In 2015, Fabian Vogelsteller introduced ERC20 which is a technical standard to implement smart contract on the Ethereum blockchain platform. According to etherscan.io, up to 01/07/2019, there is a total of 196,973 tokens on the Ethereum network that is compatible with ERC20. This number shows the popularity, high usability and the huge potential of this standard.
ERC20 compliant tokens come with 3 main benefits which promise the best experience for users.
Speed is one of the advantages of ERC20. As the standard is built on Ethereum blockchain, ERC20 inherits the impressive processing time with an average 15 seconds for each trading request (average block time: 15s).
ERC20 also has higher security comparing to the cryptocurrencies using other technical blockchains. While miners can execute a 51% Attack to small coins, it is much more difficult for ERC20 compliant tokens as they must break through Ethereum Network first.
*51% Attack refers to an attack on a blockchain. When a group of miners control more than 50% of the network’s mining hashrate or computing power, the attackers, then, would be able to control transactions, even reverse them.
3. Compatibility and Usability
Before 2018, as each coin used a separated standard to create its tokens, this difference increased the complexity for any trading platforms when they wanted to integrate new tokens to their crypto-wallet or system. Using ERC20 helps solve this problem by mitigating the new token creating process and making it easier to decrypt. This is also the reason why Ethereum and ERC20 are the most popular choice among ICO (Initial Coin Offering) projects.
Remitano will support ERC20 from July 03th, 2019
Remitano will officially support ERC20 compliant USDT Wallet to bring the fast and reliable experiences to its customers. Users can choose between the Omni and the new ERC20 standard.
Please note that the ERC20 compliant addresses start with “0x” (Ethereum format), while OMNI compliant tokens’ addresses start with 1 or 3 (Bitcoin format).
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