What Is ERC20 (ERC20)?
ERC20 is a digital currency that uses peer-to-peer technology for operating without centralized authorities. ERC20 is created on the Ethereum decentralized network and is an open and verified source code Solidity. Solidity is a high-level programming language for implementing smart contracts.
According to the whitepaper of ERC20, digital tokens are beneficial for providing organizations and individuals with a decentralized method of exchanging value. The developers of ERC20 believe that the Ethereum blockchain is a valuable technology for transacting, accounting, and storing digital assets.
ERC20 is the native token of ERC20. The token is a blockchain-based cryptocurrency that features smart contract functionality in the ERC-20 standard protocol. The transactions of ERC20 are broadcasted, verified, and recorded on the blockchain. The token gets upgraded every year. The team's primary objective behind ERC20 is to ensure the adoption of ERC20 tokens as an alternative way of transaction and deals.
ERC20 token was initially conceived as an alternate and upgraded version of a cryptocurrency. The token enables international borderless transferability and convertibility. Moreover, the token provides real-time transparency. ERC20 tokens can be purchased through online exchanges or personal transactions.
ERC20 token provides a mobile payment facility between users and other parties through crypto wallets. Moreover, ERC20 can easily be integrated with exchanges, merchants, and wallets. Users can purchase and sell ERC20 tokens according to their choice.
Smart contracts and multi-signature capabilities of ERC20 enhance the security of the currency. Multisignature or multisig refers to a particular type of digital signature created through a combination of different unique signatures. The token with an in-built smart contract enables the conduction of confidential and reliable transactions without the participation of external intermediaries.
History of ERC20 (ERC20)
ERC20 was developed by Ethereum developers in 2015 and gained official recognition in 2017. The total supply of ERC20 is 14,000,000,000.
