November 27, 2017
Most people in the blockchain sphere are familiar with basic cryptocurrencies like Bitcoin and Ethereum, but their heads start to spin when you mention tokens. Yet tokens are a crucial element for how blockchain products and services function. Moreover, one type of token in particular, ERC20, is quickly becoming the only type of token that matters. The name could be on everyone’s lips the way Bitcoin and Ethereum are, and now is the perfect time to learn more.
All tokens are built upon a blockchain cryptocurrency. By adding a feature or function to a basic cryptocurrency such as Bitcoin or Ethereum, they become tokens. They have the inherent value of a cryptocurrency which can be transferred and stored as an asset but also facilitate a specific use or service on a platform or service. Tokens can serve as inter-platform currencies that power application functions or pay for services and actions. For example, MaidSafe created SafeCoin so users on the SAFE network can lend and borrow computing power and storage. Basic Attention Token (BAT) reimagines the digital advertising industry and allows uses to buy a variety of advertising services on the platform. Augur is a platform which uses its own token to let let people make their own crowd-sourcing prediction markets.
ERC20 is a specific type of token. It stands for Ethereum Request for Comments 20 and refers to a standard that tokens on the Ethereum network must follow. All ERC20 tokens adhere to a specific function standards, programing norms and coding language. It is best understood as an agreed upon token format.
Before the ERC20 standard was established, every token created established its own rules for programing language, transfer methods, data recording and general functions. It was therefore difficult for programmers and users to predict and understand the ways in which the tokens could be used, stored and transferred.
ERC20 changed that by creating an easy to adopt standard. People began to recognize it as the best, most intuitive format to follow. It’s popularity snowballed until almost every new token created was an ERC20 token. A good metaphor might be the standardization of weights and measures. For centuries different countries used a variety of terms for different distances and weights. When people that used the different measurements met and wanted to trade or collaborate, great difficulties arose. But when everyone agreed upon the same terms with the same definitions, the world was open for partnerships and mutually beneficial transactions. ERC20 tokens similarly unite people for easy cooperation.
The team at Infinity Blockchain Labs (IBL) understands the popularity of ERC20 tokens and recognizes them as the standard for applications and crowd funding. Many wallets only focus on one or two cryptocurrencies and a handful of tokens. In contrast, Infinito Wallet not only allows users to easily manage a diverse and ever-expanding array of currencies including BTC, ETH, BCH, LTC and DASH but it supports all ERC20 tokens. Those tokens account for nearly 95% of all tokens in existence. Users will now only need one wallet to send, receive, search, and store a full range of assets, making the crypto world fast and easy.
No longer will users need numerous wallets, all with different designs and interfaces to manage their ERC20 tokens. They can participate in the functions and services of limitless blockchain platforms and applications using only the Infinito Wallet. The single wallet declutters phones and streamlines the ease with which crypto users can invest in and interact with the countless blockchain companies emerging everyday.
The ability to harness the complete power of ERC20 tokens is not the only way Infinito Wallet distinguishes itself from the competition. Thanks to technological breakthroughs, Infinito Wallet offers optimized costs and unrivaled transfer speeds. And to better help users manage their accounts, all transactions can include memos and be downloaded for offline record keeping. Furthermore, by supporting 11 different languages by the end of Q4, the technology is available to more people in the world than any other wallet.
Infinito Wallet was created by Infinity Blockchain Labs team. The leading blockchain R&D company has numerous labs aimed at creating solutions for different sectors and partners with the goal of promoting blockchain adoption. They aim to create products and services that meet the expanding needs of blockchain enthusiasts.
You can learn more about Infinito Wallet and download it now at www.infinitowallet.io
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Contact: Nicole Nguyen PR@blockchainlabs.asia