ERC tokens can represent a diverse range of digital assets.
How to Create an ERC20 Token the Simple Way
Like other crypto assets, they can have a value and be sent and received. As of today, more than ERC tokens coexist on the Ethereum blockchain and because they live on this blockchain, they benefit from its technology.
They are stored on Ethereum addresses and sent using Ethereum transactions. How is a token created?
As tokens live on another blockchain, their creation is a much easier process as you do not have to modify the codes from a particular protocol or create a blockchain from scratch.
To create a token on the Ethereum blockchain, one must write a contract. The contract is actually a piece of code, stored on the Ethereum blockchain that will be executed when either someone or another contract requests it. As the Ethereum blockchain is public, it is possible to review the code of the contract and understand how it will behave.
Solidity: the Smart Contract Programming Language
Please do note that it requires strong coding skills to fully understand its functions. The ERC standard is simply a list of functions and events that each contract must implement to respect the standard.
For instance, these functions allow someone to determine the balance of one token holder or allow transfer of the token from one address to another.
The name, ticker, supply, and behavior of the contract can be completely different from one another, but as long as they implement the basic ERC functions, they are all ERC compliant.
Failing to meet these requirements means it cannot be considered an ERC token. Fortunately, the standardization of ERC has enabled different tokens operating on the Ethereum network to be compatible with a multitude of storage solutions, including Ledger hardware wallets.
How To Add A Token To Metamask/ How To Find A Token In Etherscan
How to identify a token? Sometimes tokens may use the same ticker but different smart contract address. However, both tokens are using different smart contract addresses : HoloToken : 0x6c6ee5e31ddebc8e98eae2 HydroProtocol : 0x9aff6cac5ece2edaaea1 In case of doubt, always check the smart contract address of your token.
Overview of ERC20 Token Standard
This information allows for a unique identification of the token. How to receive ERC tokens? To receive an ERC token, you simply have to send it to your Ethereum address.
Because ERC tokens only exist on the Ethereum blockchain, you can safely use any Ethereum address provided by your Ledger Hardware wallet. As a consequence, ERC20 are always stored in an Token address account. How to send ERC tokens?
In recent years, the ERC20 token specification has become the defacto standard for Ethereum tokens. In other words, most Ethereum contracts out there today are ERCcompliant. What makes ERC20 tokens so attractive and successful? There are several factors in play: ERC20 tokens are simple and easy to deploy, as you will see in this tutorial.
When you send an ERC token, in fact you are informing the token address contract that a transfer operation is required. To be executed, a contract on the Ethereum blockchain will require a fraction of Ether, called Gas. As a consequence, you cannot send ERC if your Ethereum balance is too low or empty.
Step 1. Access your wallet.
As token address ERC tokens are actually running on the Ethereum blockchain, there is no specific application for a token. Instead you can simply use the Ethereum application.
Ledger hardware wallets support today more than ERC tokens. How to manage my ERC tokens with my hardware wallet? Ledger is excited to support ERC tokens directly on Ledger Live, allowing you to easily manage your assets from a single application.
To do so, you first need to create an Ethereum account in Ledger Live and receive your tokens on this account.
Getters 1function totalSupply external view returns uint ; Copy Returns the amount of tokens in existence. This function is a getter and does not modify the state of the contract. Keep in mind that there is no floats in Solidity. Therefore most tokens adopt 18 decimals and will return the total supply and other results as followed for 1 token.
Full instructions here. Ledger hardware wallets are also token address with various services using the Ethereum blockchain, such as MyEtherWallet or MyCrypto.
Understand the ERC-20 token smart contract
All ERC compliant tokens can be stored on Ledger hardware wallets thanks to the Ethereum application. This number will be in constant evolution. To find out if your token is supported on Ledger Live, kindly check this link.
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