This framework is also designed to allow token holders to easily authorize and revoke permission from particular operators who might send and receive tokens on their behalf. Another advanced feature of ERC tokens is the ability to send and receive hooks, which enable smart contracts, addresses, and operators to be made aware of incoming transactions and control and reject which tokens they send and receive. By deploying hooks to accept or reject certain types of tokens, transaction recipients may limit the occurrence of incompatible token type transfers which might otherwise result in tokens becoming lost.
The ERC tokenization standard is backwards compatible with ERC and builds upon its functionality rather than rendering the standard obsolete. As of August , the ERC token standard is one of only a small batch that has achieved a finalized status in the Ethereum community, though it is still not used nearly as often as the de facto gold standard ERC Also finalized, the ERC multi-token standard introduces a powerful smart contract interface that enables smart contracts to manage any amount of fungible and non-fungible token types.
Typically, ERC tokens, ERC tokens, and other token types are wholly managed by their own respective smart contracts. ERC, however, is designed to allow for any number of token types to be supported and managed by a single smart contract.
This functionality has the potential to greatly reduce computational overhead for decentralized applications dApps composed of different types of tokens and smart contracts. For example, the rise of blockchain-based gaming has introduced the possibility for game developers to create potentially thousands of different token types — both fungible and non-fungible — to fulfill various in-game functionalities.
ERC smart contracts are capable of supporting all major Ethereum standards in one convenient location. ERC also allows for new functionalities such as transferring multiple types of tokens in a single transaction, cutting down on overall transaction costs, and increasing transaction speed and network efficiency. ERC is a proposed ERC token standard designed to accommodate blockchain-based recurring subscription models, such as monthly subscriptions to access particular content. Monthly subscription models — and other Software-as-a-Service SaaS models — are widely used by traditional providers of popular web-based services such as editorial content, streaming platforms, cloud-based storage, and countless other applications.
ERC is designed to help bring the same recurring payment structure to the world of blockchain and decentralized services. So, for example, a yearly subscription divided into monthly payments would require 12 pre-signed transactions. ERC focuses on enabling Ethereum wallets to sign recurring payment smart contracts, as well as providing an accessible user interface for managing subscriptions on the blockchain. ERC is still in a draft stage as of , and will likely receive many more changes before its eventual finalized implementation.
Nonetheless, the potential for ERC to usher in a bonafide subscription economy on Ethereum is an exciting prospect for the ecosystem at large. As token standard development and EIPs are ongoing community-driven initiatives, the ERCs discussed here by no means represent an exhaustive compilation, but rather a mere snapshot of ERC token standard development. It is likely that as long as the Ethereum network is operational, an increasing number and variety of tokenization standards will be developed to satisfy all kinds of use cases.
That said, the tried-and-true ERC token standard is still the most widely used as of — and for good reason. Many believe it presents the narrowest surface area for potential attacks, and that other more complex tokenization standards have the potential to increase network congestion or transaction costs. But as Ethereum and its DeFi ecosystem continue to grow exponentially, perhaps the need for more complex, interoperable, and accident-proof tokenization standards might trump the simplicity and ubiquity of established standards like ERC Cryptopedia does not guarantee the reliability of the Site content and shall not be held liable for any errors, omissions, or inaccuracies.
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A qualified professional should be consulted prior to making financial decisions. Please visit our Cryptopedia Site Policy to learn more. Cryptopedia Staff. Is this article helpful? Ethereum ETH. One of the many Ethereum development standards focus on token interfaces. These standards help ensure smart contracts remain composable, so for instance when a new project issues a token, that it remains compatible with existing decentralized exchanges.
Here are some of the most popular token standards on Ethereum:. Know of a community resource that helped you? Edit this page and add it! If you're an expert on the topic and want to contribute, edit this page and sprinkle it with your wisdom. You'll be credited and you'll be helping the Ethereum community! Use this flexible documentation template. Ask us in the content channel on our Discord server.
