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Explain the advantages of ERC20 tokens in crypto?

Explain the advantages of ERC20 tokens in crypto?


Asked On2022-02-02 17:18:39 by:Gubba-Chandana

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Answer: Features and benefits of ERC20 token

  • Interacts with other currencies
  • Smart contract
  • Used on compatible platforms, projects, exchanges.
  • Ensures operation with decentralized applications (Dapps)
  • Secure and easy transaction
  • Makes assets interchangeable
  • ERC stands for Ethereum Request for Comments and the 20 indicate what the token is capable of doing, how it will interact with smart contracts and other dapps - the guide above explains how different types of these tokens are compared to each other.

    ERC-20 is the most popular of the Ethereum token standards - such a token can be used within the network and by other applications, like decentralized exchanges and wallets. In order to create an ERC-20 token there are a number of technical functions, such as total supply, transfer, etc. There are currently around 364,000 ERC-20 tokens in existence: Understanding Ethereum Tokens - ERC-20

    The most popular examples of ERC-20 tokens are Binance Coin (BNB) with a market cap of $39 billion, Tether (USDT) with a market cap of $35 billion, and Chainlink (LINK) with a market cap of $10 billion.


Answerd on:2022-02-02 Answerd By:AanchalKumari

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