What is an ERC20 Tokens ? Create ERC20( ethereum ) token

 What are an ERC20 Tokens? Create your own ERC20( Ethereum ) token 

An ERC20 token stands for Ethereum Request for Comments which is a blockchain-based asset with similar functionality to bitcoin, ether, and bitcoin cash: it can hold value and be sent and received.

We all hear about ERC20 tokens but what are those tokens and most importantly: what are they not?To start with, let’s quickly go over some basics:

 ERC20 tokens exist on the Ethereum platform and that in itself consists out of a blockchain that is capable of storing transactions and a virtual machine that is capable of running smart contracts.

It’s important to understand that tokens live on the Ethereum blockchain. They benefit from its technology. They aren’t independent and rely on Ethereum’s blockchain and platform.

The native currency on the Ethereum network is Ether. But besides Ether, it can also support other tokens and these can work like currencies but they can also represent shares of a company, loyalty points, gold certificates and so on…

But we’re running ahead a bit. Let’s first look at how tokens come into existence.

A token can be created by a smart contract

. This contract is not only responsible for creating tokens but also for managing transactions of the token and keeping track of each tokens holder’s balance. To get some tokens you have to send some Ether to the smart contract, which will then give you a certain amount of tokens in return. 

So when you want to create your own token, you write a smart contract that can create tokens, transfer them and keep track of people’s balances. That sounds pretty easy but it’s also quite risky. For starters, once a smart contract is deployed it cannot be changed anymore, so if you made an error you can’t fix it. 

That could be quite catastrophic. Imagine a bug inside your contract’s code that causes people to lose their tokens ora bug that would allow others to steal tokens. And then there is the problem of interoperability. 

Each token contract can be completely different from the other. So if you want your token to be available on an exchange, the exchange has to write custom code so they can talk to your contract and allow people to trade. The same thing goes for wallet providers. 

Supporting hundreds of tokens would be very complex and time-consuming. So instead, the community proposed a standard called ERC20.ERC stands for “Ethereum Request for Comments” and 20 is just the number they assigned toa proposal that would create some structure in the wild west of tokens.

ERC20 is a guideline or standard for when you want to create your own token. It defines 6 mandatory functions that your smart contract should implement and 3 optional ones.

To start with you can optionally give your token a name, a symbol and you can control how dividable your token is by specifying how many decimals it supports. 

The mandatory functions are a bit more complex: for starters, you have to create a method that defines the total supply of your token. When this limit is reached, the smart contract will refuse to create new tokens. 

Next up is the `balance of` method which has to return how many tokens a given address has. Then there are two transfer methods:

 `transfer` which takes a certain amount of tokens from the total supply and gives them to a user and `transferFrom` which can be used to transfer tokens between any two users who have them. Finally, there is the `approve` and `allowance` methods.` 

Approve` verifies that your contract can give a certain amount of tokens to a user, taking into account the total supply. The `allowance` method is almost the same except that it checks if one user has a high enough balance to send a certain amount of tokens to someone else. 

If you know something about object-oriented programming then you can compare ERC20 to an interface. If you want your token to be an ERC20 token, you have to implement the ERC20 interface and that forces you to implement these 6 methods. 

Before there was the ERC20 standard, everyone who wanted to create a token had to reinvent the wheel. And that meant that each token contract was slightly different and that exchanges and wallets had to write custom code to support your token. 

With ERC20 however, exchanges and wallet providers only have to implement this code once. That’s why exchanges can add new tokens so quickly and why wallets like MyEtherWallethave support for all ERC20 tokens, without having to be updated. 

So how easy would be it be to create your own token? 

Well, there is a website called TokenFactory that does it all for you. You just enter what the total supply of your token should be, how you want to call it, how many decimals it should support and what symbol it should have. 

After entering all this, the website creates a token contract for you and adds it to the Ethereum blockchain. It’s super easy and almost effortless. So effortless in fact that the website Etherscan has a list of 36,000 known ERC20 tokens and it's estimated that in 2017 over 4 billion dollars was raised by selling tokens in an ICO.

However these tokens we’re not always clean. Some were really overhyped and many people got scammed into purchase tokens that were essentially worthless. But now we’re getting a bit distracted.ERC20 is a great standard that has propelled the use of tokens. 

But ERC20 itself is not perfect. It’s only a guideline and people are free to implement the required functions however they like. That has lead to some interesting problems. 

For instance: to buy some tokens you have to send some ether to the token contract. But some people tried sending other ERC20 tokens instead. 

If the contract was not designed with this in mind, it will result in your tokens being lost. In fact, it was estimated that by December 2017 well over 3 million dollars have been lost because of this flaw. 

