Find me on Steemit: www.steemit.com/@heiditravels
Twitter: @blockchainchick
Instagram: @hheidiann

Thinking about purchasing a Ledger Nano Hardware Wallet? Browse their official website: https://www.ledgerwallet.com/r/67ef

LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW

ERC20 Tokens for Dummies Tutorial: https://www.youtube.com/watch?v=hrwXThR7mUc

How to Check if it’s an ERC20 token: https://ethplorer.io/

What is the ERC20 Token Standard: https://nulltx.com/what-is-the-erc20-ethereum-token-standard/

Ethereum Wiki for ERC20 Standard: https://theethereum.wiki/w/index.php/ERC20_Token_Standard

Comparing ERC20, ERC223 and ERC777 Standards: http://icocrowd.com/comparing-erc20-erc223-and-erc777-ethereum-token-standards/

Hear from the ETH Dev Who Proposed ERC223: https://www.cointelligence.com/content/comparison-erc20-erc223-new-ethereum-erc777-token-standard/

Reddit/r/ethdev for ERC223 Role out: https://www.reddit.com/r/ethdev/comments/6zhagu/new_token_contract_erc223_vs_erc20/

Taking a step back, Ethereum was actually developed in order to facilitate these tokens’ very existence. For a long time now, the team behind Ethereum had their sights set on building a platform that hosts many different dApps, or decentralized applications. That is essentially what these tokens on Ethereum’s blockchain represent. They are the units of value that give you the ability to partake in the application with which it is associated.

If you want to move these tokens out of this Ethereum address, or wallet, you can import this wallet onto MyEtherWallet.com. I’ve conveniently put together a video that goes over all of this in detail, it’s called Storing ERC20 Tokens for Dummies, but I know you’re not a dummy, you know what ERC20 tokens are so that puts you way ahead of the game at this point.
https://www.youtube.com/watch?v=hrwXThR7mUc

If you’re ever curious if a coin is actually a coin, or if its an ERC20 token that is a part of Ethereum, all you have to do is visit ethplorer.io and type the name of the coin/token into the search bar. If it is recognised and you’re shown its statistics, you know that it is indeed an ERC20 token.

Why the name ERC20?
ERC stands for Ethereum Request for Comment. The number 20 refers to the request number.
Let me break it down for you. There are a whole bunch of projects who have chosen to launch their tokens on the Ethereum blockchain. These tokens ultimately need to have some sort of common qualities, capabilities because they are all using the Ethereum Blockchain. If these tokens have a set protocol, it is easier for things like wallets and other platforms to support them.
In order to establish which functions these tokens can have, there needs to be a standard by which they will abide. These standards are proposed by Ethereum developers and can be viewed on the Ethereum Github, since Ethereum is indeed an open source platform. Without a doubt, the most common of these proposed standards is the 20th Ethereum Request for comment. That is the tokens that have been designed with the ERC20 standard.
However, this does not mean that this standard is perfect. In fact it actually has some issues that have led to the loss of over a million of dollars worth of tokens.

Here’s the issue. These tokens work with the Ethereum Blockchain by utilising smart contracts. If you’ve ever participated in an ICO for an ERC20 token for example, you sent your Ethereum to a smart contract. Once the token sale was finished, you were allocated your tokens according to the agreement of that smart contract. Also, if that token sale failed to meet its minimum cap, you should have been refunded your investment.
The thing with smart contracts is that they have their own specific addresses also, addresses like those for Ethereum wallets. These contract addresses were not designed to receive tokens. So if you were to accidentally send a token or a number of tokens to a contract address, those tokens would be withdrawn from your wallet and then lost in a sort of limbo, where no one can retrieve them. This is how millions of dollars worth of tokens have been lost.

