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There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

• name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
• symbol: Returns the symbol of the token, for example; MYT.<\/li>
• decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

  These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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  \n
  • totalSupply<\/em>: Returns the total token supply.<\/li>
  • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
  • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
  • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
  • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
  • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

    There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

    • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
    • symbol: Returns the symbol of the token, for example; MYT.<\/li>
    • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

      These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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      July 25, 2022

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      \n

      For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

      • totalSupply<\/em>: Returns the total token supply.<\/li>
      • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
      • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
      • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
      • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
      • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

        There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

        • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
        • symbol: Returns the symbol of the token, for example; MYT.<\/li>
        • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

          These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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          Ethereum Request For Comments (ERC)

          July 25, 2022

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          December 19, 2024

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          \n

          If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

          For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

          • totalSupply<\/em>: Returns the total token supply.<\/li>
          • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
          • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
          • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
          • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
          • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

            There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

            • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
            • symbol: Returns the symbol of the token, for example; MYT.<\/li>
            • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

              These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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              July 25, 2022

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              December 19, 2024

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              November 24, 2024

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              August 15, 2024

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              >

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              ADVERTISEMENT
              \n

              What Is The ERC-20 Standard?<\/h2>\n\n\n\n

              If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

              For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

              • totalSupply<\/em>: Returns the total token supply.<\/li>
              • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
              • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
              • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
              • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
              • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                  These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                  Ethereum Request For Comments (ERC)

                  July 25, 2022

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                  Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                  December 19, 2024

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                  Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                  November 24, 2024

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                  November 24, 2024

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                  \n

                  Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                  What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                  If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                  For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                  • totalSupply<\/em>: Returns the total token supply.<\/li>
                  • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                  • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                  • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                  • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                  • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                    There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                    • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                    • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                    • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                      These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                      Ethereum Request For Comments (ERC)

                      July 25, 2022

                      Artificial Intelligence

                      Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                      December 19, 2024

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                      Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                      November 24, 2024

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                      Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                      November 24, 2024

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                      Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                      August 15, 2024

                      Subscribe To Our Newsletter

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                      ADVERTISEMENT
                      \n

                      When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                      Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                      What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                      If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                      For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                      • totalSupply<\/em>: Returns the total token supply.<\/li>
                      • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                      • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                      • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                      • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                      • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                        There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                        • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                        • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                        • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                          These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                          Most Read

                          The Technology

                          Ethereum Request For Comments (ERC)

                          July 25, 2022

                          Artificial Intelligence

                          Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                          December 19, 2024

                          Banking

                          Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                          November 24, 2024

                          Artificial Intelligence

                          Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                          November 24, 2024

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                          Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                          August 15, 2024

                          Subscribe To Our Newsletter

                          By subscribing, you agree with our privacy and terms.

                          Type your email here

                          >

                          Follow The Distributed

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                          ADVERTISEMENT
                          \n

                          Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                          When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                          Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                          What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                          If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                          For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                          • totalSupply<\/em>: Returns the total token supply.<\/li>
                          • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                          • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                          • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                          • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                          • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                            There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                            • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                            • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                            • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                              These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                              July 25, 2022

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                              \n

                              This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                              Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                              When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                              Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                              What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                              If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                              For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                              • totalSupply<\/em>: Returns the total token supply.<\/li>
                              • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                              • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                              • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                              • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                              • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                  These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                  Ethereum Request For Comments (ERC)

                                  July 25, 2022

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                                  Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                  December 19, 2024

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                                  November 24, 2024

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                                  Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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                                  August 15, 2024

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                                  \n

                                  Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                  This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                  Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                  When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                  Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                  What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                  If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                  For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                  • totalSupply<\/em>: Returns the total token supply.<\/li>
                                  • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                  • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                  • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                  • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                  • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                    There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                    • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                    • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                    • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                      These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                      Ethereum Request For Comments (ERC)

                                      July 25, 2022

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                                      Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                      December 19, 2024

                                      Banking

                                      Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                      November 24, 2024

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                                      Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                      November 24, 2024

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                                      August 15, 2024

                                      Subscribe To Our Newsletter

                                      By subscribing, you agree with our privacy and terms.

                                      Type your email here

                                      >

                                      Follow The Distributed

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                                      ADVERTISEMENT
                                      \n

                                      The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                      Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                      This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                      Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                      When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                      Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                      What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                      If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                      For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                      • totalSupply<\/em>: Returns the total token supply.<\/li>
                                      • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                      • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                      • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                      • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                      • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                        There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                        • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                        • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                        • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                          These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                          Most Read

                                          The Technology

                                          Ethereum Request For Comments (ERC)

                                          July 25, 2022

                                          Artificial Intelligence

                                          Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                          December 19, 2024

                                          Banking

                                          Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                          November 24, 2024

                                          Artificial Intelligence

                                          Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                          November 24, 2024

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                                          Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                          August 15, 2024

                                          Subscribe To Our Newsletter

                                          By subscribing, you agree with our privacy and terms.