So to solve this, the community is already working on extending the ERC20 standard with the ERC223 standard. This warns token creators about these risks and offers some workarounds. Let me know what you think about ERC20 tokens in the comments below or 

Get started with ERC20 tokens

NOW, I am going to talk about the ERC-20 Tokens app available on the Xooa platform.Let’s dive in.

What is an ERC-20 Token?

It is essentially a protocol standard that defines certain rules and standards of issuing tokens on Ethereum’s network.ERC stands for “Ethereum Request for Comments” and 20 stands for a unique ID number to distinguish this standard from others.

The Xooa platform provides the ERC-20, a technical standard used for tokens implementation on your private Hyperledger Fabric Network. The ERC-20 token has methods like Total Supply, Balance of, Transfer, Transfer from, Approve, and Allowance.

We will see how we can use these functions later in the demo. Lets now go to the Xooa console with its various available options including XLDB, Asset Management, Smart Contracts, and ERC-20 apps.

We will, of course, be discussing the ERC-20 option in this session. Now, usually, when we see ERC-20, we see them implemented on the Ethereum blockchain.

Here, however, we have implemented them on Hyperledger.To learn more about this protocol standard implementation, you can select the About link right here.For this session though, we’ll back up and dive right into a demo of the product will now create our first ERC-20 app by clicking on Create in the ERC-20 app's card.

Select “Create Your First Smart Contract Token” and fill in the required details.So here, you can see that in order to create a new token, we need a symbol, name and the total supply.

Like the dollar or pound, you will need a symbol that represents your token within this app.

Personally, I think I’ll use the dollar sign. Next, we have the app name. Finally, we have the Total Supply, which is the maximum number of tokens available for this app.

Please note that this total supply cannot be changed later. For this example, I will input 1000 as the total supply and for the name, I'll use ERC-20 App. I will then select Create to create the new token. This app is now being deployed.

While this is taking place, an API token has been generated.I will copy it and click on API Explorer right here.Then in the upper left-hand corner of the API explorer page, 

I’ll paste the token in this field. Then I'll scroll down on the left side and select the ERC 20 apps section of this menu.Here, we have the various endpoints at your disposal including Symbol, Name, Total Supply, Balance Of, Transfer, 

Approve, Allowance, and Transfer Form. Heading back to the Xooa console, we can go to the World state and see the values saved going back to when the app was deployed.

These include the token name (ERC-20 App), the token symbol (Dollar), and the token supply(1000).The other slot that we have is named “Balance” with a string of text after it.This is the public key to an identity.If we go to the Identities tab which is located here, 

we can see that there is one Identity, which was created when the app was deployed.If we select View, we can see the Public Key, which matches the string of text seen earlier following “Balance.”This Public Key will be used for all transactions within the ERC-20.If we return to the World State, 

we can look at the Identity and see that it has a balance of 1000 since it is the only identity within the network. Let’s now look into how to perform operations. Select the API tab and scroll down. You’ll see all of the functions at your disposal. Paste your token into this field and select Authorize API.

Because this identity is an Admin with Read+Write permissions, all endpoints will be available to use. These same functions are possible from the API Explorer page as well. Let’s look at a few of these functions. Select the Symbol function and click Try It out.

Click Execute. And you’ll see the Dollar sign. Similarly, we have the Name function. Select Try It Out, then Execute. And you’ll see that this returns the result of “ERC-20 App.

”Following this, we have the Total Supply endpoint.If we click to try it Out, then Execute.Youll see this returns 1000 which is the correct total supply.These are the first three endpoints you can use.The rest I will demonstrate from the API Explorer tab so that you can see another means of performing the same functions.

First, we have Symbol, which, of course, fetches the symbol associated with the token.If we perform this function, this returns the same result as before.Name and Total Supply will return the same results as before as well, so next we'll look at the Balance Of endpoint.

This endpoint will return the balance amount left with that specific Public Key.If we return to the Identities tab,we can select the Actions menu, which is located here.Select View, and then select copy thePublic Key since we need this information paste the Public Key into the proper field, press Enter, and you’ll see 1000 as the current balance for this identity.

The next option we have is Transfer.This will allow us to transfer a specified amount of tokens from one address to another.Our network currently only contains one identity,so we will need to create another identity by returning to the Identities tab. 

Select Add New, input an Identity Name. Ill use Identity 2.Then give the proper permissions. For this example, this step does not matter, so I’ll just select Read Only. 

This will produce an API token we don't need at the moment. I’ll go to the Actions menu, select View, and copy the Public Key, then return to the API Explorer.Input the Public Key that you want to transfer to, and type an amount in this field here. 

I’ll use 500. Click on Try. And you'll see the remaining balance in the Admin account is 500.If you would like to cross-check this info, return to the Balance tab, enter your public key, and select try. You’ll see the proper amount here. If we enter the new identity’s public key and click on Try, we’ll see that it also has a balance of 500 as you can see here. 

