Just as the internet began as a modest way to send data and exploded into the single best way to share news, information and entertainment, blockchain and its corresponding cryptocurrencies are undergoing massive evolutions. Tokens represent once such change. Tokens have quickly become a pivotal tool for unleashing the full potential of blockchain for unique platform functions and crowdfunding efforts. Moreover, one type of token, in particular, ERC20, has quickly become the standard used by nearly everyone. Understanding what ERC20 tokens are and how Infinito Wallet supports them is essential for anyone interested in blockchain and cryptocurrencies.
What are Tokens?
As many people know, blockchains such as Bitcoin or Ethereum are distributed ledger systems that store data in a series of transparent and secure blocks. All transactions require the creation of new blocks produced by miners. These miners are incentivized through the issuance of cryptocurrencies unique to each blockchain. The cryptocurrencies have become valuable assets in their own rights.
A token is an asset of a blockchain, usually issued when a new decentralized application is launched. By adding a feature or function to a basic cryptocurrency such Ethereum (ETH), they become tokens. The added features or functions allow the tokens to facilitate a use or action within a specific decentralized applicaiton. Examples of tokens include Basic Attention Token (BAT) which makes it easier to compensate publishers and Augur (REP), which allows users on the Auger platform to create prediction models.
Tokens have increasingly received attention thanks to their role in Initial Coin Offerings or ICOs. When a company or platform that operates on an already existing blockchain aims to raise funds, it creates and releases a token that powers unique functions within its system. These tokens hold value related to the company and unlock activities on its platform.
What are ERC20 Tokens?
Tokens can be made using the basic cryptocurrency of any blockchain. ERC20 stands for Ethereum Request for Comments 20 and refers to functionality and programming norms and coding language standards that tokens on the Ethereum network must follow. It is best understood as an agreed upon token format that was developed by experienced programmers familiar with the needs and nuances of the underlying blockchain.
How ERC20 Became the Standard
ERC20 tokens represent approximately 90% of all tokens available. Before ERC20 tokens were established, every token operated with different programming languages, functions, and standards. The inherent differences made it difficult for programmers and users to predict and understand the ways in which the tokens could be created and used. ERC20 was understood to be the easiest and most complete format for creating and taking advantage of a token. It’s popularity therefore increased and it is now seen as the defacto token standard.
A good metaphor to understand the success of ERC20 tokens might be languages. There is a reason this article is written in English. While thousands of languages exist in the world, for people to come together to exchange ideas and information, there needed to be a shared language. While many languages can and do function, for various reasons including performance, a single one has emerged as the global standard. In this way, ERC20 has become the agreed-upon format for tokens that power platforms.
Infinito Wallet fully supports ERC20 Tokens
Infinito Wallet aims to be a leading universal wallet users need to take full advantage of cryptocurrencies. Besides an ever-expanding list of transactional cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, the wallet also gives particular attention to the needs of those interested in emerging coins and ICOs and therefore also supports all ERC20 tokens.
Infinito Wallet is one of the foundations of Infinito Ecosystem for users to manage crypto wealth, enjoy applications and to make payments securely and seamlessly in few clicks, while businesses can efficiently build and launch successful blockchain innovations. Through our ecosystem, Infinito aims to drive true blockchain mass adoption for both users and businesses by solving the problems of poor experience, interoperability, and general inaccessibility they are facing in decentralized world.
About Infinito Wallet
Positioning as a leading universal wallet for crypto users, Infinito Wallet serves as a gateway for users to maximize usage and potentials of their cryptocurrencies. By selectively expanding our partner network, Infinito Wallet aims to build an ecosystem of practical blockchain services including exchanges, ID/KYC solutions, and other blockchain-related business services. At the same time, we help support communities of developers and businesses with an open blockchain infrastructure of technologies and compliant-ready services, so that they can seamlessly build, launch, and operate innovative products and services efficiently.
Infinito Wallet’s core development team of blockchain R&D experts has intensive professional experience. Currently, our organization consists of more than 300 members including developers, designers, business and marketing specialists. We are promoting research on infrastructure for cryptocurrencies and developers utilizing blockchain.
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