Ethereum, released in 2015 was launched with an emphasis on building dApps, apps that run on a decentralized network. Apps are software that has been designed for a single purpose and function by the company that designed the app. DApps are a decentralized type of app where programs exist on a blockchain or P2P computer and are outside the control of a single authority. What Ethereum aimed to do in order to improve on the technology of Bitcoin was to allow users to build programs which make use of the Ethereum network for data storage and used smart contracts, which are the defined set of rules and procedures to run the programs. On Ethereum.org the website for the Ethereum network this is described like a vending machine when the right input is fulfilled the expected output is given. This give companies, organisations and individuals the opportunity to create programs or dApps that require a payment of Eth in order for them to initially run, once up and running they follow the original programme submitted to the Eth network. This could be in the form of a cryptocurrency, nfts, mortgages, supply chain management and much more. More information can be found on the Ethereum website.
ERC-20 is a fungible Token and has a quality which makes each token the same and stands for Ethereum Requests for Comments 20. The ERC20 specifications include:
– How tokens are transferred.
– How transactions are approved.
– How users access data about a Token
– Total supply of tokens
The ERC-20 Token allows users to build token applications that can be used with different products and services.
They could be:
– Tickets for an online lottery
– Reputation points on a online platform
– Points for a character in a game
– Financial assets that represent a physical asset like gold
– A fiat currency like GBP
The top ERC20 cryptocurrencies:
Wrapped Bitcoin
Tether USDT
Polygon POLY
Sandbox SAND
Basic Attention Token BAT
Loopring LRC
Chainlink CHAIN
Maker MKR
Ox ZRX
Auger REP
USDC
Crypto.com CRO
Shiba Inu SHIB
Uniswap UNI
Decentraland MANA
Axie Infinity AXS
Dai DAI
Gala GALA
The Graph GRT
Enjin Coin ENJ