Next, we will look at Approve. This endpoint is used to approve a token limit amount that can be spent or withdrawn by the spender's Public Key on behalf of the Owner. 

The required parameters are the Public Key of some other identity and the amount. Let’s create another new identity for this step. I’ll return to the Identities screen, input the required information.I'll call it identity 3 and keep it at read-only access. It generates an API token which I don't need at the moment. Go to the Actions menu and copy the Public KeyThen Ill return to the API Explorer,enter the new Public Key, and enter 100 as an arbitrary amount. 

This essentially allows this new identity to withdraw 100 tokens from my Admin account.Select Try.As you can see, the allowance approved is 100, so this new identity can withdraw 100tokens from the Admin account.Next, we have Allowance.This endpoint is used to check the amount that is approved by the owner for the spender.The Owner and Spenders public keys are required as parameters for this function.Well use Identity 3 as the spender and the app admin as the owner.Public keys are required for this. 

So, well return to the identities tab.Heres identity 3. So, well copy this public key and place it in the spender fieldWe also need the app adminsThe actions, view menu. Copy the Admins public key and paste it in the owner field.Now, Ill click Try.And you can see that the Allowance is 100.Finally, we have the Transfer From endpoint.This endpoint will transfer the amount from the owner identity to the spender identityif it has been approved by the owner.The spender can only transfer an amount less than or equal to the amount approved by theowner, and he or she can withdraw this amount in a single or multiple transactions.

To do this we have to paste the API token of the spender.We have allowed Identity 3 to receive an allowance of 100.We will need to return to the identities tabin order to regenerate the token and copy it.So, after the click, regenerate token here and copy this.We’ll return to the API Explorer tab and paste this token into the upper left hand corner.We need the Admin’s Public Key for this function.So after returning to the identities tab and copy the admins public key.Well then paste it into this parameter.

I’ll input the amount as 10 for this and if we select Try or click enter identity 3’s remaining allowance is now 90. If I now withdraw 100 tokens, it will return an error since the spenders approved allowance is not sufficient for this transaction. If we withdraw 90 tokens instead, the transaction is completed and Identity 3’s remaining allowance is 0. Overall, the Admin has now transferred 500 tokens to Identity 2 and 100 tokens to Identity 3I’ll copy the Public Key of the Admin and check this Identity’s balance. Copy the key. Return to API explorer to BalanceOf endpoint and paste the admins public key.

The admin has 400 tokens left. Identity 2 should have a balance of 500.Let's go to the view menu and copy the Public Key and paste it in the correct field, we can see that balance is 500.Finally, Identity 3 should have a balance of 100 tokens.Pasting its Public Key into the field here. Shows that it does in fact have 100 tokens remaining. 

In the Transactions section, we can see all of the transactions that have been performed.In the API section, under the Monitor tab, we can check all of the API calls that have been made to the application.In the Activities tab, we can see the tokens created as well as App Upgrades performed.From the Manage section, we can delete the app.

How to create your own ERC20 token with Guarda wallets

Hey there,  and today were going to show you how to create your own ERC20 token.First of all go to our website and press SERVICES, then choose Token Generator.Right here you can press create token and were off.

If you already created Guarda Wallet, then you will need to unlock your Guarda backup.Input your password.And right here comes the most important step of creating your own token.Naming it.Were going to name it...ummm....how about, RattoToken?

Because its the year of the rat and I like rats.Just look at them look, look theyre very cute look at this one,Okay were getting distracted. The name is Ratto and the ticker is RAT.When Im sure of the name I can press continue.Here we need to choose our token supply, I think two million tokens is enough for my goals. 

Also, I can choose decimals and the ability to freeze transactions.But were going to leave it by default.Next step is paying the service fee, you will need to choose the wallet from which you will pay the service fee.In our case is gonna be Ethereum, because its more comfortable.

The service will immediately know where to send your created tokens.After pressing "deploy contract", check out the details of a newly created token one last time, and if you are ready press "create token".There the system will do its magic and create your token. Its gonna be a quick process.Ooooh~, there is also contract status on Etherscan, lets check it out.Looking good so far.Lets get back to our contract.

Oh, we are already done! It took me less than five minutes to create my own token. So now we can check it out in our wallet. Just click on the Ethereum tokens tab. And there it is, your own beautiful token the transaction is already here but let's just update the history of transactions. And there I have it, my newly created ERC20 tokens, for my own goals. And thats about it! Thank you for watching! Don't forget to like, subscribe, comment with your suggestions and questions about our wallet and Guarda Wallet team wishes you good luck in the world of cryptocurrency!

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