machine if you put a coin
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into the vending machine
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you will get a kind of soda or candy bar
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and
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automatically in return a smart contract
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is programmed in a similar way
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erc20 is one of the most widely used
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standards
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when it comes to smart contracts on
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ethereum platform
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the fact that nearly all ethereum tokens
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are issued on the same standard
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brings fast benefits for users ethereum
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ecosystem
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it means that erc20 tokens are
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interoperable
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with one another and with any erc 20
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supported contract
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exchange market place work wallet this
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ability to integrate has
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acted as a positive free informant cycle
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for
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ethereum with the existing ecosystem
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pulling in
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more developers and users who want to
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join in if you want to learn
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more about how ethereum works you can
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check out previous video
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on the right top corner now let's talk
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about the rules governing drc 20 token
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standards are
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the erc20 token standard is relatively
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straightforward
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comprising nine rules for issuing tokens
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six of them are mandatory and they have
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to be applied
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in all instances three are optional
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although at least two of them are
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generally used
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right now we'll show you the optional
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rules three optional rules
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token name for example maker despite
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being optional this is almost always
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used as token owners
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want users to be able to identify their
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tokens
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token ticker for example maker again
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almost always use as exchanges list
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their token pairs using tickers
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decimal each erc20 token can be
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denominated in fractional units of up to
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1
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18. mandatory rules are categorized as
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either functions or
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events the first two functions don't
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modify
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the state of the contract they define
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some of the features of token
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and if required will return already
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defined information
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another two are the commonly used events
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familiar to all cryptocurrency
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users finally there are two more that
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may not be implemented
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but they must be included or to qualify
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the token as compliant with the erc20
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standard
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mandatory rules total supply
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the total number of the tokens issued
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balance off answers a query regarding
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how many tokens
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any given address is holding approve
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approves the movement of tokens in a
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transfer
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transfer once approved this function
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instructs the contract to move a defined
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value of tokens from a sender address to
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a recipient address
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allowance erc20 allows an address to be
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programmed with
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a spendable allocation of tokens that
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can be sent
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by the smart contract without any
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approval
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it's effectively a pre-approval to spend
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an allowance
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this function is defined as zero by
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default but if queried
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it will return the number of tokens left
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in the elements
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transfer from allows the token to be
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programmed
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for automatic payments initiating the
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transfer event
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to move tokens from an allowance so
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providing
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any given ethereum token implementation
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appears to these rules
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they are using the drc 20 standard token
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issuers can put
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later on programming rules that will
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govern how tokens behave
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for instance if project founder is
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crowdfunding using their tokens
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they can program a smart contract to
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dispense erc20 tokens automatically
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when an investor sends a certain amount
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of eth from their wallet and deposit it
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into the smart contract
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it will return the purchase tokens to
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the investor's wallet
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there are a lot of famous projects that
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are using erc20 tokens
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according to the etherscan there are
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over 350 000
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erc20 token contracts on ethereum
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blockchain
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it's fair to say that at least some of
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those will be that coins
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many projects had choose to issue the
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first instance of their token on
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ethereum
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because it's quick and easy eos is one
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of the examples that started in this way
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way before the issue is tokens on its
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own main net
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however some of the best know and well
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used projects in cryptocurrency
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still operate as erc20 tokens and will
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likely
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continue in the long future here are
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some of the main project types and
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categories
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first of all stable coins all of the
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biggest stable coins
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are issued as erc20 tokens due to their
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interoperability with defeat and other
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ethereum applications
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for instance usdt usdc and
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pass are all available as erc20 tokens
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some stable coins are issued on more
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than one network
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to overcome issues with the ethereum
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platform such as cognition
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and high transaction fees for example
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usdt
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is available on tron omni and ears as
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well
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makers die is one of the erc20 tokens
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and is the biggest
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crypto backed stablecoin also some of
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the
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most biggest crc 20 tokens by market cap
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and popularity right now are d5 tokens
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they offer different features including
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yield generation
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and government's rise having gained
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popularity during the summer of 2020
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when compound launched their comp token
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since then others including uni swaps
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uni
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sushi swap sushi and yearns wifis have
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seen similar success
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some instances of erc20 offer
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utility within our particular projects
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utility tokens have a wide
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variety of use cases developed by
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blockchain interpreters
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for example basic attention token is
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token that is used by participants in
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the prey browser advertising
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ecosystem finally it's worth noting that
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erc20 tokens are also supported on some
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other platforms
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for example matic network is a layer 2
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platform
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developed to overcome the ethereum
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scalability
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it makes use of ethereum virtual machine
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and
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it can interoperate within erc20 tokens
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this means that erc20 ecosystem is
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even bigger than ethereum itself erc20
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tokens are not necessarily perfect
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and all smart contracts are only as good
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as the code on which they are based
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however erc20 tokens are generally
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simple to use
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versatile and well supported within the
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cryptocurrency space
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for that reason is safe to assume that
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erc20 will remain the most popular token
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standard for
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quite for a time here is the question
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for you
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how many erc20 tokens can be traded on
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famex visit the fmx official website if
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you want to find out the answer
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you can leave the answer and your famix
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uid in the comments below
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and after that we'll choose five lucky
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ones that get a special bonus in seven
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days
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if you don't have a mx account just
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click on the link in the description
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or sign the qr code and create the fmx
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account
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you will get a 7 day free premium
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membership trial
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and other trading build bonuses
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to learn more about famex and
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cryptocurrencies
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watch the videos in the box on the left
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if you are
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new to the crypt awards have a look at
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the other videos on the right
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of for some femex users tutorials
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thanks for watching video bye
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