Erc20 list (Popular) – Standard for tokens on the Ethereum Blockchain

Erc20 list Standard for tokens on the Ethereum Blockchain

Erc20 list – ERC20 is a technical standard used in smart contracts running on the Ethereum blockchain to implement tokens. Its name has the following designations:

  • ERC – Ethereum Requests for Comment are network requests for comments;
  • 20 is the sequence number assigned to this request.
What is the standard ERC20

Mostly, most of the tokens issued on the Ethereum blockchain are compatible with the ERC20 standard.

What is the standard ERC20

This is a protocol standard that defines a general list of rules by which tokens are tracked within the larger Ethereum ecosystem. This allows developers to accurately predict the interaction between them. These rules include:

  • methods of transferring tokens between addresses;
  • way to access data in each token.

ERC20 was proposed on November 19, 2015 by Fabian Vogelsteller, who defined the code of these rules.

The ERC20 marker standard has become popular among companies working with crowdsourcing and alternative financing, following the example of the initial coin offer (ICO), due to its ease of deployment, as well as interoperability with other Ethereum standards.

As of May 2018, more than 83,400 contracts have been awarded using ERC20 tokens. Among the most successful sales of ERC20 markers are EOS, Filecoi, Bancor, Qash and Bankex, each of which collected more than 70 million US dollars.

ERC20 marker concept

Ethereum is a decentralized platform, which is built on block-recording technology and is open source. Decentralized applications – Dapps, which partly execute computer codes of smart contracts, function on its basis . All transactions carried out by the network, and the computational costs that are required to process intellectual contracts, are paid for in the system by internal tokens – Ether.

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Some Dapps base their work on tokens of another type – in-dapp, which denote the currency for collecting money through the ICO platform. Ethereum distributed registry has a device that accepts all types of dapp markers, including those that need to create, maintain and transfer digital assets.

The developers have defined and established uniform rules that must be followed in all markers of this standard. Each marker compatible with the ERC20 needs to have the following six functions and two events as part of the interface definition:

ERC20 marker concept

How was it before and what were the problems

As every person on earth has its own uniqueness, so the program code script from different programmers has a different device: they achieve the same end result using different methods, and as a result, different interfaces of the same token are created.

For example, one developer may use the name of the function “pass” to transfer the token, and another developer may use the name of the function “send” to get the same action. This type of fragmentation leads to a lot of redundant duplicates and inconsistent experience for the end user.

Before the standard appeared, all new tokens for ICO had their own mapping functions. Each of them had its own list of values ​​for transmitting tokens, function names and different arguments.

Such fragmentation and uneven coding standards led to a number of problems, for example:

  • Every time a token is specified in a cryptocurrency exchange, you will need to perform the cumbersome task of setting up the necessary interface to integrate a specific token.
  • Interaction with a token assumes a complete knowledge of functions, their names and behavior, so that the user can interact with a specific token.
  • Such a situation creates a situation where it becomes almost impossible to create user-friendly tools for managing tokens.

The new standard ERC20 has taken into account all of the above problems by standardization, and now the specification for creating custom tokens has become uniform and consistent:

  • the standard defines a set of functions;
  • the name of the functions;
  • the arguments they take;
  • the value returned to them;
  • the behavior that is expected from these functions;
  • set of events to be released from the token.
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Benefits of standardizing token specifications

Standardization is the setting of uniform standards for all norms, rules or characteristics. The application and compliance with standards brings about orders in many areas, including cryptocurrency platforms, which have two undeniable advantages:

  • Uniformity of tokens. Standardized tools are created to interact with several types of tokens. For example, developers of markers do not need to create their own tools, even more, they do not need to create their own specifications.
  • Trading listing on the stock exchanges: the standard compatible token can be easily specified on any exchange that supports the ERC20 standard, and trading on the exchange becomes flexible and understandable. The ease of use and ease of maintaining the list on the exchanges led to the creation of an increasing number of ICOs in the Ethereum network, which in turn generated countless innovative projects in the Blockchain space.

And another rather significant advantage is that you can store tokens of one standard in one place. No need to get dozens of different wallets, all coins of the ERC20 standard can be stored on any wallet that supports Ethereum cryptocurrency.

List of popular ERC20 tokens

Ten tokens of this standard, which have the highest capitalization rates, are as follows:

TitleCapitalization, $Price, $Volume 24 hours, $
EOS9 179 080 01810.241,231,200,000
TRON2 858 339 9800.043474270 645 000
Binance coin1,642,263,00214.4079,943,600
Vechain1,555,796,1352.8481 354 100
Omisego935 669 9959.1744 304 900
Icon827 823 1592.1472 321 400
Zilliqa40 372 907 1635.482,986,223,239
Aeternity37,225,476,235159.75888 902 711
Bytom32,436,660,97732.364 176 354 974
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Conclusion or why a single standard is so important

As the HTTP protocol allowed the Internet to scale to today’s level, for the same reasons, the ERC20 standard stimulates the speedy growth of the Blockchain space.

It describes a set of commands that symbolize the network Ethereum ERC20 – this is not technology, not software, not some part of computer code, it is just a standard specification for tokens. If the token implements the prescribed technical specification, it becomes an ERC20 marker.

The ERC20 protocol standard contains the basic functions that any useful token must implement in order to ensure its trading on exchanges. These include:

  • request a balance of tokens at a specific address;
  • transfer token approval;
  • transfer of tokens;
  • total stock of tokens.

Over the past couple of years, the standard ERC20 protocol has played a key role in creating an environment around which the entire Blockchain & Cryptocurrency industry flourished. The protocol contributed to the adoption of the necessary standardization, which rapidly accelerated the development of hundreds or even thousands of DApps (distributed applications) on a universal platform.

The fact that the cryptoindustry has achieved such success, in many respects became possible only due to the appearance of the standard ERC20 protocol. If you combine the indicators of market capitalization of Ethereum and all ERC20 tokens, the resulting figure, which will easily remove Bitcoin from its multi-year first place.

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