{"id":8515,"date":"2022-09-28T18:38:24","date_gmt":"2022-09-28T18:38:24","guid":{"rendered":"https:\/\/mdr.foobrdigital.com\/?p=8515"},"modified":"2022-09-28T18:38:24","modified_gmt":"2022-09-28T18:38:24","slug":"types-of-token-standards","status":"publish","type":"post","link":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/2022\/09\/28\/types-of-token-standards\/","title":{"rendered":"Types of token standards?"},"content":{"rendered":"\n<p>Ethereum provides a token standards list described in ERC format and a number. ERC stands for Ethereum Request for Comment and refers to a technical document that blockchain developers can reference when writing Smart Contracts and building dApps.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The ERC-20 Standard<\/h3>\n\n\n\n<p>The most common Ethereum token standard is ERC-20. This set of guidelines allows developers to build applications with their own unique token, which is interoperable with other products and services.<\/p>\n\n\n\n<p>The ERC-20 standard specifically relates to fungible tokens within Ethereum. Fungibility is one of those words that you rarely encounter in general conversation but is used a lot within crypto. It describes something that is mutually interchangeable, like money. One \u20ac10 note is fungible for any other \u20ac10 note.<\/p>\n\n\n\n<p>So ERC-20 tokens that follow the documented standard are interchangeable. Devised by Fabian Vogelsteller in November 2015, they provide an API for tokens within Smart Contracts providing the following standard functions:<\/p>\n\n\n\n<ul><li>transfer tokens from one account to another<\/li><li>get the current token balance of an account<\/li><li>get the total supply of the token available on the network<\/li><li>approve whether an amount of token from an account can be spent by a third-party account<\/li><\/ul>\n\n\n\n<p>Though the ERC-20 standard might seem a bit abstract, its importance should become a little clearer when you think about the sort of things they enable. They drove the explosion of ICOs, DEFI and are pivotal in Play-to-Earn games providing:<\/p>\n\n\n\n<ul><li>Proxies for fiat money such as Stablecoins e.g USDT<\/li><li>Synthetic versions of commodities like gold<\/li><li>Reward or Points systems in games or e-commerce<\/li><li>Lottery tickets<\/li><li>Financial assets<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">ERC-777 Token Standard<\/h4>\n\n\n\n<p>As powerful as the ERC-20 standard, there was room for improvement addressed in an additional fungible token standard, ERC-777. The ERC-777 standard makes it more efficient for Smart Contracts to send and receive tokens through Hooks.<\/p>\n\n\n\n<p>Hooks combine what were two messages &#8211; sending tokens and notifying a contract &#8211; into one, adding the ability to reject transactions. ERC-777 also addressed confusion around the use of Decimals.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">ERC-223 Token Standard<\/h4>\n\n\n\n<p>Another flaw in the ERC-20 standard was the ease of mistakenly sending tokens to a contract address rather than a wallet address. That problem was highlighted by a Reddit user and addressed with the ERC-223 standard, which enables transactions to contracts and wallets that perform the same function.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum provides a token standards list described in ERC format and a number. ERC stands for Ethereum Request for Comment and refers to a technical document that blockchain developers can reference when writing Smart Contracts and building dApps.&nbsp; The ERC-20 Standard The most common Ethereum token standard is ERC-20. This set of guidelines allows developers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[587],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8515"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=8515"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8515\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=8515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=8515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=8515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}