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Top 5 ERC Standards You Need To Know

Here is a list of top 5 ERC standards that you should know before developing a token of your own.<br>

Brian_Richards
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Top 5 ERC Standards You Need To Know

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  1. Top 5 ERC Standards ThatYou Need To Know www.securitytokenizer.io

  2. Introduction: • It is just a set of rules to instruct the people on how to create, develop and deploy an Ethereum token on their existing Blockchain technology. • There are some popularly used ERC standards that is used to define a set of functions for a token type, and smart contracts in order to operate in a predictable way. • Below mentioned are a list of popular ERC token standards that are widely being used in the crypto industry by several Ethereum token development service providers. i) ERC-20 ii) ERC-998 iii) ERC-1155 iv) ERC-223 v) ERC-721

  3. ERC-20: • ERC-20 is a common token standard that got its first approval in the year 2015. • It is the most widely used standard for Ethereum-based tokens and so it is preferred for many coin and token offerings. • It is mainly used to develop and issue smart contracts based on Ethereum blockchain network in which smart contracts are used to create tokenized assets where several people can invest. • Such lucrative facts has led to a huge demand for ERC20 token development service providers.

  4. ERC-223: • ERC223 tokens are compatible with ERC20 tokens. • The functionalities of ERC-223 are similar to ERC20 which makes the smart contracts that operates in ERC-20 suitable to work with ERC-223. • It lets its users to transfer the tokens to wallets and smart contracts with the same function and also require only half the gas when compared to ERC-20. • This standard offers it user the ability to accept or reject tokens arriving at their smart contracts.

  5. ERC-998: • This ERC-998 token is an extension of the ERC-721 standard’s functionalities. • It is widely used in creating non-fungible tokens. • The NFTs which are created based on the standard ERC-998 will let its users have the ability to own other NFTs of the ERC-20 token standards. • The major advantage with this standard is that using a single ERC-998 token, a set of similar assets of ERC-20 tokens or ERC-721 tokens can be represented and it can be transferred in a single transaction.

  6. ERC-1155: • It is the first token standard to introduce the idea of semi-fungibility i.e, it supports both fungible and non-fungible tokens. • This standard allows transferring a huge amount of native fungible tokens as well as non-fungible tokens in a single smart contract with the same address. • This simplifies the transaction process.

  7. ERC-721: • ERC-721 is a token standard that the developers use as it makes the writing the code more easier and it can also be reused. • It assists in locating the identifiers using the access of mapping an unique identifier address. • It also helps its users in transferring the assets in an easy way.

  8. Conlusion: If you are planning to launch your own token based on the above standards, then it is advisable to get assistance from a professional Ethereum token development company like Security Tokenizer, so that you will be able to create a token that meets all your business requirements. www.securitytokenizer.io

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