                                          Type your email here

                                          >

                                          Follow The Distributed

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                                          ADVERTISEMENT
                                          \n

                                          What's An ERC-20 Token?<\/h2>\n\n\n\n

                                          The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                          Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                          This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                          Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                          When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                          Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                          What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                          If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                          For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                          • totalSupply<\/em>: Returns the total token supply.<\/li>
                                          • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                          • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                          • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                          • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                          • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                            There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                            • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                            • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                            • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                              These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                              Most Read

                                              The Technology

                                              Ethereum Request For Comments (ERC)

                                              July 25, 2022

                                              Artificial Intelligence

                                              Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                              December 19, 2024

                                              Banking

                                              Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                              November 24, 2024

                                              Artificial Intelligence

                                              Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                              November 24, 2024

                                              Artificial Intelligence

                                              Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                              August 15, 2024

                                              Subscribe To Our Newsletter

                                              By subscribing, you agree with our privacy and terms.

                                              Type your email here

                                              >

                                              Follow The Distributed

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                                              ADVERTISEMENT
                                              \n

                                              Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                              What's An ERC-20 Token?<\/h2>\n\n\n\n

                                              The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                              Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                              This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                              Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                              When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                              Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                              What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                              If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                              For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                              • totalSupply<\/em>: Returns the total token supply.<\/li>
                                              • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                              • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                              • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                              • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                              • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                  These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                  Previous 1 2

                                                  Most Read

                                                  The Technology

                                                  Ethereum Request For Comments (ERC)

                                                  July 25, 2022

                                                  Artificial Intelligence

                                                  Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                  December 19, 2024

                                                  Banking

                                                  Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                  November 24, 2024

                                                  Artificial Intelligence

                                                  Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                  November 24, 2024

                                                  Artificial Intelligence

                                                  Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                  August 15, 2024

                                                  Subscribe To Our Newsletter

                                                  By subscribing, you agree with our privacy and terms.

                                                  Type your email here

                                                  >

                                                  Follow The Distributed

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                                                  ADVERTISEMENT
                                                  \n

                                                  Tokens are often mixed around with cryptocurrencies and altcoins, although both altcoins and tokens falling under the cryptocurrency category. They are not like for like.<\/p>\n\n\n\n

                                                  Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                                  What's An ERC-20 Token?<\/h2>\n\n\n\n

                                                  The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                                  Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                                  This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                                  Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                                  When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                                  Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                                  What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                                  If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                                  For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                                  • totalSupply<\/em>: Returns the total token supply.<\/li>
                                                  • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                                  • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                                  • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                                  • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                                  • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                    There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                    • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                    • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                    • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                      These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                      Previous 1 2

                                                      Most Read

                                                      The Technology

                                                      Ethereum Request For Comments (ERC)

                                                      July 25, 2022

                                                      Artificial Intelligence

                                                      Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                      December 19, 2024

                                                      Banking

                                                      Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                      November 24, 2024

                                                      Artificial Intelligence

                                                      Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                      November 24, 2024

                                                      Artificial Intelligence

                                                      Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                      August 15, 2024

                                                      Subscribe To Our Newsletter

                                                      By subscribing, you agree with our privacy and terms.

                                                      Type your email here

                                                      >

                                                      Follow The Distributed

                                                      Twitter Instagram Youtube LinkedIn Facebook RSS

                                                      

                                                      ADVERTISEMENT
                                                      \n

                                                      A token represents the fungible assets that are native to a blockchain's ecosystem. A token is a virtual currency that is designed with utility in mind, providing access to limited functions in a larger blockchain ecosystem. ((CoinMarketCap - Token<\/a>)) <\/p>\n\n\n\n

                                                      Tokens are often mixed around with cryptocurrencies and altcoins, although both altcoins and tokens falling under the cryptocurrency category. They are not like for like.<\/p>\n\n\n\n

                                                      Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                                      What's An ERC-20 Token?<\/h2>\n\n\n\n

                                                      The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                                      Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                                      This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                                      Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                                      When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                                      Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                                      What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                                      If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                                      For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                                      • totalSupply<\/em>: Returns the total token supply.<\/li>
                                                      • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                                      • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                                      • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                                      • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                                      • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                        There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                        • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                        • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                        • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                          These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                          Previous 1 2

                                                          Most Read

                                                          The Technology

                                                          Ethereum Request For Comments (ERC)

                                                          July 25, 2022

                                                          Artificial Intelligence

                                                          Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                          December 19, 2024

                                                          Banking

                                                          Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                          November 24, 2024

                                                          Artificial Intelligence

                                                          Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                          November 24, 2024

                                                          Artificial Intelligence

                                                          Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                          August 15, 2024

                                                          Subscribe To Our Newsletter

                                                          By subscribing, you agree with our privacy and terms.

