jack richer
by on January 11, 2022
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Investors are looking to get away from the clutches of centralized authorities. Hence, they are putting more money on digital currencies to get high returns. Likewise, which is that blockchain network that laid the foundation for Fungible Tokens? It is Ethereum. ERC-20 is the official standard for virtual assets that are identical and equal to the value of other tokens. Holders of crypto tokens receive lots of advantages like interoperability, instant processing of transactions, and real-time tracking of balances. Are you that entrepreneur looking to disrupt the crypto sector? Create your own Ethereum token now. 

What is ERC-20? 

November 2015 witnessed the birth of a revolutionary token standard. ERC-20 (Ethereum Request for Comments) automatically implements an Application Programming Interface (API) for virtual assets held within the pre-programmed software. 

ERC-20 tokens can perform numerous functions. Investors can transfer these crypto assets from one account to another, know the current token balance of an account, get details about the total supply of tokens, and also approve spending of fungible tokens by third-party accounts. 

The step-by-step process to create Ethereum-based fungible tokens? 

  • Assemble the required tech stack. It comprises the Ethereum Virtual Machine (EVM), Application Programming Interfaces of JavaScript and Python, the Remix Integrated Development Environment (IDE), and programming languages like Solidity and Vyper. 
  • Further, a crypto token development enterprise will use a Contract Application Binary Interface (ABI) for creating interfaces to ERC-20 tokens. 
  • Later, token developers will build Decentralized Applications (DApps) as per the business requirements. 
  • Moreover, the use-cases for fungible tokens must be decided. It can be used for receiving prizes and rewards from gaming competitions, lottery tickets, conversion to a fiat currency, and also for representing conventional financial assets like dividends, equity shares, and debentures. 

Wrapping Up

Cross-bridging is another big advantage of ERC-20 tokens. For instance, the Cardano blockchain and Algorand protocol also support these fungible tokens. Do you want to topple your rivals in the crypto industry? Create your own Ethereum token now by contacting a crypto asset development company soon. 

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