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What is “ERC” by Ethereum (Etharium)? A thorough explanation of major standards!

What is "ERC" by Ethereum (Etharium)? A thorough explanation of major standards!

It is Yuya (@ yuyayuyayayu) of the official Crypto Times writer.

When researching new projects, I often see the word ” ERC token “.

The rough image that this is an Ethernet-based token gets boiled, but the exact mechanism and features are difficult to grasp easily.

So in this article I would like to solve the doubts such as ” What is ERC ” and ” what type of ERC do you have?

What is an ERC token?

The source code of the Ethernet block chain is open to Github, and anyone can build block chains based on this .

Generally, the tokens used in such an Ethernet-based block chain are called ERC tokens .

Examples of famous ERC tokens are Binance Coin / $ BNB and OmiseGo / $ OMG .

Projects planning to develop original code and networks in the future can also issue temporary tokens on the Ethernet network and distribute them via ICO.

The case that applies to such a case is launching the main net from the Ethernet network in the beginning of June, and independent EOS , Tron etc. to the unique block chain can be cited.

What is “main net launch”? TRON / $ TRX explanation about the main net transition procedure! – CRYPTO TIMES

What is "ERC" by Ethereum (Etharium)? A thorough explanation of major standards!
Top 10 ERC tokens with market capitalization | From CoinMarketCap

What does “ERC” stand for?

More precisely, stands for E thereum R equest for C omments the ERC, refers to the smart contract specifications under which to introduce the token on Ethernet Liam block chain.

The numbers after “ERC” indicate the order proposed by Github. It means that it was proposed as 20th for ERC-20, 998th for ERC-998.

Most ERC tokens present at the present stage use the ERC – 20 standard.

However, other standards such as ERC – 223, ERC – 721, ERC – 998 have also appeared, each with different characteristics.

What is the ERC-20 standard?

What is "ERC" by Ethereum (Etharium)? A thorough explanation of major standards! Most of the currently developed Ethernet-based block chains use the token standard called ERC-20, and it is said that the number of currencies is about 83,400.

There is no unique feature in this standard, it has only basic functions such as setting the maximum number of issued tokens or sending and receiving tokens between addresses .

The greatest strength of this token standard is that most of existing ERC tokens use this ERC – 20 standard .

What does this mean? By allowing developers to respond to Dapps and smart contracts with tokens that conform to the ERC – 20 standard, it means that you can save the trouble of processing each token separately .

For example, if you want to develop cryptocurrency wallets or exchanges, you can greatly reduce your work time by matching everything with the ERC – 20 standard token rather than letting each newly appearing token correspond individually each time I can do it.

In summary, ERC – 20 is a standard with basic functions related to the distribution of tokens , and it can be said that the compatibility of the tokens of the same standard is very excellent owing to its high penetration level .

A standard to be an extended version of ERC-20

ERC – 20 is a relatively old standard developed in 2015, and in recent years a draft standard that improves problems existing in the standard and adds new functions has been appearing.

Since such a new standard proposal is compatible with ERC – 20 , integration with existing services can be done comparatively easily .

I will introduce some of the major ones in such extended standards draft.

ERC-223

In addition to the function of the ERC – 20 standard, a modified bug that tokens are left behind in smart contracts is called ERC – 223 token standard.

In addition, this standard is said to be able to reduce network processing fees called gas than the ERC – 20 standard.

However, the above bugs are expected to be fixed in various other matters.

Also, since the tokens using this standard are almost equal to almost none, it is considered difficult to make perfect upward compatibility of ERC – 20 tokens .

Please refer to it because it is written in the following article in detail.

What is ERC 223 that solved ERER 20 of Ethereum (Ethicalam)? – CRYPTO TIMES

ERC-621

In the ERC – 20 standard, the amount of token supply can only be decided once . ERC – 621 is a standard that changes this function and allows the supply amount to be increased (or decreased) as many times as possible .

There are no major projects using this standard yet, but depending on the industry you apply it may be very useful.

On the other hand, if change in supply volume is made by a specific agency, there may be cases where the unconsolidation of the block chain will be impaired.

ERC-827

In ERC – 827 , in addition to the function of ERC – 20, it has the function of being able to delegate the transmission of the tokens possessed by a third party to the third party .

In addition, since permission and transfer of transactions can be performed at once, it is said that this will also save gas.

At the present stage it is still a new function that is difficult to disseminate because hacking incidents occur frequently in exchanges and wallet services, but as the security develops this standard may be active.

ERC-721 Token standard

What is "ERC" by Ethereum (Etharium)? A thorough explanation of major standards!
Representative example of project using ERC-721 token “CryptoKitties”

It is a token standard going on a different route from ERC – 20, there is what is called ERC – 721 .

The greatest feature of this token standard is what is called ” non -substitution ” or ” non-funability “.

What is substitution / funability? “Alternative currency” refers to that the same quantity of currencies has the same rarity and identity .

For example, because 1 yen held by Mr. A has the same value and rarity as 1 yen that Mr. B possesses , the Japanese yen has substitution.

For cryptocurrency, it can be said that most things like Bitcoins and ethers have alternatives.

In ERC – 721, each token has different value. By using this standard, real estate of different value for each property, jewelry of different size and quality, etc. can be linked to each token.

A more detailed commentary on the ERC – 721 and usage examples are also listed in the following article.

What is the characteristic of Ethereum (Ethicalam) ERC721? Compare the difference with ERC 20 and ERC 223 thoroughly! – CRYPTO TIMES

Summary

ERC is the standard of tokens used on block chains based on Ethernet, it was that there were various kinds.

ERC-20 tokens that occupy the majority of existing ERC tokens are the ERC-20 tokens, and this standard is characterized by good compatibility of tokens at wallets and exchanges from the degree of popularity.

In addition, it was that ERC-20 added with extended function and ERC-721 which added non-substitution to token existed.

In addition to the standards introduced above, there are also ERC-998 which can set multiple tokens and ERC-864 which can split and own funability tokens.

Regarding concerning projects, it may be fun to look it up at Github.

Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/what-are-ethereum-requests-for-comments/

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