                                                          Type your email here

                                                          >

                                                          Follow The Distributed

                                                          Twitter Instagram Youtube LinkedIn Facebook RSS

                                                          

                                                          ADVERTISEMENT
                                                          \n

                                                          What Is A Token?<\/h2>\n\n\n\n

                                                          A token represents the fungible assets that are native to a blockchain's ecosystem. A token is a virtual currency that is designed with utility in mind, providing access to limited functions in a larger blockchain ecosystem. ((CoinMarketCap - Token<\/a>)) <\/p>\n\n\n\n

                                                          Tokens are often mixed around with cryptocurrencies and altcoins, although both altcoins and tokens falling under the cryptocurrency category. They are not like for like.<\/p>\n\n\n\n

                                                          Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                                          What's An ERC-20 Token?<\/h2>\n\n\n\n

                                                          The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                                          Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                                          This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                                          Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                                          When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                                          Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                                          What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                                          If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                                          For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                                          • totalSupply<\/em>: Returns the total token supply.<\/li>
                                                          • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                                          • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                                          • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                                          • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                                          • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                            There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                            • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                            • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                            • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                              These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                              Previous 1 2

                                                              Most Read

                                                              The Technology

                                                              Ethereum Request For Comments (ERC)

                                                              July 25, 2022

                                                              Artificial Intelligence

                                                              Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                              December 19, 2024

                                                              Banking

                                                              Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                              November 24, 2024

                                                              Artificial Intelligence

                                                              Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                              November 24, 2024

                                                              Artificial Intelligence

                                                              Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                              August 15, 2024

                                                              Subscribe To Our Newsletter

                                                              By subscribing, you agree with our privacy and terms.

                                                              Type your email here

                                                              >

                                                              Follow The Distributed

                                                              Twitter Instagram Youtube LinkedIn Facebook RSS

                                                              

                                                              ADVERTISEMENT
                                                              \n

                                                              These 2 primary functions facilitate the support of decentralized apps<\/a> or dApps. dApps are built upon the Ethereum blockchain and use its technology, depending on the purpose of the dApp, they may create and\/or utilize ERC-20 token. These tokens can represent anything, from a stablecoin<\/a> to shares in a company and even proof of ownership. ((CoinTelegraph - ERC-20 Tokens, Explained<\/a>))<\/p>\n\n\n\n

                                                              What Is A Token?<\/h2>\n\n\n\n

                                                              A token represents the fungible assets that are native to a blockchain's ecosystem. A token is a virtual currency that is designed with utility in mind, providing access to limited functions in a larger blockchain ecosystem. ((CoinMarketCap - Token<\/a>)) <\/p>\n\n\n\n

                                                              Tokens are often mixed around with cryptocurrencies and altcoins, although both altcoins and tokens falling under the cryptocurrency category. They are not like for like.<\/p>\n\n\n\n

                                                              Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                                              What's An ERC-20 Token?<\/h2>\n\n\n\n

                                                              The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                                              Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                                              This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                                              Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                                              When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                                              Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                                              What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                                              If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                                              For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                                              • totalSupply<\/em>: Returns the total token supply.<\/li>
                                                              • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                                              • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                                              • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                                              • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                                              • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                                There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                                • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                                • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                                • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                                  These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                                  Previous 1 2

                                                                  Most Read

                                                                  The Technology

                                                                  Ethereum Request For Comments (ERC)

                                                                  July 25, 2022

                                                                  Artificial Intelligence

                                                                  Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                                  December 19, 2024

                                                                  Banking

                                                                  Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                                  November 24, 2024

                                                                  Artificial Intelligence

                                                                  Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                                  November 24, 2024

                                                                  Artificial Intelligence

                                                                  Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                                  August 15, 2024

                                                                  Subscribe To Our Newsletter

                                                                  By subscribing, you agree with our privacy and terms.

                                                                  Type your email here

                                                                  >

                                                                  Follow The Distributed

                                                                  Twitter Instagram Youtube LinkedIn Facebook RSS

                                                                  

                                                                  ADVERTISEMENT
                                                                  \n

                                                                  Ethereum is a decentralized network of computers that serves 2 primary functions; record transactions on a blockchain and produce smart contracts through a virtual machine.<\/p>\n\n\n\n

                                                                  These 2 primary functions facilitate the support of decentralized apps<\/a> or dApps. dApps are built upon the Ethereum blockchain and use its technology, depending on the purpose of the dApp, they may create and\/or utilize ERC-20 token. These tokens can represent anything, from a stablecoin<\/a> to shares in a company and even proof of ownership. ((CoinTelegraph - ERC-20 Tokens, Explained<\/a>))<\/p>\n\n\n\n

                                                                  What Is A Token?<\/h2>\n\n\n\n

                                                                  A token represents the fungible assets that are native to a blockchain's ecosystem. A token is a virtual currency that is designed with utility in mind, providing access to limited functions in a larger blockchain ecosystem. ((CoinMarketCap - Token<\/a>)) <\/p>\n\n\n\n

                                                                  Tokens are often mixed around with cryptocurrencies and altcoins, although both altcoins and tokens falling under the cryptocurrency category. They are not like for like.<\/p>\n\n\n\n

                                                                  Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                                                  What's An ERC-20 Token?<\/h2>\n\n\n\n

