ERC20 gives birth to too many shitcoins

[dataispower]

I understand that there are many ERC20 tokens which are baseless but there are some with really good projects. Looking at my wallet, most of the airdrop tokens I got wayback are now entirely shitcoins with no project aim or vision. But this doesn't mean there are no superb ERC20 tokens.

[Flezy]

That's true, you are not wrong though but that was never the motive behind Ethereum blockchain. Shitcoins came into existence owing to the nature of humans who are bent on scamming investors. But nevertheless, Ethereum has given birth to most platforms which are doing well while continually advancing to offer more security etc .

[Nanagyasi]

To everything, there are both merits and demerits. I wouldn't doubt many shit coins are built on erc-20 chain  but can we blame that instead of the people who are taking advantage of its ease of usage??

[daenarys_stormborn]

in my opinion this is indeed still a weakness and a bad thing in the world of crypto, ERC20 is indeed not created to automatically distinguish between shitcoin and where is good coin, hopefully in the future there will be ways for ERC20 to be used more effectively and efficiently

[Samuel4]

On a serious note, the issue here is not really about the ethereum blockchain. It is just that a lot of CEOs this days are developing tokens with fraudulent mind set. Despite having shit coins on ethereum blockchain, there are still successful projects. The question is how were those ones successful?

[hell_slayer]

Ethereum gives birth not only to shitcoins , many decent and big companies issued their ERC20 tokens too .  If the process of creating a token on the ethereum blockchain is so simple that it can be used by ordinary people, then I do not see anything wrong with that.

[fileo]

ERC20 is not the responsible of shitcoins. It just happens that scammers take advantage the weakness part. Some real project didn't succeeded due to unreachable goal because of unpredictable motion of market flow.

[kogozer714]

I think ERC-20 is the most common and easy token to make tokens there. But with the development getting better only good tokens that will survive are not shitcoin, while for tron ​​they may not be able to match ERC-20 now so they still have a loophole to fix their mistakes if they are big like ERC-20 maybe it will also just like them.

[hongus]

And here the ERC-20 protocol to projects that can do nothing. The most common blockchain in the world on which everyone can create their own coin. Do not blame ETH in this invest only in decent work projects. And there is no problem.

[cryptonewbie]

This is a typical example iof why power shouldn't be in the hands of everybody because many of them would definitely abuse it, some go as far as creating clone tokens with the express purpose of defrauding others, but if ethereum can implement that feature you mentioned, I think it would be way better.

[whyrqa-1]

Of course, anonymity for cryptocurrency owners is good, but I’ve been tired of seeing a lot of junk coins on the cryptocurrency market.  Everyone thinks the devil knows what and is trying to create his own Coins, which are not interesting to anyone and only misleads investors and other users of cryptocurrency.  It is in such cases that I strongly advocate that the ico market for companies be regulated.

[yangongear]

My answer is too many shitcoins are based on erc20.

Anyone can create tokens and smart contracts on the Ethereum blockchain because it's free and quite easy if you have time to learn. That is why ETH is in the second position on the current CMC as the most popular blockchain platform today. But think positively, it has brought many opportunities to many people to take advantage of it. 

[Emmy92]

Well that a fact and at the same time it gave some projects the opportunity to launch and most of them are huge today all thanks to Ethereum blockchain. In my own opinion, Ethereum did something wonderful and helpful while on the other hand human nature led to many shitcoins being developed.

[Aqcizromencez]

yes right erc20 gave birth to a lot of shitcoin but on the other hand it also produced a big and successful project so we cannot conclude that erc20 is bad, basically erc20 was created for good purposes but some people use it for personal gain, tron ​​is a newcomer and of course  tron blokchain understands the loophole of ethereum blokchain.

[Marble777]

yes lots of shitcoin / altcoin die because they have no further development, as developers / teams in their projects have left and don't care about their road maps anymore and in the end make altcoin dead / worthless at all. and you cannot fully assume that it is caused by the erc20 platform? That is not true. because the erc20 platform has so far developed well, the question is how developers develop their erc20 tokens, because the important role in the project is the developer of the project.

[Ucy]

Oh, can Tron developers or community single-handedly get rid of "Fake tokens"? Interesting.
This is another reason not to see Tron as real blockchain. I probably shouldn't waste my time researching about the Blockchain.

If there must be removal of fake tokens, it must be automated and decentralized.

I would rather not remove anything. I would grade the tokens instead and give the best/good ones enough visibility within the Blockchain communities.

[ducdr]

yes lots of shitcoin / altcoin die because they have no further development, as developers / teams in their projects have left and don't care about their road maps anymore and in the end make altcoin dead / worthless at all. and you cannot fully assume that it is caused by the erc20 platform? That is not true. because the erc20 platform has so far developed well, the question is how developers develop their erc20 tokens, because the important role in the project is the developer of the project.

Those projects die not only because there are less demands from investors over time, or their developers abandoned those projects, but also due to the high competition in crypto. New projects born every day, and by now we even heard about blockchain 4.0. Old projects, if not grown, adapted will be hardly to survive over years.

[akuser]

yes I see that erc20 is the best and easiest platform for creating new tokens. this was used by several people to make the project. After the project was finished they managed to raise funds and they did not notice that their tokens were slowly dying and worthless.

[setialovers]

yes lots of shitcoin / altcoin die because they have no further development, as developers / teams in their projects have left and don't care about their road maps anymore and in the end make altcoin dead / worthless at all. and you cannot fully assume that it is caused by the erc20 platform? That is not true. because the erc20 platform has so far developed well, the question is how developers develop their erc20 tokens, because the important role in the project is the developer of the project.

Those projects die not only because there are less demands from investors over time, or their developers abandoned those projects, but also due to the high competition in crypto. New projects born every day, and by now we even heard about blockchain 4.0. Old projects, if not grown, adapted will be hardly to survive over years.

It's easy to make tokens for people who understand smart contracts in the ethereum network. This is used by people who are not responsible for fraud and selling it to investors.
I think this happened because there was no clear regulation from the government regarding the sale of tokens based on the project being worked on. If there is a verification of the project and tokens, I think this could eliminate fraud at the ICO

[milewilda]

Yes, you are right. As it is easy and old and it is also very big that's why scammers and shit people picked ERC20 platform to run their projects! Where a lot of good altcoins are running based ERC20 too! This is the lacking of ERC20 platform where Binance chain accepting projects manually, ERC20 is open for anyone!

Creating shitcoin basing on ERC20 token platform is pretty easy thats why we do see that this market is being flooded out by those type of coins but there are really some other platforms which is also good but smartcontracts is remarkable thats why its been commonly used not only for legitimate projects but also for fraud shitcoins just to scam out investors.