ERC tokens for Dummies

[btc_love]

As an amateur user I was always confused about all these ERC* tokens. I knew only ERC20 standard and could not understand why we need to make all these crypto things so complicated. And yes, I was Dummy.

So I tried to dig deeper and started studying all these complicated pieces of information. And now I want to help such people as myself to learn something new and save some time.

ERC20 - is specifically a fungible, smart contract enabled token that can easily be developed by a third party. There are a lot of such tokens and a lots of people owe them. If you have 1 ERC20 token and your friend has 1 ERC20 token and you make an exchange - nothing will happen. You will be the same proud owner of 1 ERC20 token.

The reliability and flexibility offered by ERC20 help it slowly but steadily grow to engulf most of the market.

ERC721 - is a unique non-fungible token. A non-fungible token allows for assigning an immutable identification to a non-physical object.

Remember Crypto Kitties? Yes, your cute kitty is ERC721. It is unique. It has unique price. If you ever make an exchange with your friend you will get another object. Nobody has the same kitty as yours.

Users appreciate the transparent collectible creation system and invest accordingly.

ERC1155 - allows to assign items (ERC721) to a class.

Items that are identical in game can be combined as a fungible asset, while still allowing unique items to be traded on their own.

I hope this information helped you to understand ERC tokens better.

P.S.

I’m still Dummy and I’m ok with it =)

*Ethereum Request for Comment

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[AmericanBit]

I think that ERC coins are innovative by its nature, but it is easy to create algorithm so they often are used by scammers, but as a whole it is very strong platform. here is the article on topic: https://icoguide.com/en/blog/what-is-erc20-and-how-does-it-affect-tokens

[jeffbitcoin2018]

I think erc20 is for dummies... But it has to be important to by recieving there tokens that they send to us bounty hunters... Its ok to be dummy tokens but in the future tokens has a greats value in the future... May you should HODL it for great profit....

[ShareAccepted]

Good explanation, now, a real dummy would not understand what is fungible and what is not. So, to clarify, fungible means that all the units are the same, that is there is no difference between them. For example, one euro is one euro, all of them have the same value.

[Byzantium101]

I think that the future is in the ERC 721. The cryptokitties is just one example of how crazy people can get about collectibles, and digital collectibles are so easy to transfer and sell.

[btc_love]

I think that ERC coins are innovative by its nature, but it is easy to create algorithm so they often are used by scammers, but as a whole it is very strong platform. here is the article on topic: https://icoguide.com/en/blog/what-is-erc20-and-how-does-it-affect-tokens

ERC20 is good for gaming industry, actually. First gaming tokens were ERC721. However, for today it is considered as out of date tokens for games

[btc_love]

Good explanation, now, a real dummy would not understand what is fungible and what is not. So, to clarify, fungible means that all the units are the same, that is there is no difference between them. For example, one euro is one euro, all of them have the same value.

true, I should made this post more... simple. I mean words of this text

[idoottomorrow]

I had no Idea there are so many types of ERC 😆

[btc_love]

I had no Idea there are so many types of ERC 😆

yeah! it's plenty of them!

[Eric]

Thank you for clear explanation. ERC20 token types is really interesting and hard to understand for newbies. With that thread they can understand i think clearly. We need to learn these informations because we are earning our money from erc20 tokens.

[Nisharawal]

Hola!

can you do also
ERC223
ERC621
ERC827
or these extensions are way too little to give them extra attention

As an amateur user I was always confused about all these ERC* tokens. I knew only ERC20 standard and could not understand why we need to make all these crypto things so complicated. And yes, I was Dummy.

So I tried to dig deeper and started studying all these complicated pieces of information. And now I want to help such people as myself to learn something new and save some time.

ERC20 - is specifically a fungible, smart contract enabled token that can easily be developed by a third party. There are a lot of such tokens and a lots of people owe them. If you have 1 ERC20 token and your friend has 1 ERC20 token and you make an exchange - nothing will happen. You will be the same proud owner of 1 ERC20 token.

The reliability and flexibility offered by ERC20 help it slowly but steadily grow to engulf most of the market.

ERC721 - is a unique non-fungible token. A non-fungible token allows for assigning an immutable identification to a non-physical object.

Remember Crypto Kitties? Yes, your cute kitty is ERC721. It is unique. It has unique price. If you ever make an exchange with your friend you will get another object. Nobody has the same kitty as yours.

Users appreciate the transparent collectible creation system and invest accordingly.

ERC1155 - allows to assign items (ERC721) to a class.

Items that are identical in game can be combined as a fungible asset, while still allowing unique items to be traded on their own.

I hope this information helped you to understand ERC tokens better.

P.S.

I’m still Dummy and I’m ok with it =)

*Ethereum Request for Comment

[btc_love]

Hola!

can you do also
ERC223
ERC621
ERC827
or these extensions are way too little to give them extra attention

As an amateur user I was always confused about all these ERC* tokens. I knew only ERC20 standard and could not understand why we need to make all these crypto things so complicated. And yes, I was Dummy.

So I tried to dig deeper and started studying all these complicated pieces of information. And now I want to help such people as myself to learn something new and save some time.

ERC20 - is specifically a fungible, smart contract enabled token that can easily be developed by a third party. There are a lot of such tokens and a lots of people owe them. If you have 1 ERC20 token and your friend has 1 ERC20 token and you make an exchange - nothing will happen. You will be the same proud owner of 1 ERC20 token.

The reliability and flexibility offered by ERC20 help it slowly but steadily grow to engulf most of the market.

ERC721 - is a unique non-fungible token. A non-fungible token allows for assigning an immutable identification to a non-physical object.

Remember Crypto Kitties? Yes, your cute kitty is ERC721. It is unique. It has unique price. If you ever make an exchange with your friend you will get another object. Nobody has the same kitty as yours.

Users appreciate the transparent collectible creation system and invest accordingly.

ERC1155 - allows to assign items (ERC721) to a class.

Items that are identical in game can be combined as a fungible asset, while still allowing unique items to be traded on their own.

I hope this information helped you to understand ERC tokens better.

P.S.

I’m still Dummy and I’m ok with it =)

*Ethereum Request for Comment

oh great! thank you. I believe soon I will make the second part with ERC223 ERC621 ERC827 tokens

[Kolikalex55]

I really like the platform of the ERC  ! As for me it is very convenient to create a token, portokali , smart contract. It is very simple and convenient to use. There are many videos on YouTube to study and work with this technology.

[iLINK.CBC]

A very nice and easy to understand intro to ERC tokens for newcomers. Well done! Looking forward to future updates on other ERC standards.

[btc_love]

A very nice and easy to understand intro to ERC tokens for newcomers. Well done! Looking forward to future updates on other ERC standards.

thank you! nice to hear =)