                                                                  The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                                                  Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                                                  This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                                                  Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                                                  When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                                                  Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                                                  What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                                                  If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                                                  For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                                                  • totalSupply<\/em>: Returns the total token supply.<\/li>
                                                                  • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                                                  • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                                                  • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                                                  • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                                                  • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                                    There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                                    • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                                    • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                                    • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                                      These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                                      Previous 1 2

                                                                      Most Read

                                                                      The Technology

                                                                      Ethereum Request For Comments (ERC)

                                                                      July 25, 2022

                                                                      Artificial Intelligence

                                                                      Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                                      December 19, 2024

                                                                      Banking

                                                                      Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                                      November 24, 2024

                                                                      Artificial Intelligence

                                                                      Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                                      November 24, 2024

                                                                      Artificial Intelligence

                                                                      Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                                      August 15, 2024

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                                                                      Type your email here

                                                                      >

                                                                      Follow The Distributed

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                                                                      \n

                                                                      What Is Ethereum?<\/h2>\n\n\n\n

                                                                      Ethereum is a decentralized network of computers that serves 2 primary functions; record transactions on a blockchain and produce smart contracts through a virtual machine.<\/p>\n\n\n\n

                                                                      These 2 primary functions facilitate the support of decentralized apps<\/a> or dApps. dApps are built upon the Ethereum blockchain and use its technology, depending on the purpose of the dApp, they may create and\/or utilize ERC-20 token. These tokens can represent anything, from a stablecoin<\/a> to shares in a company and even proof of ownership. ((CoinTelegraph - ERC-20 Tokens, Explained<\/a>))<\/p>\n\n\n\n

                                                                      What Is A Token?<\/h2>\n\n\n\n

                                                                      A token represents the fungible assets that are native to a blockchain's ecosystem. A token is a virtual currency that is designed with utility in mind, providing access to limited functions in a larger blockchain ecosystem. ((CoinMarketCap - Token<\/a>)) <\/p>\n\n\n\n

                                                                      Tokens are often mixed around with cryptocurrencies and altcoins, although both altcoins and tokens falling under the cryptocurrency category. They are not like for like.<\/p>\n\n\n\n

                                                                      Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                                                      What's An ERC-20 Token?<\/h2>\n\n\n\n

                                                                      The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                                                      Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                                                      This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                                                      Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                                                      When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                                                      Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                                                      What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                                                      If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                                                      For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                                                      • totalSupply<\/em>: Returns the total token supply.<\/li>
                                                                      • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                                                      • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                                                      • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                                                      • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                                                      • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                                        There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                                        • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                                        • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                                        • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                                          These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                                          Previous 1 2

                                                                          Most Read

                                                                          The Technology

                                                                          Ethereum Request For Comments (ERC)

                                                                          July 25, 2022

                                                                          Artificial Intelligence

                                                                          Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                                          December 19, 2024

                                                                          Banking

                                                                          Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                                          November 24, 2024

                                                                          Artificial Intelligence

                                                                          Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                                          November 24, 2024

                                                                          Artificial Intelligence

                                                                          Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                                          August 15, 2024

                                                                          Subscribe To Our Newsletter

                                                                          By subscribing, you agree with our privacy and terms.

                                                                          Type your email here

                                                                          >

                                                                          Follow The Distributed

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                                                                          ADVERTISEMENT
                                                                          \n

                                                                          Ethereum Request for Comment<\/a> (ERC-20) is the token standard used for Ethereum Smart Contracts<\/a>. The 500,000 tokens running on top of the Ethereum blockchain are essentially just smart contracts that follow a few common rules.<\/p>\n\n\n\n

                                                                          What Is Ethereum?<\/h2>\n\n\n\n

                                                                          Ethereum is a decentralized network of computers that serves 2 primary functions; record transactions on a blockchain and produce smart contracts through a virtual machine.<\/p>\n\n\n\n

                                                                          These 2 primary functions facilitate the support of decentralized apps<\/a> or dApps. dApps are built upon the Ethereum blockchain and use its technology, depending on the purpose of the dApp, they may create and\/or utilize ERC-20 token. These tokens can represent anything, from a stablecoin<\/a> to shares in a company and even proof of ownership. ((CoinTelegraph - ERC-20 Tokens, Explained<\/a>))<\/p>\n\n\n\n

                                                                          What Is A Token?<\/h2>\n\n\n\n

                                                                          A token represents the fungible assets that are native to a blockchain's ecosystem. A token is a virtual currency that is designed with utility in mind, providing access to limited functions in a larger blockchain ecosystem. ((CoinMarketCap - Token<\/a>)) <\/p>\n\n\n\n

                                                                          Tokens are often mixed around with cryptocurrencies and altcoins, although both altcoins and tokens falling under the cryptocurrency category. They are not like for like.<\/p>\n\n\n\n

                                                                          Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                                                          What's An ERC-20 Token?<\/h2>\n\n\n\n

                                                                          The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                                                          Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                                                          This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                                                          Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                                                          When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                                                          Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                                                          What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                                                          If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                                                          For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                                                          • totalSupply<\/em>: Returns the total token supply.<\/li>
                                                                          • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                                                          • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                                                          • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                                                          • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                                                          • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                                            There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                                            • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                                            • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                                            • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                                              These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                                              Previous 1 2

                                                                              Most Read

                                                                              The Technology

                                                                              Ethereum Request For Comments (ERC)

                                                                              July 25, 2022

                                                                              Artificial Intelligence

                                                                              Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                                              December 19, 2024

                                                                              Banking

                                                                              Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                                              November 24, 2024

                                                                              Artificial Intelligence

                                                                              Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                                              November 24, 2024

                                                                              Artificial Intelligence

                                                                              Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                                              August 15, 2024

                                                                              Subscribe To Our Newsletter

                                                                              By subscribing, you agree with our privacy and terms.

