The same thing goes for wallet providers. As a result, they can talk to your contract and allow people to trade.
#Erc20 tokens code#
So if you want your token to be available on an exchange, the trading market has to write custom code for your token.
Each token contract can be very different from the other. Or even worse that would allow others to steal tokens.Īnd then there is the problem of compatibility. Imagine a bug inside your code that causes people to lose their tokens. So if you made an error you can´t fix it. Once you create a smart contract, you cannot change it anymore. That sounds pretty easy but it’s also quite risky. It also has to be able to transfer them and keep track of people’s balances. Thus, when you want to create your own token, you write a smart contract that can create tokens. It will then give you a certain amount of tokens in return. So to get some tokens you have to send some Ether to the smart contract. It also keeps track of each tokens holder balance. This contract is not only responsible for creating tokens but also for managing transactions of the token. A token can be created by a smart contract. What can you do with a Token?įirst, let’s look at how tokens are made. Tokens can also work like currencies or represent shares of a company or other stuff. But besides Ether, the system can also support tokens. The currency on the Ethereum network is Ether. They aren’t independent and rely on a blockchain. Thus, Tokens benefit from this technology. Therefore, it is capable of storing transactions and also a virtual machine that can run smart contracts. Let´s quickly talk about some basics: tokens exist on the Ethereum platform.
“Complete Guide: ERC20 Token Explained” – Content:
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