What is ERC-20 Token?

What is an ERC-20 token?

ERC-20 is digital token standard that can represent assets that run on the Ethereum blockchain. ERC stands for “Ethereum Request for Comments”. 20 represents the unique proposal ID number. The Ethereum blockchain records transactions which are comprised of smart contracts that create tokens, such as ERC-20. Ethereum tokens must run on the Ethereum network. There are other types of tokens that can run on the Ethereum network, such as ERC-721, and ERC-20 tokens use the same common set of rules that all Ethereum tokens must follow. ERC-20 tokens are commonly…

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A Short Explanation of Ethereum

Explanation of Ethereum

Ethereum is a “decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.” Ethereum enables users to not just transfer value or currency (“Ether”) but also to conduct business over the Internet. Smart contracts take blockchain based cryptocurrencies to the next level. Smart contracts offer users the ability to include meta data (i.e. “what”), not just quantity…

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Coinbase Should Be Worth More Than Bitcoin

Coinbase worth

It occurred to me this morning that I trust Coinbase more than I trust Bitcoin itself. As THE broker, for all intents and purposes, of any of my cryptocurrency transactions, and the keeper of my wallet, Coinbase is the gatekeeper to anything crypto for me… (at least in terms of Bitcoin, Ethereum and Litecoin). If you want to trade Cardano, you’ll need to look elsewhere. How Valuable Is Coinbase? It was recently revealed that Coinbase earned over $1 billion in 2017. This is amazing for a company that is only…

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Scary, Volatile, Bitcoin…

You know that scary music recording that you hear every year playing at someone’s house on Halloween…? That was the music that was playing in my head this morning as Bitcoin launched to almost $12,000 before cratering to the mid $8K range and then heading back up north of $10K. Watching the price of Bitcoin this morning made me think of those pictures of Wall Street traders with insane looks on their faces while they observed the ticker symbols. Bitcoin was up 14% in what looked like a few minutes…

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Bitcoin $10,000

Bitcoin Hit $10,000 Bitcoin hit $10,000 on Coinbase about 30 minutes ago. Bitcoin and Ethereum are becoming cryptocurrency brands. The more new stories that refer to them, and the more companies that trade them, the greater the mystique. I’ve noticed that Coinbase’s focus on Bitcoin, Ethereum and Litecoin seems to help those cryptocurrencies. People who use Coinbase, which apparently is a lot, have no other options but to buy those currencies on the Coinbase exchange. Coinbase is probably the most well known cryptocurrency exchange, and it doesn’t offer trading of…

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Cryptocurrencies and Power Laws

Vanguard AUM

There are dozens, maybe hundreds or thousands of cryptocurrencies out there. However, there are only a handful of cryptocurrencies that anyone who has some knowledge of cryptocurrencies has ever heard of: Bitcoin (BTC) Ethereum (ETH) Litecoin (LTC) Bitcoin Cash Ripple It’s likely to stay this way forever because of something called a power law.. Power laws work in a “winner take all” sort of way, rewarding the winner in a kingdom, phylum, class, order, family, genus, species of whatever with the vast majority of the rewards… Cryptocurrencies are no different.…

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