                                                                              Type your email here

                                                                              >

                                                                              Follow The Distributed

                                                                              Twitter Instagram Youtube LinkedIn Facebook RSS

                                                                              

                                                                              ADVERTISEMENT
                                                                              \n

                                                                              Not all cryptocurrencies have their own blockchain. Rather there are some that run on top of a blockchain, these are called tokens<\/a>. The most popular and well-known example of this is Ethereum, with over 500,000 tokens<\/a> running on top of the Ethereum blockchain.<\/p>\n\n\n\n

                                                                              Ethereum Request for Comment<\/a> (ERC-20) is the token standard used for Ethereum Smart Contracts<\/a>. The 500,000 tokens running on top of the Ethereum blockchain are essentially just smart contracts that follow a few common rules.<\/p>\n\n\n\n

                                                                              What Is Ethereum?<\/h2>\n\n\n\n

                                                                              Ethereum is a decentralized network of computers that serves 2 primary functions; record transactions on a blockchain and produce smart contracts through a virtual machine.<\/p>\n\n\n\n

                                                                              These 2 primary functions facilitate the support of decentralized apps<\/a> or dApps. dApps are built upon the Ethereum blockchain and use its technology, depending on the purpose of the dApp, they may create and\/or utilize ERC-20 token. These tokens can represent anything, from a stablecoin<\/a> to shares in a company and even proof of ownership. ((CoinTelegraph - ERC-20 Tokens, Explained<\/a>))<\/p>\n\n\n\n

                                                                              What Is A Token?<\/h2>\n\n\n\n

                                                                              A token represents the fungible assets that are native to a blockchain's ecosystem. A token is a virtual currency that is designed with utility in mind, providing access to limited functions in a larger blockchain ecosystem. ((CoinMarketCap - Token<\/a>)) <\/p>\n\n\n\n

                                                                              Tokens are often mixed around with cryptocurrencies and altcoins, although both altcoins and tokens falling under the cryptocurrency category. They are not like for like.<\/p>\n\n\n\n

                                                                              Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                                                              What's An ERC-20 Token?<\/h2>\n\n\n\n

                                                                              The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                                                              Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                                                              This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                                                              Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                                                              When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                                                              Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                                                              What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                                                              If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                                                              For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                                                              • totalSupply<\/em>: Returns the total token supply.<\/li>
                                                                              • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                                                              • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                                                              • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                                                              • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                                                              • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                                                There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                                                • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                                                • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                                                • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                                                  These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                                                  Previous 1 2

                                                                                  Most Read

                                                                                  The Technology

                                                                                  Ethereum Request For Comments (ERC)

                                                                                  July 25, 2022

                                                                                  Artificial Intelligence

                                                                                  Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                                                  December 19, 2024

                                                                                  Banking

                                                                                  Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                                                  November 24, 2024

                                                                                  Artificial Intelligence

                                                                                  Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                                                  November 24, 2024

                                                                                  Artificial Intelligence

                                                                                  Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                                                  August 15, 2024

                                                                                  Subscribe To Our Newsletter

                                                                                  By subscribing, you agree with our privacy and terms.

                                                                                  Type your email here

                                                                                  >

                                                                                  Follow The Distributed

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                                                                                  ADVERTISEMENT
                                                                                  \n
                                                                                  • CryptoKitties<\/a><\/li>
                                                                                  • Ethereum Name Service (ENS)<\/a><\/li>
                                                                                  • Bored Ape Yacht Club<\/a><\/li>
                                                                                  • CryptoPunks<\/a><\/li>
                                                                                  • Sorare<\/a><\/li><\/ul>\n","post_title":"ERC-721 NFT Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-721","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/blockchain-essentials-etherscan\/\nhttps:\/\/vimeo.com\/96131398?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosedge&stream=business\nhttps:\/\/www.thedistributed.co\/smart-contracts\/","post_modified":"2022-07-25 22:48:37","post_modified_gmt":"2022-07-25 12:48:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3828","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3815,"post_author":"1","post_date":"2022-03-07 20:47:07","post_date_gmt":"2022-03-07 09:47:07","post_content":"\n

                                                                                    Not all cryptocurrencies have their own blockchain. Rather there are some that run on top of a blockchain, these are called tokens<\/a>. The most popular and well-known example of this is Ethereum, with over 500,000 tokens<\/a> running on top of the Ethereum blockchain.<\/p>\n\n\n\n

