Distinguish Ethereum platform tokens and other tokens: wallets support storage of ERC20 tokens

ERC-20 is a technical standard used for these smart contracts on the Ethereum Blockchain when issuing Token. ERC20 stands for “Ethereum Requestst For Comment”, this technology is an innovation proposed by experts that has been officially accepted into the Ethereum Network system and the system has a unique identification code is 20 .

Development history of ERC-20
ERC20 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 tokens generator become more popular when start-ups raise capital through ICOs (first coin issuance).

Distinguish ERC20 Token and Regular Token
You can easily tell what is Ordinary Token g and where are Token uses ERC20 technology by picture 2 below:

Ordinary token wallet address
Ordinary token
Ordinary token
ERC-20 token wallet address
Token ERC20

If you notice, the Token wallet address using ERC20 technology will have an additional 0x allocation and these tokens are bought with Ethereum (ETH) . These types of tokens can be stored in the MyEtherWallet wallet (and a few other wallets I’ll talk about below) easily and share the same ETH wallet address.

When you access an Ethereum wallet app, you can fully see the tokens you have, and these ERC20 assets are shared with the same receiving address as your Ethereum address. All ERC20 tokens are traded on the Ethereum network.

The 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 that other types of tokens cannot compare. An advantage of ERC20 technology is the combination with smart contracts. This will help you trade more securely, in case you send a token to someone else but the wrong wallet address, this technology will report a wallet address error and you will not be able to send the token to others. This is great as it will help you protect your assets in the best possible way.

Which ERC20 tokens are stored in which wallets are safe?
ERC20 token storage wallet

As I mentioned earlier, all ERC20 tokens are stored in the same Ethereum wallet address, of course this wallet must already be ERC20 compatible. Because many of you are still confused that ERC20 Token can be stored in Coinbase hay services because they also support ETH, but it doesn’t, this wallet must support ERC20 Token development company, you can use it to store ERC20 Token. Here are some types of wallets you can use to store the ERC20 token:

MyEtherWallet (MEW) : This is one of the most popular web wallets (online wallets) currently, however, the security of this wallet is quite “banana” and many people have been attacked by hackers who take all the tokens. To overcome this situation, you need to add Metamask to it. See detailed instructions here .

Metamask — This is a Chrome browser plugin, this wallet can be easily downloaded and installed in Chrome, you can also create your own wallet or integrate via MEW as above.

ImToken — This is a mobile wallet, ImToken currently has both versions for iOS and Android. I personally consider this type of wallet more secure that you should use to store ETH and ERC20 tokens, because often the applications on mobile devices are very secure, especially iOS. I am writing an article on how to install and use the ImToken wallet, you can follow the category “ Wallet ” on the Virtual Currency Blog to get the earliest update.

Fog and parity : These are two types of wallets installed directly on your computer, this wallet has very few users, so I do not follow the instructions.

You can download below:
Link to download the Mist wallet
Link to download the Parity wallet

Trust and Encryption : These are 2 types of wallets on mobile, it’s also not popular, so I don’t follow the instructions, you can download and experience below:
Trust : IOS and Android
Figure : IOS and Android

Also , when these ERC-20 tokens are listed on exchanges then you can transfer to the exchange’s wallet for easy trading and storage on it, however if you are not a trader but just long term storage you should place these wallets.

conclusion
Ok, above is the article “ What is ERC20 Token? Distinguish Ethereum platform token and other tokens: Some wallets support ERC20 token storage “ I hope to give you a lot of useful information, these are the basic knowledge you need to know when entering to the cryptocurrency market, especially when investing in ICO projects”. erc20 token development