Ethereum is one of the most popular cryptocurrencies, trailing after Bitcoin. Although it functions as a public ledger that records transactions, Ethereum supports smart contracts. These smart contracts are computer programs that act just like regular contracts but exist on the blockchain.
Smart contracts are programs that deploy automatically once the binding rules are satisfied. So, the ERC-20 is a standard that defines a set of rules on how developers can implement smart contracts during the creation of a token. Some of these rules include the functionalities of the token, how it will be issued and distributed.
The standard allows the created token to interact with other ERC-20 tokens without a glitch. It also enables third-party services like wallets and exchanges to integrate the tokens into their systems with ease. As such, they won’t always have to make an upgrade whenever new tokens are issued.
The ERC-20 Ethereum token standard represents guidelines that a token must follow when implemented on the Ethereum network. In simple terms, it is a list of rules that a token must fulfil to count as an ERC-20 based token. It ensures interoperability among other ERC-20 tokens that run on the Ethereum blockchain and related services like crypto wallets.
Although the term ERC-20 may appear daunting, we will try our best to explain it in clear terms. To properly understand the content of this article, you need a prior understanding of what cryptocurrency entails. You can visit our blog to check our previous posts on Ethereum and how it works.
Tokens are digital assets with value and can be exchanged, sent or received. ERC-20 tokens are similar to Bitcoin or Litecoin, and the only difference is that they do not have their native blockchain. Instead, these tokens run on the Ethereum network.
Anyone can create their token on the network through smart contracts. It means there have to be some rules to guide the functioning of the tokens on the ground level to ensure interoperability. As a result, Ethereum developed a universal standard called the ERC-20.
ERC means Ethereum Request for Comments, and the 20 represents the proposal number. The initialism was coined in November 2015 by Fabian Vogelsteller as the standard for token creation on the protocol. The ERC standard is vital because it represents the background for the design and creation of Ethereum-based tokens. As such, it ensures greater compatibility between all related tokens and wallets.
An ERC-20 token is a digital asset that complies with the ERC-20 Ethereum standard for creating tokens. They are simply like any other cryptocurrency except that they run solely on the Ethereum blockchain. Some common ERC-20 tokens include Basic Attention Token (BAT), Maker (MKR), Tether USD (USDT), Uniswap (UNI), Chainlink (LINK) and many more. According to Etherscan, an Ethereum data tool, the list of ERC-20 tokens in existence is north of 400,000.
The ERC-20 standard provides six compulsory rules and three optional ones regarding creating and issuing tokens on the Ethereum platform. It highlights the functions that the smart contract must be able to implement. The mandatory rules are:
totalSupply is a function that states the total number of tokens in supply. Once this limit is attained, the smart contracts cease token creation.
balanceOf outlines how many tokens an address has in its account.
transfer allows a certain quantity of tokens to be deducted from the total supply and transferred to a user’s account.
transferFrom allows one user to transfer tokens to another user.
approve ensures that all tokens are accounted for within the smart contract.
allowance checks if a user has enough tokens to send to another user. The transaction is cancelled if the user has insufficient tokens in their account.
The three optional rules for an ERC-20 token creation are name, symbol, and decimal. You do not have to include them, but they are essential. For example, tokens that are to be used as a currency should be more divisible than those that represent ownership.
Tokens have a wide range of usage, which makes them versatile. Tokens can represent anything of value, such as voting rights, lottery tickets, company shares, rewards in loyalty programs and even currency.
For instance, the native currency for the Bancor protocol is BNT (Bancor Network Token). Bancor is a protocol on the Ethereum blockchain that allows users to swap ERC-20 compatible tokens. ERC-20 standard makes everything simple for developers who might want to launch new DApps.
The ERC-20 represents a dominant channel through which most of the tokens on Ethereum are created. Although it is still the most popular, there are still some shortcomings. Due to these limitations, developers have proposed alternative standards to the ERC-20 standard. For example, the ERC223 aims to solve the approval issues with the ERC-20, and the ERC621 allows users to change the total token supply.