                                                                                    Ethereum Request for Comment<\/a> (ERC-20) is the token standard used for Ethereum Smart Contracts<\/a>. The 500,000 tokens running on top of the Ethereum blockchain are essentially just smart contracts that follow a few common rules.<\/p>\n\n\n\n

                                                                                    What Is Ethereum?<\/h2>\n\n\n\n

                                                                                    Ethereum is a decentralized network of computers that serves 2 primary functions; record transactions on a blockchain and produce smart contracts through a virtual machine.<\/p>\n\n\n\n

                                                                                    These 2 primary functions facilitate the support of decentralized apps<\/a> or dApps. dApps are built upon the Ethereum blockchain and use its technology, depending on the purpose of the dApp, they may create and\/or utilize ERC-20 token. These tokens can represent anything, from a stablecoin<\/a> to shares in a company and even proof of ownership. ((CoinTelegraph - ERC-20 Tokens, Explained<\/a>))<\/p>\n\n\n\n

                                                                                    What Is A Token?<\/h2>\n\n\n\n

                                                                                    A token represents the fungible assets that are native to a blockchain's ecosystem. A token is a virtual currency that is designed with utility in mind, providing access to limited functions in a larger blockchain ecosystem. ((CoinMarketCap - Token<\/a>)) <\/p>\n\n\n\n

                                                                                    Tokens are often mixed around with cryptocurrencies and altcoins, although both altcoins and tokens falling under the cryptocurrency category. They are not like for like.<\/p>\n\n\n\n

                                                                                    Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                                                                    What's An ERC-20 Token?<\/h2>\n\n\n\n

                                                                                    The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                                                                    Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                                                                    This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                                                                    Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                                                                    When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                                                                    Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                                                                    What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                                                                    If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                                                                    For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                                                                    • totalSupply<\/em>: Returns the total token supply.<\/li>
                                                                                    • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                                                                    • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                                                                    • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                                                                    • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                                                                    • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                                                      There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                                                      • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                                                      • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                                                      • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                                                        These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                                                                        The Technology

                                                                                        Ethereum Request For Comments (ERC)

                                                                                        July 25, 2022

                                                                                        Artificial Intelligence

                                                                                        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                                                        December 19, 2024

                                                                                        Banking

                                                                                        Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                                                        November 24, 2024

                                                                                        Artificial Intelligence

                                                                                        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                                                        November 24, 2024

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                                                                                        August 15, 2024

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                                                                                        ADVERTISEMENT
                                                                                        \n

                                                                                        There are currently 68,308 ERC-721 NFT contracts according to Etherscan<\/a>. Popular ERC-721 NFT Contracts according to Etherscans NFT Tracker<\/a> are:<\/p>\n\n\n\n

                                                                                        • CryptoKitties<\/a><\/li>
                                                                                        • Ethereum Name Service (ENS)<\/a><\/li>
                                                                                        • Bored Ape Yacht Club<\/a><\/li>
                                                                                        • CryptoPunks<\/a><\/li>
                                                                                        • Sorare<\/a><\/li><\/ul>\n","post_title":"ERC-721 NFT Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-721","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/blockchain-essentials-etherscan\/\nhttps:\/\/vimeo.com\/96131398?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosedge&stream=business\nhttps:\/\/www.thedistributed.co\/smart-contracts\/","post_modified":"2022-07-25 22:48:37","post_modified_gmt":"2022-07-25 12:48:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3828","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3815,"post_author":"1","post_date":"2022-03-07 20:47:07","post_date_gmt":"2022-03-07 09:47:07","post_content":"\n

                                                                                          Not all cryptocurrencies have their own blockchain. Rather there are some that run on top of a blockchain, these are called tokens<\/a>. The most popular and well-known example of this is Ethereum, with over 500,000 tokens<\/a> running on top of the Ethereum blockchain.<\/p>\n\n\n\n

                                                                                          Ethereum Request for Comment<\/a> (ERC-20) is the token standard used for Ethereum Smart Contracts<\/a>. The 500,000 tokens running on top of the Ethereum blockchain are essentially just smart contracts that follow a few common rules.<\/p>\n\n\n\n

                                                                                          What Is Ethereum?<\/h2>\n\n\n\n

                                                                                          Ethereum is a decentralized network of computers that serves 2 primary functions; record transactions on a blockchain and produce smart contracts through a virtual machine.<\/p>\n\n\n\n

                                                                                          These 2 primary functions facilitate the support of decentralized apps<\/a> or dApps. dApps are built upon the Ethereum blockchain and use its technology, depending on the purpose of the dApp, they may create and\/or utilize ERC-20 token. These tokens can represent anything, from a stablecoin<\/a> to shares in a company and even proof of ownership. ((CoinTelegraph - ERC-20 Tokens, Explained<\/a>))<\/p>\n\n\n\n

