Tag Archives: Ethereum

What is ERC20 Token?

ERC-20 tokens have existed since 2015, but only recently it was formalized by Ethereum developers. So now we can speak of a true token standard, instead of just a way for developers to create their own tokens over the Ethereum network.

The reason why ERC-20 tokens were formalized just now is because of increased interest in ICOs. The official adoption of a standard came as Ethereum Improvement Proposal 20 was finally agreed upon. EIP20 also included the creation of a specialized API for easier deployment of tokens and smart contracts.

ERC stands for Ethereum Request for Comments, a handle for a clarification on how developers should deploy smart contracts.

And since smart contracts still need a human intellect to sort out the sending of value. So the ERC20 standard contains a few main points:

transfer of tokens by the owner
transfer of tokens on behalf of the owner
getting data about the token
token events
The above tasks are achieved by a set of six functions and two events that build up a smart contract. And this is all it takes to build a basic token. This is how most ICO tokens are built. For developers, there are additional requirements for formatting.

Here is how setting up an ERC-20 contract looks in code:

Before it became a standard, ERC-20 was simply an approach by developers who wanted to create their own transferable tokens. But tokens that differed from the standard created some problems on the Ethereum network- mostly because they allowed simple user mistakes that led to sending tokens to the wrong address, rendering them irretreivable.

So what difference does ERC-20 make? Older tokens might have been written in a way that they can be incompatible with other projects. When all tokens follow a similar standard, this could ease the movement of tokens between different distributed app (dapp) projects.

For now, tokens are locked inside their respective projects and each project usually creates a token. With ERC-20 used across the board, at least in theory tokens could move between projects.

ERC-20 for Users

The simplest benefit for users is that MyEtherWallet and Etherscan can be used to easily hold and track Ethereum-based tokens. This is possible even now, but it remains to be seen what developers to do make the experience smoother.

There were losses reported due to sending tokens the wrong way, and this ERC-20 thread sheds some light on the developers’ community approach to making the funds move correctly.

Remember that cryptocurrencies are still a new technology with enough glitches. No matter the promises, always test addresses with a small transaction to see the expected result before committing further funds. The ERC-20 tokens may be an improvement, but always be aware that you are your own banker when it comes to cryptocurrencies, so always mind the potential error when it comes to sending and receiving funds.

Australians Can Now Purchase BTC, ETH Across 1,200 Newsstands In Win For Adoption

Australian cryptocurrency exchange Bitcoin.com.au has made buying Bitcoin (BTC) and Ethereum (ETH) for fiat possible in more than 1,200 newsstands across Australia starting Thursday, March 1, local news outlet 9Finance reports. Bitcoin.com.au, which has been in operation for around 18 months, describes itself on its website as “one of the first independent Bitcoin exchange networks in Australia.” Today, March 1, is the first time the exchange has offered purchases of ETH, having previously only hosted BTC transactions on its site. Rupert Hackett, CEO of Bitcoin.com.au, sees introducing BTC and ETH for purchase in more in familiar retail environments as a way to make people more comfortable with cryptocurrencies in general. In order to buy crypto from a participating Australian newsstand, consumers need to first acquire a crypto wallet, and then scan their wallet’s QR code with the newsstand’s iPad mini. The exchange has set up a minimum buy of 50 AUD (about $39 USD) worth of BTC or ETH.

Reference: https://cointelegraph.com/news/australians-can-now-purchase-btc-eth-across-1200-newsstands-in-win-for-adoption

E-Commerce Giant Rakuten to Launch Cryptocurrency Rewards Program

Leading Japanese e-commerce platform Rakuten will transition its rewards program to a blockchain-based system featuring a company-developed cryptocurrency. Rakuten CEO Hiroshi “Mickey” Mikitani made this announcement at the Mobile World Congress in Barcelona, according to a TechCrunch report, explaining that the token would be called Rakuten Coin. Rakuten Coin will replace the Tokyo-based company’s current “Super Points” program, which has long been regarded as one of the most robust loyalty programs in the e-commerce ecosystem, and its customers have collectively earned approximately $9.1 billion in points over the program’s 15-year history. Mikitani did not announce a release date for Rakuten Coin, but he previewed that it will be integrated into all of the firm’s many subsidiaries, which include Ebates, PriceMinister, and Viber. At present, it is unclear whether Rakuten Coin will run on its own, company-controlled blockchain or whether it will be built atop another blockchain — such as Ethereum, Stellar, NEM, or NEO — using smart contracts.

Reference: https://www.ccn.com/e-commerce-giant-rakuten-launch-cryptocurrency-rewards-program/

Hacker Returns 20,000 ETH to Coindash

Coindash has announced that 20,000 ETH have been sent to the company’s wallet from the address associated with the hacker that stole approximately 37,000 ETH during the company’s ICO last year. The transaction constitutes the second instance in which the hacker has returned funds to Coindash. The transaction comprises the second time that the hacker has returned funds to Coindash, as 10,000 ETH tokens were sent to one of Coindash’s Ethereum wallets on September 19th, 2017 – then equating to approximately $3 million.
Ironically, the hack suffered by Coindash last year, then described as “damaging event to both our contributors and our company,” now appears to have been responsible for the company netting a significant dollar-value increase in capital. Following the most recent transaction, the combined dollar-value of the returned 30,000 ETH at the time of respective execution equates to approximately $20 million – or double the fiat-value of the stolen ETH at the time of the theft.

Reference: https://news.bitcoin.com/hacker-returns-20000-eth-coindash/

Crypto Markets Continue To Fall, But Not By Much

Sunday, Feb. 25: the crypto markets are down almost all across the board, but not by very much. Of the top ten coins listed on CoinMarketCap, no coin is down more than 5 percent in the 24-hour period by press time. Only altcoins Litecoin (LTC) and IOTA out of those top ten coins are in the green. Litecoin is trading for about $208.53, up almost 2.8 percent over a 24-hour period by press time. IOTA is up even more, roughly 5 percent over a 24-hour period, trading for about $1.80 by press time. Bitcoin (BTC) has spent the past day and a half below $10,000, a mark that it had broken through again on Feb. 15. This week saw BTC almost hitting $12,000 before slowly dropping until it hit an intra-weekly low today. BTC is currently trading for around $9,552.92, down a little more than 3 percent over a 24-hour period by press time. Ethereum (ETH) is down 1.21 percent over a 24-hour period by press time, trading for around $827.65.
Total market cap is almost $420 bln by press time, down from the intra-week high of over $500 bln, but higher than the intra-week low thus far of around $417 bln.

Reference: https://cointelegraph.com/news/crypto-markets-continue-to-fall-but-not-by-much