You can swap, send or receive ERC-20 tokens just like any other cryptocurrency on supported platforms. However, you must possess an ERC-20 compliant wallet to store your tokens. Due to the ERC-20 tokens being ubiquitous, many digital wallets support them.
You can use wallets like MetaMask or Trust wallet to swap or store your purchased ERC-20 tokens. Kyrrex platform makes it easy to buy cryptocurrencies and sell cryptocurrencies. Kyrrex also provides an even better way to keep the ERC-20 tokens via its integrated wallet.
Cryptocurrencies have come a long way and have gone farther than imagined. There are now various applications that allow the possibility of several cross-chain operations. Specific protocols have expanded the scope of use of ERC-20 tokens to other platforms. This interoperability has created novel ways for the benefit of crypto.
We are excited to announce the return of PrimePool, in partnership with Huobi! For now, users can lock their HT tokens for any length of time before the event ends to earn a reward of up to 1,208,898 KRRX tokens.
The event will run from 12:00 UTC on January 18, 2022, to 12:00 UTC on January 25, 2022, so make sure to participate before the event ends.
Specifically, you can lock any number of HT tokens from 100 units and receive an additional reward in KRRX tokens for doing so (the reward is calculated according to a formula that you can find on the event page at the link below).
This is a great opportunity for users to experience the upgraded PrimePool and win grand rewards. With simple rules, this event is open to all!
To join the event, all you need to do is visit the link provided and follow a few steps.
Your Kyrrex Team 💚
We are happy to announce that Huobi, one of the biggest and most reputable cryptocurrency exchanges in the world, has listed the KRRX token!
Huobi has already enabled deposits for KRRX holders. You can start making KRRX deposits right now!
KRRX spot trading (KRRX/USDT) will open when the deposit volume meets the requirements for market trading on Huobi. Once the trading volume threshold has been met the commencement date of KRRX/USDT spot trading will be officially announced.
KRRX withdrawals will open at 12:30 (UTC) on January 18
The KRRX token provides a seamless way to interact with services and features on the Kyrrex network. All KRRX holders are entitled to discounted fees, staking benefits, and other special advantages.
KRRX is connected to many inner projects as well as linked to numerous initiatives, including significant partnerships in the sports industry. Currently, Kyrrex intends to expand agreements with MotoGP rider Jorge Martin, Moto2 young talent Pedro Acosta, and paddle athlete Martin Di Nenno.
Moreover, will launch Kyrrex Sport soon. A marketplace for potential athletes' image rights that are represented by fungible tokens (not NFTs) as well as an NFT marketplace for their personal collections.
This listing is a major milestone for Kyrrex as the company aims to make the KRRX token more accessible to users around the world. We are confident that Huobi's high liquidity and solid reputation would be extremely beneficial to our users.
To further improve the Kyrrex ecosystem, we will continue to reinforce existing collaborations and explore new strategic partnerships with industry stakeholders.
Your Kyrrex 💚
The tournament offers a massive prize pool of 50,000 KRRX and guaranteed payouts for 500 winners, providing all participants with the opportunity to come out on top.
The tournament will run from January 17th to February 1st, giving participants ample time to demonstrate their trading strategies and compete for the top prizes.
Don't miss out on this exciting opportunity to win big and register for the tournament today!
1️⃣ Register on the Lot.Trade;
2️⃣ Create a new account on huobi.com;
3️⃣ Create an API key on the Huobi exchange and connect it to your Lot.Trade Personal Account;
4️⃣ Achieve a trading volume of at least 150 KRRX within 24 hours after registration;
5️⃣ Actively trade KRRX from the created profile on Huobi throughout the tournament, until its completion on 01.02.2023;
6️⃣ Wait for the results and get the desired prize
The first 1500 users who successfully complete the registration and trading conditions within 2 days after the tournament begins, will receive a bonus of $10. This is a limited offer, so don't miss out on this bonus opportunity.
So, are you ready to join the Kyrrex and Huobi crypto communities and compete for a prize pool of 50,000 KRRX and guaranteed payouts for 500 winners? Then fulfill the registration and trading conditions now and join our exciting crypto tournament.
Your Kyrrex 💚