“Decentralized Finance (Dead) and Crypto Currency (Kripto) explained: guide for Token ERC-20”
In recent years, the world of finance has undergone a significant transformation, partly thanks to the increase in decentralized technologies. One area that has gained huge popularity is the blockchain -based apps, especially those built on top of cryptocurrency and definite protocol. In this article, we will peek into the basics of the token of cryptocurrencies, gas, defined ERC-20, providing an overview of their importance and cases of use.
What is the Crypto Currency?
Crypto currency is a digital or virtual currency that uses cryptography for safety and decentralized, which means that it is not controlled by any government or financial institution. The most famous curine curine is Bitcoin (BTC), but other popular options include Ethereum (ETH) and Litecoin (LTC). Each crypto currency has its own unique features, cases of use and advantages.
What is definite?
Defines decentralized finances. It refers to a system of financial services operating on blockchain technology, providing access to traditional banking services without the need for intermediaries. Definite protocols allow users to borrow, borrow, invest and trade in a more efficient and safer way.
ERC-20 Token
ERC-20 standard is a token standard of an open code created by Ethereum Labs (Ethereum). It allows developers to build and implement their own blockchain-based apps using Ethereum Framework. ERC-20 tokens are used as a medium of exchange, values stores and can be traded on different exchanges.
How does ERC-20 work?
ERC-20 Tokens are built on top of the Ethereum network and work based on several key principles:
- Tokenomics : The total supply of the ERC-20 token is limited to 100 million.
- Smart Contract
: ERC-20 Standard requires smart contracts to manage the creation, transmission and trading tokens.
- Decentralized Exchange (Dex) : ERC-20 Tokens can be replaced on decentralized exchanges such as Uniswap or Sushiswap.
Gas
Gas is a metering unit for a computer effort needed to carry out a blockchain network transaction. This is basically measuring how much time and resources it is necessary to confirm transactions. Higher gas prices indicate more complex transactions, which can lead to a slower time of transaction processing.
How does gas work?
Here’s an example of how gas acts in practice:
- Creating a transaction : The user wants to transfer ERC-20 tokens from one wallet to another.
- Gas costs Calculation: Blockchain network calculates gas costs based on a transaction complexity (eg transaction number, data size).
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Conclusion
Cryptocurrency, Dead and ERC-20 Tokens revolutionized the financial world, offering a safer, more transparent and more effective way to carry out transactions. Understanding these concepts is crucial for anyone who wants to dive into the world of applications based on blockchain. As the ecosystem defines is still growing, it is crucial to stay ongoing with the latest achievements and technologies that shape this space.
Additional Resources:
- Ethereum.org (Ethereum website)
- COINMARKETCAP (Platform Data on Coin Market)
- Decentralized finances (defined) white paper
- Documentation of the ERC-20 Token
Note: This article is a simplified explanation of complex topics. If you are new in Blockchain and the crypto currency, it is crucial to thoroughly educate yourself before you dive into these areas.
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