                                                                                          What Is A Token?<\/h2>\n\n\n\n

                                                                                          A token represents the fungible assets that are native to a blockchain's ecosystem. A token is a virtual currency that is designed with utility in mind, providing access to limited functions in a larger blockchain ecosystem. ((CoinMarketCap - Token<\/a>)) <\/p>\n\n\n\n

                                                                                          Tokens are often mixed around with cryptocurrencies and altcoins, although both altcoins and tokens falling under the cryptocurrency category. They are not like for like.<\/p>\n\n\n\n

                                                                                          Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                                                                          What's An ERC-20 Token?<\/h2>\n\n\n\n

                                                                                          The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                                                                          Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                                                                          This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                                                                          Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                                                                          When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                                                                          Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                                                                          What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                                                                          If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                                                                          For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                                                                          • totalSupply<\/em>: Returns the total token supply.<\/li>
                                                                                          • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                                                                          • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                                                                          • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                                                                          • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                                                                          • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                                                            There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                                                            • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                                                            • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                                                            • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                                                              These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                                                              Previous 1 2

                                                                                              Most Read

                                                                                              The Technology

                                                                                              Ethereum Request For Comments (ERC)

                                                                                              July 25, 2022

                                                                                              Artificial Intelligence

                                                                                              Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                                                              December 19, 2024

                                                                                              Banking

                                                                                              Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                                                              November 24, 2024

                                                                                              Artificial Intelligence

                                                                                              Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                                                              November 24, 2024

                                                                                              Artificial Intelligence

                                                                                              Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                                                              August 15, 2024

                                                                                              Subscribe To Our Newsletter

                                                                                              By subscribing, you agree with our privacy and terms.

                                                                                              Type your email here

                                                                                              >

                                                                                              Follow The Distributed

                                                                                              Twitter Instagram Youtube LinkedIn Facebook RSS

                                                                                              

                                                                                              ADVERTISEMENT
                                                                                              \n

                                                                                              ERC-721 Tokens<\/h2>\n\n\n\n

                                                                                              There are currently 68,308 ERC-721 NFT contracts according to Etherscan<\/a>. Popular ERC-721 NFT Contracts according to Etherscans NFT Tracker<\/a> are:<\/p>\n\n\n\n

                                                                                              • CryptoKitties<\/a><\/li>
                                                                                              • Ethereum Name Service (ENS)<\/a><\/li>
                                                                                              • Bored Ape Yacht Club<\/a><\/li>
                                                                                              • CryptoPunks<\/a><\/li>
                                                                                              • Sorare<\/a><\/li><\/ul>\n","post_title":"ERC-721 NFT Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-721","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/blockchain-essentials-etherscan\/\nhttps:\/\/vimeo.com\/96131398?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosedge&stream=business\nhttps:\/\/www.thedistributed.co\/smart-contracts\/","post_modified":"2022-07-25 22:48:37","post_modified_gmt":"2022-07-25 12:48:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3828","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3815,"post_author":"1","post_date":"2022-03-07 20:47:07","post_date_gmt":"2022-03-07 09:47:07","post_content":"\n

                                                                                                Not all cryptocurrencies have their own blockchain. Rather there are some that run on top of a blockchain, these are called tokens<\/a>. The most popular and well-known example of this is Ethereum, with over 500,000 tokens<\/a> running on top of the Ethereum blockchain.<\/p>\n\n\n\n

                                                                                                Ethereum Request for Comment<\/a> (ERC-20) is the token standard used for Ethereum Smart Contracts<\/a>. The 500,000 tokens running on top of the Ethereum blockchain are essentially just smart contracts that follow a few common rules.<\/p>\n\n\n\n

                                                                                                What Is Ethereum?<\/h2>\n\n\n\n

                                                                                                Ethereum is a decentralized network of computers that serves 2 primary functions; record transactions on a blockchain and produce smart contracts through a virtual machine.<\/p>\n\n\n\n

                                                                                                These 2 primary functions facilitate the support of decentralized apps<\/a> or dApps. dApps are built upon the Ethereum blockchain and use its technology, depending on the purpose of the dApp, they may create and\/or utilize ERC-20 token. These tokens can represent anything, from a stablecoin<\/a> to shares in a company and even proof of ownership. ((CoinTelegraph - ERC-20 Tokens, Explained<\/a>))<\/p>\n\n\n\n

                                                                                                What Is A Token?<\/h2>\n\n\n\n

                                                                                                A token represents the fungible assets that are native to a blockchain's ecosystem. A token is a virtual currency that is designed with utility in mind, providing access to limited functions in a larger blockchain ecosystem. ((CoinMarketCap - Token<\/a>)) <\/p>\n\n\n\n

                                                                                                Tokens are often mixed around with cryptocurrencies and altcoins, although both altcoins and tokens falling under the cryptocurrency category. They are not like for like.<\/p>\n\n\n\n

                                                                                                Tokens are held in smart contracts, which act as a database that records both transactions and balances of tokens in a specified account. It is within the contract that the rules and functions of the token are mapped out.<\/p>\n\n\n\n

