ERC20 gives birth to too many shitcoins

[sanida]

You can't count them all because there are too many of them especially the shit one. I think its because of them why they are lots of scammers who manage to make their own tokens and come up with an idea to get people money. but let's be honest here there are some tokens too that are successful who really are making some contribution to the block chain technology.

[stadus]

This is decentralization anyone can make or create his own token for his company or attach it to his products and services, Ethereum just so happen was create to make it easier for any company or individual to create a token for themselves.

Exactly, the blame should be on the lack of regulation in the market and on the ignorance of the investors and not on the tech.

ETH is design to give freedom on any project that would like to build on ETH platform and they all have the freedom to do that, so if we are aware of that, we know the risk.

[10c]

This is decentralization anyone can make or create his own token for his company or attach it to his products and services, Ethereum just so happen was create to make it easier for any company or individual to create a token for themselves.

Now there are much more opportunities to create your own coins. it is not necessary to use blockchain ETH. It seems to me that the ETH is not convenient for these purposes.

[chriseasan]

Without any doubt there are a lot of shitcoins that are based on ERC-20 blockchain, but it is the easiest and the cheapest way to create your token and thats why the most popular method. If BNB will make a swap for free, a lot of projects would migrate to Binance chain. But the only difference is that shitcoins are going to be on Binance chain.

[sulis sudibyo]

Every thing that is popular will always be scammers, so like it or not this is happening now. should a project seriously want to develop their platform, it's better to use Blockchain privately.

see now compare projects that have private Blockchain projects that use smartcontac. the average project that has a private blockchain persists and is still actively developing.

[uniquark]

I commented on the previous topic, smart contract of ETH is an open platform, so anyone can create a token and create their own project on it. since it is the most popular platform, it is perfectly normal to have many scam projects on it. Dapp on trx is also experiencing the same thing

[DeepChipolino]

Without any doubt there are a lot of shitcoins that are based on ERC-20 blockchain, but it is the easiest and the cheapest way to create your token and thats why the most popular method. If BNB will make a swap for free, a lot of projects would migrate to Binance chain. But the only difference is that shitcoins are going to be on Binance chain.

Thus, there is no need to create new blockchains w smart contracts. This only creates confusion. It would be much better to create a control/regulation system or an escrow/guarantor system for the creators of smart contracts when creating a token.

[elcoblast]

because people can make contract in ethereum easily that's why many shitcoin are created, better than Binance Blockchain if someone want make contract using Binancechain they must pay few BNB, and not just anyone will make tokens because of the high cost

[Bravext]

The fact is that when we are living in a decentralised world, a world where are are little to no rules and anybody can create whatever they want, this would turn out to be the end result, everybody wants to be a millionaire by having their own cryptocurrency and the ethereum blockchain enables them to atleast have their own token, although for most of them, it never moves past that stage.

[uniquark]

I commented on the previous topic, smart contract of ETH is an open platform, so anyone can create a token and create their own project on it. since it is the most popular platform, it is perfectly normal to have many scam projects on it. Dapp on trx is also experiencing the same thing

that's it if the platform allows you to work on it, it should not be responsible for what different scammers do on it, and from this get negative. We need to separate these concepts.

Well, it's like you use a knife on good or bad is your decision. And platforms that don't have enough people to control the tokens created on their platforms are good or bad

[ducdr]

ERC20 tokens are main components that contributed to the solid second position of Ethereum in crypto market. Ripple's market cap can surpass Ethereum's market cap at some specific periods, but Ethereum will definitely maintain its real second position, not only crypto marketcap, but also its ecosystem. If someone say there are coins can beat Ethereum and take the second position, they are wrong. At least, till there are coins that can build up bigger and stronger communities than Ethereum's.

[zzortyx]

Usually the most popular is the project that took the first certain niche. Bitcoin is the very first. Ethereum was the first to successfully occupy a niche for smart contracts and therefore it is a leader

[Mr.Spreadthehamster]

Indeed, ERC20, due to its versatility and scale, is attractive for fraud, and this, of course, adversely affects the cryptography market as a whole. But progress does not stand still. These are only temporary difficulties at this stage in the development of the entire cryptoindustry.

[CryptoIyke]

You will equally give credit to etherium for producing the most successful coins as well, at least Binance was developed from etherium platform. Creating a smart contract is not difficult on etherium just that one need to be careful before participating in any.

[randegibran]

Actually, due to the popularity of ethereum and its platform, it is widely used by people, making people prefer ERC-20 to other platforms. and in my opinion this is not a big problem. if we see people get a lot of shittokens from ERC-20

[sockpuppet1911]

Well every platform where anyone can create tokens easily will create shittokens because why not? Some people see that as easy way to make money and scam newbs.

[valter_dego]

If we start counting all useless tokens in crypto space you will notice that most of this useless tokens are running on erc20 block chain ,many good altcoins ive came across have separate owned block chain and they are plain better, I guess the reason we have too many shit altcoins in crypto space is because of the flexibility of erc20 ,making it easy for unprofessionals to build there useless tokens.

We have some good altcoins that are running on erc20 but you will see then moving to their own block chain later on or it will be included in  their roadmap about the future swap.

The reason why I like tron block chain is the ability to get rid of fake tokens running on tron blockchain if ethereum can do this it will help a lot.

My answer is too many shitcoins are based on erc20.

As you know, any new technology is created on basis of trial and error. Ether was a pioneer in field of smart contracts and many scams projects were created on wave of crypto popularity on its platform. This should be treated as a side effect of crypto evolution.

[J1mb0]

Indeed, ERC20, due to its versatility and scale, is attractive for fraud, and this, of course, adversely affects the cryptography market as a whole. But progress does not stand still. These are only temporary difficulties at this stage in the development of the entire cryptoindustry.

That's something no one wants to happen. But because of scammer's greed it caused the altcoin market to collapse when more than 80% of altcoin was a scam. and most of them are created at the ETH platform, because it's easy for us to create a smart contract.

[valuater]

Agree a little, but in my opinion, there is something worse than erc20 that is waves token, there are so many project tokens that are initially good, then turn into garbage, it must be overcome ethereum must make it difficult for people to make erc20 tokens, and eradicate shittoken

[tondenga2122]

If we start counting all useless tokens in crypto space you will notice that most of this useless tokens are running on erc20 block chain ,many good altcoins ive came across have separate owned block chain and they are plain better, I guess the reason we have too many shit altcoins in crypto space is because of the flexibility of erc20 ,making it easy for unprofessionals to build there useless tokens.

We have some good altcoins that are running on erc20 but you will see then moving to their own block chain later on or it will be included in  their roadmap about the future swap.

The reason why I like tron block chain is the ability to get rid of fake tokens running on tron blockchain if ethereum can do this it will help a lot.

My answer is too many shitcoins are based on erc20.

Yeaahh, just because people can easily make an ERC20 token. People start making a low budget project using that Ethereum technology.
I think there should be a new technology that can forbid fake tokens to be created.