![]() ![]() Therefore, you do not need to bother about monitoring supply, balances, or transactions. Now, using the ERC20 standard, we can have a functional ERC20 contract that is independently managed. Previously, exchanges created go-between platforms to support the exchange of tokens. The ETH network leverages the ERC20 standard as the guideline for creating tokens on the blockchain. ![]() Read more useful Articles on our Ethereum Wiki Page ERC20 Guidelines Therefore, they are most ideal for smart contracts. These tokens already have a good reputation in the market. However, everyone linked to the smart contract can observe how it proceeds by using the smart contract’s code.ĮRC20 tokens support smart contracts. ![]() On the other hand, if there is a breach of contract, the system penalizes the guilty party. And at the end of the deal, you get what you are supposed to receive as payment. During a smart contract, no human monitoring is needed. The smart contract framework allows you to scan the templates to choose one that matches the type of contract you plan to establish with another individual or company. Essentially, these are all features of the smart contract. At the same time, the platform eliminates extra charges you may have paid during traditional contracts. It aims to make the process of managing contracts less stressful. The applications include using a safe and secure platform to complete transactions with people you have never seen before. On the Ethereum network, you can do much more than making peer-to-peer payments. 7 Author The ERC20 Token Supported Smart Contracts ![]()
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