ERC20 is a technical standard used for smart contracts on the Ethereum Blockchain when issuing tokens. Currently, ERC-20 technology will be a unified standard for tokens used on the Ethereum Network platform.
What is ERC20?
ERC20 is abbreviated by the word “Ethereum Request for Comments”. This technology is an improvement proposed by the experts and is officially accepted in the Ethereum Network system, and this system has a unique ID code of 20.
It is a technical standard used for smart contracts on the Ethereum Blockchain when issuing Token. ERC20 tokens are created through smart contracts. It manages transactions between wallet addresses and calculates the balance of each wallet address as well as the total number of tokens in circulation and supply.
Features of RBD token based on ERC-20
ERC-20 makes things simpler. Before the ERC-20 code was developed, developers had their terms in the code, many of them had similar names that led to confusion.
Therefore, Red Box will apply to ERC20 to create RBD tokens (Red Box token). ERC-20 sets a universal standard for Red Box, allowing it created RBD tokens to be exchanged or transferred to an automated wallet. ERC-20 also makes it extremely easy to create new tokens.
Token using ERC20 technology when you want to send it to someone will cost a small fee for each transaction. However, the processing speed of the Red Box for each transaction is extremely fast, and the Token types cannot be compared. A big plus in ERC20 technology is the combination of Smart Contracts (Smart Contracts).
This will help you make transactions more secure, in case you send the Red Box Token to another person but the wrong wallet address, this technology will error the wallet address and you cannot send the Token to others. This is great as it will help you to protect your assets as best as possible.
Benefits of ERC20
1. Exceptional speed
Exceptional speed is the first point worth considering. Because built on the Ethereum blockchain platform, ERC20 inherits extremely fast processing speed with an average of only 15 seconds per transaction request.
2. More security
Safety is the second bright spot of the ERC20 standard. A “51% attack” will occur when an organization or individual owns more than 50% of the hash rate of a Red Box token. Meanwhile, to attack the ERC20 standard token, it means controlling over 50% of the hash rate of the Red Box network. This is almost impossible to accomplish!
3. High compatibility and application
In the past, different coins used different standards to create their tokens. This discrepancy causes time-consuming resources to integrate token source codes on exchanges and e-wallet platforms.
Therefore, the emergence of the ERC20 standard is an effective remedy for creating RBD tokens and decoding them easily. This is also the reason why Red Box is the first choice to become an ICO release platform in 2019.