Blockchain 100 Talk: How To Understand The ERC20 Token Contract
We briefly introduce Various ERC protocols Among them, it can be said that the ERC20 token contract is a term that has been heard a lot in the issuance of coins, when it comes to issuing coins, you will think of this contract. In this article, we will introduce in detail how to understand the ERC20 token creator contract.
ERC-20 was originally an attempt to provide a common standard of features and interfaces for token contracts on Ethereum, and has now proven very successful. ERC-20 has many benefits, including allowing wallets to display account balances for hundreds of different tokens; creating a trading tool can add more tokens to the table by simply providing the token contract address. The benefits of creating ERC-20 compliant tokens are so great that few token contracts are currently created in other ways.
What is a symbolic contract?
The account balance represents a value defined by the creator of the contract: a token contract can use the balance to represent a physical object or to represent other monetary value, and can also represent the reputation of the holder. The unit of balance is usually called a token.
Token balance address list
When the token is transferred from one account to another, the token contract updates the balances of the two accounts. For example, transferring 10 tokens from 0x2299…3ab7 to 0x1f59…3492 will cause the balance list to update as shown below:
If the token contract allows it, there are two options to change the total number of tokens. The total number of tokens can be increased by releasing new tokens. For example, 100 tokens are minted for the address 0x4ba5…ae22. The balance change is shown in the following figure:
The total number of tokens can also be reduced by “destroying” eg 0x4919…413d destroying 50 tokens will cause the balance to change as follows:
Another way to destroy the token is to send it to an address that has not created a private key, usually address 0. This will make these tokens unusable. In this sense, it has the same effect as destroying the token, but it does not reduce the total number of tokens. For example, 0x93f1… 1b09 destroying 50 tokens in this way will result in the balance shown in the figure below:
A simple token contract stores the above information in a mapping from address to balance. When more complex scenarios arise, such as dividends, alternative structures or complementary structures, erc20 token generator they tend to be stronger. However, regardless of the details of the operation, the externally visible token balance is always as shown in the figure above.
ERC20 Token Contract Definition
The ERC20 contract is defined by the contract address and the total number of available tokens, but usually also provides some optional elements, but also provides users with more details. Like the token name, symbol, decimal place, etc.
Before we delve in, let’s be clear: there is no centralized registry for token contracts, so the uniqueness of specific names and symbols cannot be guaranteed. Once you have created a token contract, you need to request to add it to public sites like Etherscan, MyEtherWallet, and CoinMarketCap. Of course, making sure you follow the instructions on the website will maximize your chances of being accepted.
The name of the token contract is the full name of the token, such as “My token”. There is no limit to the length of the name, but if it’s too long it may be incomplete in some wallet apps, so it’s best to keep the name concise.
The token contract symbol is the symbol for the token, such as “MYT”. It is roughly equivalent to a stock ticker.
The concept of decimal places is often easy to confuse and is easy to understand through explanation. Decimal places represent the degree of divisibility of a token, and decimal places can take values from 0 (completely indivisible) to 18 (nearly continuous), or even higher. Technically speaking, the number with decimals is the number that is displayed on the screen after the decimal point. The importance of the existence of decimal places is that Ethereum does not handle decimals and treats all digital values as integers.
The total issuance is the last element defined in the ERC20 token contract, and it is the only required parameter.create erc20 token Although there is no clear stipulation in the ERC20 standard, the definition of total issuance is very simple: total issuance is equal to the sum of all balances. The total circulation has been given in the example above, so there is no need to go into detail.
