What is ERC20? Here's a short explanation

What is ERC20? ERC20 is a digital asset that is used in cryptocurrency standards. Unlike bitcoin, this token only runs on the Ethereum blockchain network and relies on smart contracts to track transaction activity.

The presence of ERC20 tokens helps developers improve and streamline the process of creating digital assets based on Ethereum. To better understand what ERC20 is, let's look at the following article! 

What is ERC20? 

What is ERC20? ERC20 is proof and restraint. Export is often used in general terms, and the presentation is often given to changing global media.

Regarding the information above, ERC20 is part of the Ethereum ecosystem and cannot be defined as ETH alone. Built by Vitalik Buterin in 2015, this icon also has a smart contract.

Regarding its function, ER20 is often used as an added value in the final decision of future work or as a form of company appreciation for customers.

Example of ERC20 Tokens

ERC20 tokens are the largest tokens on the Ethereum platform with a total of around 245,148. For clarity, here are some examples of products in this network.

EOS 

These tokens are some of the largest cryptocurrencies currently promoting inter-blockchain communication. At the moment, EOS is ranked 5th with a market capitalization of $4.64. 

VeChain (VEN) 

Coming in at number 19, VEN is a ranking of public blockchain companies. These products are intended to use the Internet of Things (IoT) as a source of privacy so that any product can be tracked. 

Also read: The Difference Between Tokens And Coins You Should Know

TRON 

TRON's mission is to create a connected content platform. This logo is also known as the digital film industry source code and is the 13th. This project was created with the aim of giving full ownership rights to digital content creators.

The goal is to help content creators (who receive only a fraction of their income) and encourage them to get more compensation for their work.

You do this by inviting content buyers to pay content creators directly (without advertisers like YouTube, Facebook, or Apple). 

TRON software supports smart contracts, various types of blockchain systems, and virtual applications called dApps. The cryptocurrency platform uses a transaction model similar to Bitcoin (BTC), namely UTXO. Transactions occur in a public ledger, where users can track transaction history. 

So, what is ERC20? ERC-20 is the best Ethereum blockchain protocol. This token can handle thousands of tokens on the Ethereum blockchain. In addition, this token is also easy for crypto asset developers to use. 

Anyone can create ERC-20 tokens and add them to the blockchain. Startups are the most sophisticated case of using these tokens, which are often used by startups to raise funds through ICOs.

Also read: Get to know VCG Token: Legal Crypto Asset with Tens of Thousands of Holders

Don't forget that VCGamers also has a crypto token standing on top of the ERC20 network. Where VCG Tokens you can buy it on Indodax and also BitMax.

Get it updating VCG Tokens the latest only on VCNews!