ERC20 is short for “Ethereum Requetst For Coment” This technology is an innovation proposed by experts that has just been officially accepted in the Ethereum Network system, and this system has a unique ID of 20.
Currently, ERC20 technology will be a unified standard for tokens used on the Ethereum Network platform.
Distinguishing tokens using ERC20 technology
You can easily identify what is a regular token and a token using ERC20 technology with the following image.
If you pay attention, the tokens using ERC20 technology will have an additional 0x and these tokens are bought with ETH. These tokens you can easily store at MyEtherWallet and share the same ETH wallet address.
Tokens that use ERC20 technology when you want to send someone a small fee per transaction. However, the processing speed for each transaction is extremely fast that tokens cannot compare.
One thing that I really like about ERC20 technology is combined with Smart Contracts (smart contracts). This will help you transact more safely, in case you send Token to someone else but the wrong wallet address, this technology will report the wallet address error and you can not send Token to others. This is great and it will help you to protect your property as best as possible.
All tokens using ERC20 technology are built on the Ethereum Network’s BlockChain platform. The wallet address of ETH is also the address of the tokens using the ERC20 platform.
Tokens using ERC20 technology are becoming more and more popular. According to statistics at the beginning of 2018, most of the tokens issued to the market were used on the ERC20 platform. In the future, this technology will dominate the market and will be the best platform for developing new types of tokens.