What is ERC20 Token? Distinguish Ethereum platform tokens – wallets support ERC20

“ERC20 Token” – surely this is a phrase that you have heard a lot about when investing in ICO projects developed on Ethereum’s Blockchain platform, right? So “What is ERC20 Token?”, How to distinguish ERC-20 Token from other types of Token? And what types of wallets support ERC20 Token storage? This article will find out with you!

What is ERC20 Token? Distinguish Ethereum platform tokens and other tokens - wallets support ERC20 Token storage
What is ERC20 Token? Distinguish Ethereum platform tokens and other tokens – wallets support ERC20 Token storage
What is ERC20 Token?

ERC-20 is a technical standard used for smart contracts on the Ethereum Blockchain when issuing tokens. ERC20 stands for “Ethereum Requetst For Coment”. This technology is an improvement that has been officially accepted by experts in the Ethereum Network and has a unique ID of 20.

Development history of ERC-20

ERC20 was proposed on November 19, 2015 by Fabian Vogelsteller. It defines a general list of rules that an Ethereum Token must follow. Giving developers the ability to program new tokens to work in the Ethereum ecosystem. ERC-20 Token became more popular when Startup companies raised capital through ICOs (initial coin issuance).

Distinguish ERC20 Token and regular Token

You can easily tell which is the normal Token and where is the Token using ERC20 technology by image 2 below:

Ordinary Token wallet address

Địa chỉ ví của Token thông thường
Địa chỉ ví của Token thông thường

Wallet address of ERC-20 Token

If you notice, the address of the Token wallet using ERC20 technology will have an additional 0x and these tokens are purchased with Ethereum (ETH). These types of Token you can store at MyEtherWallet wallet (and some other wallets I’ll talk below) easily and share the same ETH wallet address.

When you access an Ethereum wallet application. You can completely see the tokens you are holding, and these ERC20 assets are shared with the same address as your Ethereum address. All ERC20 tokens are traded on the Ethereum network. Therefore an ETH address is also the address of those tokens.

Token that uses ERC20 technology when you want to send it to someone will cost a small fee for each transaction. However, the processing speed for each transaction is extremely fast, which other Token types cannot compare. One advantage of ERC20 technology is the combination with smart contracts. This will help you trade more safely. In case you send a Token to another person but the wallet address is wrong, this technology will report the wallet address error and you cannot send the Token to others. This is great as it will help you to protect your assets as best as possible.

Which ERC20 tokens are stored in which wallets are safe?

As I mentioned above, all ERC20 tokens are stored at the same wallet address of Ethereum. Of course this wallet must support ERC20 already. Because quite a few of you are still confused that ERC20 tokens can be stored on Blockchain or Coinbase because they also support ETH, but not so. This wallet must support ERC20 Token, so you can use it to store ERC20 Token. Here are some types of wallets you can use to store ERC20 Token:

MyEtherWallet (MEW): This is the most popular web wallet currently, but the security of this wallet is quite “banana” and there have been many hackers who took all their tokens. . To overcome this situation, you should integrate more Metamask.
Metamask: This is an addon of Chrome browser, this wallet you can download and install easily on Chrome, you can also create your own wallet or integrate through MEW as above. .
ImToken: This is a type of Mobile wallet, currently ImToken has both versions for IOS and Android. I personally think this is the safest type of wallet you should use to store ETH and ERC20 tokens, because mobile applications are highly secure, especially of iOS. I am writing an article on how to install and use ImToken wallet, you can follow the “Wallet” section on the Virtual Money Blog to update it as soon as possible.
Mist and Parity: These are two types of wallets installed directly on your computer, this wallet is quite few users, so I did not follow the instructions. You can download below:
Link to download Mist wallet
Link to download Parity wallet
Trust and Cipher: These are two types of wallets on Mobile, it is also not popular so I do not follow the instructions, you can download and experience below:
Trust: IOS and Android
Cipher: IOS and Android
In addition, when these ERC-20 tokens are listed on exchanges, you can transfer them to the wallet of the exchange for easy trading and storing on it. However, if you are not a trader and only store long term, you should keep in the above wallets.

conclude

Ok above is the article “What is ERC20 Token? Distinguishing Ethereum platform and other tokens – Some wallets support ERC20 Token storage ”hope to bring readers a lot of useful information, these are the basic knowledge you need to know when you leave the market. crypto school. Especially when investing in ICO projects. Do not forget to Like, Share below. If you have any questions, you can leave below the comment I will answer.

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