These tokens can be issued for various purposes, from being a share to an official or in-game currency. This standard defines a set of rules which is governed by smart contracts that need to be followed by every token on the network. A side benefit of this is that developers can assess the functionality of tokens that are released in the future. The ERC20 token standard can be issued easily to any token, taking away the time-consuming process of recreating it for other tokens.This is different from NFTs as they are non-fungible as every token is not interchangeable, however, with ERC20, every token has the same value (fungible) within the entire Ethereum ecosystem. Some great examples of popular ERC20 tokens are Chainlink, Binance, and Tether. To add to its variety of features, it is compatible with wallets and exchanges without having to do additional things, it can transfer tokens from one account to another. To get the current token balance of an account and also the total supply of the token available on the network.A key feature of the ERC20 standard is that it approves that a specific amount of token from an account can be spent by a third-party account. A famous hacking incident ended up with people losing a total of $31,000,000 million dollars on July 20, 2017. More losses were prevented thanks to a bunch of white hat hackers, who were forced to take the money so that the hackers couldn\u2019t. After which, they returned the Ethereum they took to their respective owners. This all stemmed from the default smart contract code that is given by Parity (Parity provides blockchains with open source technologies to help them scale) clients to initialize multi-signature wallets. In simple words, they exploited the code to restore the wallets and make themselves\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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