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|New ethereum tokens||Samuel removed all mentions of the Niners from his Instagram account earlier this month. Fortunately, the vast majority of token developers have fallen in line with ERC rulesnew ethereum tokens that most of the tokens released through Ethereum initial coin offerings are ERC compliant. Gala GALA. Nonetheless, the potential for ERC to usher in a bonafide subscription economy on Ethereum is an exciting prospect for new ethereum tokens ecosystem at large. Locus Chain. Ethereum community members are constantly striving to improve upon existing standards by implementing useful new features and designing functionalities for new use cases. Mine ethereum pro token is on it's merry way towards getting listed on both, CoinMarketCap and Coingecko, as well as many other lesser cryptocurrency listing websites.|
In the example above, we work around this constraint via the convertIndexToAlphetString function which generates a unique alphabetical identifier based on the index of the token in the list, which, in turn, we later map to the token list using the same index.
Etherplex is a library that consolidates the list of the ethers. Let us look at the example below on how we go about retrieving CoinGecko token list balances using Etherplex. Here we dynamically generate the list of balanceOf function calls from the list of tokens before passing it to Ethereplex's batch function.
Unlike GraphQL, Ethereplex works on top of ethers. At the time of this post, Etherplex has not integrated support for the ethers. If this is a requirement for you, I suggest you consider:. The web3. Let us look at the example below on how we go about retrieving CoinGecko token list balances using the BatchRequest method.
Here we add the list of balanceOf contract function calls from the list of tokens before calling the batch. Note that the performance for the batch command may vary depending on the RPC endpoint provider you're using— sendAsync vs send function.
Currently the web3. In this post, we investigated three different approaches you can take to read data from the Ethereum ledger. In our example scenario, GraphQL had the best average performance of ms as compared to the Etherplex library and the web3. I personally suggest using GraphQL, not mainly because of its performance but also for its stability and flexibility. I hope this post inspires you to try using GraphQL for your use case. The GraphQL feature is supported on all our full and archive dedicated Ethereum nodes— sign up with us and unlock unlimited possibility on direct and efficient queries to the ledger.
Have you already explored what you can achieve with Chainstack? Get started for free today. Are you sure you want to hide this comment? It will become hidden in your post, but will still be visible via the comment's permalink. Johan Eliasson - Feb Alex Hernandez - Feb Narottam04 - Jan DEV Community is a community of , amazing developers We're a place where coders share, stay up-to-date and grow their careers.
To learn more about this project, check out our deep dive of Ethereum Chain Token. Ethereum Chain Token is a self-proclaimed fair cryptocurrency that wants to create a system where just being a holder yields rewards. In essence, it is a hyper-deflationary coin that aspires to be a store of value. Its roadmap promises exchange listings, charity programs, partnerships and community contests, which are in line with its announced community-driven approach. The founders of Ethereum Chain Token chose to go down the route of many other hyper-deflationary coins and remain anonymous.
That is underscored by its hold and earn structure that is geared towards returning transaction fees to existing coin holders. This mechanism of rewarding holders at the expense of new transactions has been employed by many deflationary token projects similar to Ethereum Chain Token. Although it does create all the right incentives for holders, its success is dependent on creating a community-driven effort to get enough people to buy the token, something which is easier said than done.
However, no details are given and whether the team will fulfill these promises remains to be seen. Check out Ethereum ETH — one of the most popular cryptocurrencies on the market. Read our in-depth article about Ethereum Chain Token. Get the latest crypto news and latest trading insights with the CoinMarketCap blog. The total supply of ECT is billion. It is worth mentioning that Ethereum Chain Token, unlike other deflationary tokens with a similar structure, does not have a limit on how many coins a single wallet can hold or how many coins can be sold at once.
This makes it more whale-friendly than comparable projects, which can be both an advantage and a disadvantage, depending on your investment approach. It should also be mentioned that the developer wallet of the Ethereum Chain Token project is slightly bigger than that of other deflationary projects, implying the community displays a high degree of trust in the project.
The project website does not provide any information regarding a security audit. ERC is a token standard most new tokens follow when publishing on the Ethereum blockchain.