Token standard:
ERC-20 & ERC-721 explained!!
Every Web3 developer should know🧵↓
ERC-20 & ERC-721 explained!!
Every Web3 developer should know🧵↓
1/ Token or ERC(Ethereum Request for Comment ) standard is used to defined the standard of writing a smart contract with basic functions.
• Anyone can create their own token using ERC token standard.
• Reduce your attack surface by reusing audited code.
• Anyone can create their own token using ERC token standard.
• Reduce your attack surface by reusing audited code.
2/ fungible VS Non-fungible
Different things have different value.
fungible:
• $1 = $1
• 1 ETH = 1 ETH
• 1 Bitcoin = 1 Bitcoin
Non-Fungible:
• dog != cat
• car != bike
• window != macOS
Different things have different value.
fungible:
• $1 = $1
• 1 ETH = 1 ETH
• 1 Bitcoin = 1 Bitcoin
Non-Fungible:
• dog != cat
• car != bike
• window != macOS
3/ In this Thread we will learn about Two popular ERC standards:
• ERC-20
• ERC-721
• ERC-20
• ERC-721
4/ ERC-20 contract
functionalities:
• It is used to mint fungible tokens.
• transfer and approved minted tokens.
• check the balance of token using holder address.
• you can set a total supply limit.
• you can mint stablecoin and secured tokens.
functionalities:
• It is used to mint fungible tokens.
• transfer and approved minted tokens.
• check the balance of token using holder address.
• you can set a total supply limit.
• you can mint stablecoin and secured tokens.
4/ ERC-20 contract
functionalities:
• It is used to mint fungible tokens.
• transfer and approved minted tokens.
• check the balance of token using holder address.
• you can set a total supply limit.
• you can mint stablecoin and secured tokens.
functionalities:
• It is used to mint fungible tokens.
• transfer and approved minted tokens.
• check the balance of token using holder address.
• you can set a total supply limit.
• you can mint stablecoin and secured tokens.
5/ Utility of ERC-20 Tokens :
• medium of exchange
• Points in Play-2-earn Games.
• voting
• staking
• reward machanisms
Popular ERC-20 Tokens:
• Chainlink
• BAT
• DAI
and etc.
• medium of exchange
• Points in Play-2-earn Games.
• voting
• staking
• reward machanisms
Popular ERC-20 Tokens:
• Chainlink
• BAT
• DAI
and etc.
6/ ERC-721
functionalities:
• it is specialized to mint Non-fungible tokens.
• like ERC-20 , you can transfer , approved and check balance of the tokens.
• you can set a royality on every NFT.
functionalities:
• it is specialized to mint Non-fungible tokens.
• like ERC-20 , you can transfer , approved and check balance of the tokens.
• you can set a royality on every NFT.
7/ Utility of ERC-721 Token:
• NFT Tickets
• Real estate property
• Gaming Asset and collectibles
• Online content
• Private community
• NFT Tickets
• Real estate property
• Gaming Asset and collectibles
• Online content
• Private community
8/ Popular ERC-721 Tokens:
• BAYC
• Cryptopunks
• CryptoKitties
• BAYC
• Cryptopunks
• CryptoKitties
These tweets written by the @Param_eth. He is most proficient Smart contract developer 🔥 as well as a #web3 writter.
Thank you for reading!
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Thank you for reading!
If you found this Thread useful:
- Follow him (@Param_eth) ✅
- Retweet it
- Turn on the notifications
Thanks Everyone 😊
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