ERC-20 tokens – technical details of the project

Hi. In this post, we will elaborate on some technical details of the COMM token, more specifically, the ERC-20 protocol it’s based upon. 

Ethereum is a popular cryptocurrency with the second largest capitalization among all cryptos. It offers a coding platform for issuance of new tokens that can be bought, sold, or traded. “Tokens” here refer to a variety of digital assets, such as vouchers, IOUs, or even real-world, tangible objects tokenized. They are essentially smart contracts that share the public chain infrastructure, such as mining and transaction processing. One of the most important popular protocols is known as ERC-20, which has emerged as the technical standard used in many smart contracts for token implementation.

The ERC-20 protocol defines a set of technical rules that all Ethereum tokens adhere to. As a result, it empowers developers to accurately predict how new tokens function within the larger Ethereum system and utilize the existing infrastructure directly. This simplifies and eases developers’ tasks, as they won’t have to reinvent the wheel upon every new token release. So far most of the tokens released through Ethereum Initial Coin Offerings (ICO) are ERC-20 compliant.

COMM is an Ethereum based token supported by all ERC-20 compatible wallets, including but not limited to MyEtherWallet, MetaMask, imToken, TREZOR, Ledger, Mist, etc. It is a digital asset fit for the store and transfer of value and inherits multiple advantages from the Ethereum smart contract platform. As one of the ERC-20 family members, COMM carries good liquidity and can easily interact with any other ERC-20 tokens, as they use a common set of protocols and technical guidelines. It is secure and compliant with all local laws and regulations wherever used. 

The Ethereum block creation time is between 10-20 seconds and adjusted dynamically on a PoW (Proof of Work) based mining difficulty, which is expected to migrate to a PoS (Proof of Stake) algorithm in the future. The transaction is fast and will evolve as the Ethereum network acquires a higher TPS. Moreover, Ethereum smart contracts enable transparent and secure ways to achieve various goals among the token holders. The programming language ‘Solidity’ is Turing-complete, allowing calculations of all computable problems given enough time and memory. All token transfers require an amount of ‘gas’ payment evaluated in ETH. A program aborts if it runs out of gas, which prevents infinite loops and avoids potential Denial of Service (DoS) attacks.

1 thought on “ERC-20 tokens – technical details of the project”

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