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Key opponents and analogues of ERC20
It would be appropriate to mention a few other standards that could pose a threat to the ERC20 standard.
Cardano : Blockchain written in Haskell has increased error resistance. It is being developed as a progressive decentralized platform for smart contracts with the most modern set of functions. The network turnover often exceeds Ethereum. It is known that a special “bridge” is being created to transfer ERC20 tokens development to Cardano. Future customer churn could be a problem for Ethereum as a result of this.
VER20 : This is the Binance Smart Chain network's coin standard. It differs favorably from the Ethereum blockchain in that it offers smaller commission fees and faster trading operations. It has a wide ecosystem that encompasses several DeFi projects. Seven of ten newly signed-up users of decentralized applications select Binance Smart Chain with BEP20 coins.
TRC20 : Refers to the Tron project, which was originally created on Ethereum, but later moved to its own separate blockchain. During the pre-sales for the new decentralized platform, it was possible to collect about $70 million. It is noted worthy that smart contracts and coins according to the TRC20 standard, created in Tron, are absolutely compatible with Ethereum. It's also important to discuss the Tron project's Tether ERC20 coin, which was developed based on Ethereum. The fees and scalability of the Tron blockchain are superior. According to some analysts, this network will soon assume a dominant role in the dApps market.
What alternatives are there to the ERC20 standard?
It is impossible to overlook a number of other ERC standards in addition to ERC-20. Despite their similarities, each has distinct objectives:
ERC-223 : intended to undo fraudulent to create ERC20 token smart contract transactions. notifies customers of the transaction cancellation if it is found that the transfer was made without the client's direct involvement. Paid commissions, however, are not refundable. Furthermore, the standard works with a relatively small set of wallets.
ERC-721 : Tokens of this standard are non-fungible. Because of this, the value of each token is derived from its uniqueness and rarity. Details have an impact on price as well. As an illustration, some NFT collections are given in a quantity that is strictly defined. This standard's tokens deter counterfeiting and give prospective investors greater assurance.
ERC-777 : marketed as an upgrade to ERC20. While it offers the same features as this standard, it is different in that it allows for faster transactions and the creation and burning of tokens.
It would be appropriate to mention a few other standards that could pose a threat to the ERC20 standard.
Cardano : Blockchain written in Haskell has increased error resistance. It is being developed as a progressive decentralized platform for smart contracts with the most modern set of functions. The network turnover often exceeds Ethereum. It is known that a special “bridge” is being created to transfer ERC20 tokens development to Cardano. Future customer churn could be a problem for Ethereum as a result of this.
VER20 : This is the Binance Smart Chain network's coin standard. It differs favorably from the Ethereum blockchain in that it offers smaller commission fees and faster trading operations. It has a wide ecosystem that encompasses several DeFi projects. Seven of ten newly signed-up users of decentralized applications select Binance Smart Chain with BEP20 coins.
TRC20 : Refers to the Tron project, which was originally created on Ethereum, but later moved to its own separate blockchain. During the pre-sales for the new decentralized platform, it was possible to collect about $70 million. It is noted worthy that smart contracts and coins according to the TRC20 standard, created in Tron, are absolutely compatible with Ethereum. It's also important to discuss the Tron project's Tether ERC20 coin, which was developed based on Ethereum. The fees and scalability of the Tron blockchain are superior. According to some analysts, this network will soon assume a dominant role in the dApps market.
What alternatives are there to the ERC20 standard?
It is impossible to overlook a number of other ERC standards in addition to ERC-20. Despite their similarities, each has distinct objectives:
ERC-223 : intended to undo fraudulent to create ERC20 token smart contract transactions. notifies customers of the transaction cancellation if it is found that the transfer was made without the client's direct involvement. Paid commissions, however, are not refundable. Furthermore, the standard works with a relatively small set of wallets.
ERC-721 : Tokens of this standard are non-fungible. Because of this, the value of each token is derived from its uniqueness and rarity. Details have an impact on price as well. As an illustration, some NFT collections are given in a quantity that is strictly defined. This standard's tokens deter counterfeiting and give prospective investors greater assurance.
ERC-777 : marketed as an upgrade to ERC20. While it offers the same features as this standard, it is different in that it allows for faster transactions and the creation and burning of tokens.
