What is ERC20 Token? Several types of wallets support Ethereum token storage

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2021-03-23 10:53:07

“ERC20 Token” – surely this is a phrase that you have heard a lot when participating in investing in ICO projects developed on Ethereum’s Blockchain platform, right. So “What is ERC20 Token?”, How to distinguish ERC-20 Token from other tokens? And what types of wallets support storing ERC20 tokens? This article Virtual money blog will join you to find out!

What is ERC20 Token?

ERC-20 is a technical standard used for these smart contract on the Ethereum Blockchain when issuing Tokens. ERC20 stands for “Ethereum Requetst For Coment”, this technology is an innovation proposed by experts that has been officially accepted in the Ethereum Network system and this system has a unique ID code is 20.

Development history of ERC-20

ERC20 Recommended on 11/19/2015 by Fabian Vogelsteller. It defines a general list of rules that an Ethereum token must follow, giving developers the ability to program new tokens to work within the Ethereum ecosystem. ERC-20 Token becomes more common when Startup companies raise capital through ICO (first issue of coin).

Distinguish ERC20 Token and Regular Token

You can easily tell where it is Common tokeng and where is Token uses ERC20 technology by image 2 below:

  • Regular Token wallet address
Regular token
Regular token
  • ERC-20 Token wallet address

ERC20 Token

If you pay attention, the wallet address of Token using ERC20 technology will be assigned 0x and these tokens are bought with Ethereum (ETH). These tokens you can store at MyEtherWallet (and some other wallets I will talk below) easily and share the same ETH wallet address.

When you visit an Ethereum wallet application, you can fully see the tokens you are holding, and these ERC20 assets are all sharing the same receiving address as your Ethereum address. All ERC20 tokens are traded on the Ethereum network. So an ETH address is also the address of those tokens.

Tokens that use ERC20 technology when you want to send someone a small fee per transaction. However, the processing speed for each transaction is extremely fast that other tokens cannot compare. One advantage in ERC20 technology is the combination with smart contracts. This will help you transact more safely, in case you send Token to someone else but the wrong wallet address, this technology will report the wallet address error and you cannot send Token to others. This is great as it will help you to protect your property as best as possible.

In which wallets are ERC20 Tokens stored safe?

Token storage wallet ERC20

As I mentioned above, all of these ERC20 token are all stored at the same Ethereum wallet address, of course this wallet must support ERC20 already. Due to a lot of you still mistakenly believe that ERC20 Tokens can be stored on Blockchain good Coinbase Because they also support ETH, but not so, but this wallet must also support ERC20 Token so you can use it to store ERC20 tokens. Here are some of the wallets you can use to store ERC20 tokens:

  • 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 taking all their tokens. To overcome this situation, you should add Metamask to it. See detailed instructions here.
  • Metamask: This is an addon of Chrome browser, this wallet you can download and install easily on Chrome, you can also create your own wallet or integrate through MEW as above, I have to post the tutorial.
  • ImToken: This is a type of Mobile wallet, currently ImToken has both iOS and Android versions. I personally rate this as the type safest wallet that you should use to store ETH and ERC20 tokens, because often mobile applications are very secure, especially iOS. I am writing an article on how to install and use ImToken wallet, you can follow the category “Wallet“On the Virtual Currency Blog to update as soon as possible.
  • Mist and Parity: These are two types of wallets installed directly on your computer, this wallet is quite few people use, so I did not do a guide. You can download it below:
  • Trust and Cipher: These are 2 types of wallets on Mobile, they are also not popular, so I did not make a guide, you can download and experience below:
  • Besides, when these ERC-20 Tokens are listed on exchanges You can transfer to the exchange’s wallet for convenient trading and store on it, however, if you are not a trader but only store for a long time, you should keep in the above wallets.

Epilogue

Ok above is the article “What is ERC20 Token? Distinguishing Ethereum Platform Token and Other Token – Some wallets support storing ERC20 TokensHope to bring you a lot of useful information, these are the basic knowledge that you need to know when entering the crypto market, especially when investing in ICO projects. Do not forget Like, Share and 5 star rating for Virtual currency blog below. If you have any questions, please leave a comment below.

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