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"Learning blockchain from zero 18" ERC, 20 Ethereum protocol you have to understand

Time : 11/06/2022 Author : dhxisy Click : + -
        In 2017, when the ICO foam was at its worst, erc-20 tokens could be seen everywhere in the market. In many blockchain project white papers, words describing that tokens met the erc-20 standard were everywhere. As of April 16, 2019, erc-20 has become the technical standard for all smart contracts used for token implementation on the Ethereum blockchain. There are more than 181000 token types that meet the erc-20 standard on the main network. Erc-20, released on November 19, 2015, is one of the most important token standards released by Ethereum, which defines the public rules that all Ethereum tokens need to comply with.
        Standardization means that these assets can be used for different platforms and projects, the exchange between tokens and DAPP support will become easier, and the erc-20 token will be compatible with Ethereum wallets and all wallets that support Ethereum. As the technical standard of all smart contracts used for token implementation on Ethereum blockchain, erc-20 plays a key role in the current blockchain and cryptocurrency industry. Erc-20, fully known as ethereumrequestforcomments20, was released by the Ethereum team. The agreement stipulates the basic interface of interchangeable tokens, including six different functions, including token symbols, issuance, transfer, authorization, defining query methods, etc.
        In addition, erc-20 also stipulates two different signals, and each token has the signal followed by other tokens. The combination of this set of functions and signals ensures that different types of Ethereum tokens work the same everywhere in the Ethereum system, which means that almost all wallets that support Ethereum support erc-20 compatible tokens. Therefore, erc-20 tokens can be integrated by the exchange and the transaction can be completed immediately. Because the release of erc-20 standard makes it easier and faster to issue tokens, developers can issue an erc-20 token in five minutes, which leads to the production of air coins.
        Etherscan website statistics, the website has more than 36000 token types that follow the erc-20 design standard. In 2017, the token ICO raised more than $4billion in assets, which is also the negative impact of erc-20. Although erc-20 is the mainstream standard, there are also many design defects. For example, sending tokens directly to smart contracts will lead to capital loss. Erc20 Standard cannot process incoming transactions through the receiver contract. When users send erc-20 tokens to contracts that are not compatible with these tokens, there is a risk of capital loss. So far, this problem has caused the loss of erc-20 tokens of more than $3million.
        After the release, the contract cannot be modified, and the user sends tokens other than eth to the contract, which will be swallowed by the smart contract &hellip These are the problems of erc-20. The marking standards on the Ethereum platform are not static. More and more projects have begun to turn to newer and more advanced token standards, such as erc-223, erc-721, erc-777 and other new standards, which try to solve the key defects of erc-20, but most of them cannot be popularized on a large scale due to the small audience. In any case, erc-20 has become an important part of Ethereum ecosystem. Its emergence has promoted the issuance of tokens, which has cross era historical significance.
        At present, there are more than 100000 token agreements in Ethereum. In fact, it is not only the token standard of Ethereum, but there are also a large number of standards in this industry, but at present, the entire blockchain industry still lacks a unique standard that can achieve complete unified recognition and consensus. It can be seen that the unification of industrial standards will be the primary trend of the whole blockchain industry in the future.
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