The Ethereum Requests for Comment did not stop at 20. In fact there are several hundreds. There are some which have been created that address this specific issue. ERC223 and ERC777 take different paths that aim to achieve the same solution. I’ll be providing links down below for those of you who wish to venture down this rabbit hole. But in the meantime it’s good to know that this problem is being addressed and many different solutions now exist. The trick is getting the popular applications and wallet platforms that interact with the Ethereum blockchain to begin implementing the needed changes to support these new protocols as well.

source

RELATED ARTICLESMORE FROM AUTHOR

38 COMMENTS

  2. Can I suggest a passive income site to you? Arbitraging. If you’d like more info, I can get you in touch with the ceo, I’m sure he would be glad to talk to you. This platform is gonna be huge. Lmk

  3. Cool video and great ERC-20 introduction! What about ERC-721 standard? After Crytpokitties we are hearing a lot about non-fungible tokens. I believe the potential is huge with NFT's. What do you think?

  4. I like erc721 but I don't really see the point of replacing erc20 with the erc223 standard. erc20 works perfectly when implemented correctly. Losing funds because of decentralized echanges using the wrong transfer function seems to be a thing of the past now that all of them use the correct one. Having used zrx based exchanges a few times and never had an issues I still tell everyone send a test transaction first using a small amount of tokens! Coinbase is integrating ZRX based exchanges so I think erc20 is probably the most trusted standard right now. Loom, Delegatecall token and NAGA coin are all using the erc20 standard also. What if erc223 has unforseen bugs? with erc20 you know what you are getting.

  12. I am having issues with sending tokens from ETH Fork Delta and Meta Mask and slow sends that fail but I still am being charged for failed sends after I bump up the gas fee .. ETH Fork Delta is so slow that you may hit the icon for a move/send and you may repeat many times now knowing you are being charged for every hit until it shows on the Etherscan log.. I sent snap shots to Meta Mask Help about this .

  13. ERC20 tokens are great! Always helping with them is ethereum. Many ICO's like fr8networrk and coins like coinpoker run of those and benefit the whole ecosystem! Maybe other companies will get into the loop with them. I guess for now muirfield investment partners and Microsoft will just look at blockchain technology.

  18. wow girl, that place looks crazy, I love to travel and I found something very interesting, Smart Trip Platform!! You should definitely check it out!!! it combines love towards the traveling and crypto! 😀

  19. thailand i still need to get to, anyways good information about the ERC20 tokens, i have not invested in them but have looked at in the past, always good to have a refresh of information on all projects, keep up the good work sincerely JR of Exciting World Cryptos

  22. Thank you Heidi for the ERC-20 introduction, I believe this kind of videos will help adoption of cryptocurrencies, which will benefit us all. Keep up the good work (and thank you for sharing some amazing locations around the world)

  24. Wow, such a nice video. Love the look in the future! 😀 Fingers crossed that everything goes smoothely. Hate the fact that here are still some fake tokens. Before every purchase the best solution is to investigate that token. You can find everything on the web. You should definitely take a look on TASH token, it's for Smart Trip Platform, perfect for crypto travelers. Looking forward to hear your thoughts on it.

  25. Omg, watched this and the dummy ERC video. I’m still to scared to try and move my ICO tokens to an exchange! Maybe I’ll just leave them there and put them in my last will and testament lol

  26. So I am super jealous of your travels and Ive been thinking about saving up to make a trip to asia for a couple weeks. could you give me some insight on how much it typically costs to stay in these places? another great video as always

  29. [OCD Triggered] Beautiful and deadly. When people focus on one aspect of anything they effectively open a door to hell – history is littered with examples. It's always both.

  33. I always hit the love button n always learn something.thank u very much as always.keep up the great work.u r for sure living life to the fullest n seems like u r really enjoying it.good for u thats awsome.peace

  36. wow so nice, how beautiful view, can't even think about what truth you are talking about erc20? tokens "will" make our life easier (someday in a near future) like different types of fiat money do today … Enjoy 😉

  37. This still seems way to hard. It doesn’t seem like there’s been any innovation or progress in the crypto market in regards to storage (hard wallets) or general usage in the last year. If anything hard wallet companies have all unilaterally given up on the market imo.

LEAVE A REPLY

Please enter your comment!
Please enter your name here