                                                                                                What's An ERC-20 Token?<\/h2>\n\n\n\n

                                                                                                The ERC-20 token standard was introduced to implement an API for fungible tokens within a smart contract. Through its API all tokens on the Ethereum network can communicate with each other. Fungible tokens are like for like, in both type and value. ((Ethereum - ERC-20 Token Standard<\/a>))<\/p>\n\n\n\n

                                                                                                Ethereum developers saw that as more and more tokens were created on the Ethereum blockchain, it became harder for them to interact with each other. ERC-20 was proposed<\/a> in 2015 as a standard to help facilitate the creation of tokens. It can be compared to a set of guidelines in a token must follow to become a token on Ethereum. <\/p>\n\n\n\n

                                                                                                This compliance between tokens is necessary as it ensures compatibility between the many different tokens issued on Ethereum. Many token developers have complied with the ERC-20 standard such as; Tether ($USDT<\/a>), Shiba Inu ($SHIB<\/a>), and Polygon ($MATIC<\/a>).<\/p>\n\n\n\n

                                                                                                Why Are ERC-20 Fees So High?<\/h3>\n\n\n\n

                                                                                                When an ERC-20 token is transferred, you must pay a gas fee<\/a>. The gas fee is paid in Ether, the native cryptocurrency to Ethereum's blockchain.<\/p>\n\n\n\n

                                                                                                Due to the huge amount of contracts on top of the Ethereum blockchain network congestion raises fees as miners<\/a> are constantly competing to be the ones to validate the block. The greater the demand for Ethereum, the higher gas fees will keep rising. This is one of the main reasons Ethereum is slowly switching over to a Proof-of-Stake<\/a> consensus rather than Proof-of-Work.<\/p>\n\n\n\n

                                                                                                What Is The ERC-20 Standard?<\/h2>\n\n\n\n

                                                                                                If a Smart Contract implements the following methods and events it can be called an ERC-20 Token Contract and, once deployed, it will be responsible to keep track of the created tokens on Ethereum.((Ethereum - ERC-20 Token Standard<\/a><\/p>\n\n\n\n

                                                                                                For a token to be compliant with the ERC-20 standards, it must be able to perform 6 vital functions; ((EIP-20: Token Standard - Specification<\/a>))<\/p>\n\n\n\n

                                                                                                • totalSupply<\/em>: Returns the total token supply.<\/li>
                                                                                                • balanceOf<\/em>: Returns the account balance of the owners account.<\/li>
                                                                                                • transfer<\/em>: Executes a transfer of a specific amount of tokens to a specified address.<\/li>
                                                                                                • transferFrom<\/em>: Executes a transfer of a specific amount of tokens from a specified address.<\/li>
                                                                                                • approve<\/em>: Allows a spender to withdraw a specified amount of tokens, from a specified account.<\/li>
                                                                                                • allowance<\/em>: Returns a set number of tokens a spender can still withdraw from a specified account.<\/li><\/ul>\n\n\n\n

                                                                                                  There are also 3 optional functions, that can improve usability;<\/p>\n\n\n\n

                                                                                                  • name<\/em>: Returns the name of the token, for example; MyToken.<\/li>
                                                                                                  • symbol: Returns the symbol of the token, for example; MYT.<\/li>
                                                                                                  • decimals: Returns the number of decimals the token uses, for example; MYT trades at $0.0004 would mean MyToken has a decimal value of 4.<\/li><\/ul>\n\n\n\n

                                                                                                    These standard functions will set off 2 events within the ERC-20 token. The events are 'transfer<\/em>' and 'approval<\/em>'. A transfer is when tokens are sent to a specified address and approval is when a token is confirmed as transferred to the address.<\/p>\n","post_title":"ERC-20 Token Standard","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"erc-20","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoins\nhttps:\/\/www.thedistributed.co\/decentralized-applications-dapps\/\nhttps:\/\/www.thedistributed.co\/smart-contracts\/\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/\nhttps:\/\/www.thedistributed.co\/ethereum-improvement-proposal-eip\/","post_modified":"2022-07-25 22:53:06","post_modified_gmt":"2022-07-25 12:53:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3815","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                                                                    Previous 1 2

                                                                                                    Most Read

                                                                                                    The Technology

                                                                                                    Ethereum Request For Comments (ERC)

                                                                                                    July 25, 2022

                                                                                                    Artificial Intelligence

                                                                                                    Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                                                                    December 19, 2024

                                                                                                    Banking

                                                                                                    Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

                                                                                                    November 24, 2024

                                                                                                    Artificial Intelligence

                                                                                                    Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                                                                    November 24, 2024

                                                                                                    Artificial Intelligence

                                                                                                    Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                                                                    August 15, 2024

                                                                                                    Subscribe To Our Newsletter

                                                                                                    By subscribing, you agree with our privacy and terms.

                                                                                                    Type your email here

                                                                                                    >

                                                                                                    Follow The Distributed

                                                                                                    Twitter Instagram Youtube LinkedIn Facebook RSS

                                                                                                    

                                                                                                    ADVERTISEMENT
                                                                                                    \n

                                                                                                    <\/a>