ERC20 tokens are instances of smart contracts that operate on the Ethereum blockchain. The abbreviation of Ethereum Request for Comments is ERC and 20 is the unique proposal ID number. The term ERC20 actually defines the rules that Ethereum tokens have to follow, that is, it helps the developers to understand how the new tokens will fare in the larger Ethereum system. As all the ERC20 tokens have to follow a set of rules, the developers do not need to redo their project once a new token is released. In fact, these tokens are designed to accommodate the newly released tokens.
The ERC20 specifies six different functions that include the process by which the tokens are transferred and the way the users can access information regarding a particular token. ERC20 also gives two dissimilar signals to a token and they do not match the signals of other tokens. One advantage is that the wallets that support ETH will also support the ERC20 compatible tokens. The ERC20 tokens like any cryptocurrency can be sent and received and have real value. The difference is that these tokens are hosted by Ethereum addresses and the transactions are done with the help of Ethereum transactions. Therefore, the receiving address for the ERC20 assets is the same as the Ethereum address.
ERC20 Tokens one should hold onto in 2018
- EOS (EOS)
The developers of EOS are focused on making the ERC20 token more accessible to the traders. The introduction of Dawn 3.0 to solve scalability issues and inter-blockchain communication will make the coin more and more popular among the investors. With inter-blockchain communication now the users do not have to go through the whole block when processing transactions. EOS getting listed on ZebPay and the partnership with WAX (Worldwide Asset Exchange) are interesting developments that have helped EOS to progress on the green line. The recent adventures of EOS have successfully raised the rank of EOS on coinmarketcap.com to the 5th position. At the time of writing, the price of EOS is $14.23 USD (4.53%) and the market cap has crossed $11 billion USD. (As of 25th April 2018. It seems that EOS is on a bullish run in the second quarter of this year.
- Tron (TRX)
Tron has gained immense popularity among the investors with its partnerships, collaborations, and eagerness to find a solution to internet censorship, and security issues in the entertainment ecosystem. The Tron network eliminates the intermediaries by allowing the users to have the fundamental ownership of data and content related to the entertainment industry. Also, Tron is going to launch its own Mainnet and will stop being an ERC20 token. According to the founder of Tron, Justin Sun, the Tron network will focus on solving the challenges faced by the Ethereum blockchain. Other factors for holding onto Tron (TRX) include its partnership with the gaming giant BitGuild and its well-planned out Roadmap. At the time of writing, according to coinmarketcap.com, the market cap is over $4 billion USD and the price is approximately $0.06 USD (4.25%).
- VeChain (VEN)
The upcoming launch of VeChain’s own Mainnet and its partnership with AssetLink and Shanghai eGrid Consulting Co. LTD are most likely to draw the attention of the traders/investors. The decision made by the VeChain team to award the users the rights to own Authority Masternodes will also attract investors. VeChainThor, the full node that is supported by Authority Masternodes will generate blocks and will provide an extra layer of security to the produced blocks. According to coinmarketcap.com, VeChain stands at the 16th position and its market cap shows approximately $1,989,248,563 USD. (As of 25th April 2018)
- IOStoken (IOST)
The developers of IOStoken introduced proof-of-believability that is considered to save more energy than the proof-of-work or proof-of-stake algorithm. The aim of the project is to develop on the scalability front and take blockchain technology to the mass. ‘Hyper Universe Distributed Systems’ and ‘Efficient Distributed Sharding’ along with proof-of-believability enhance the process of online hosting of services. Another unique feature of IOStoken that captures the investors’ attention is the concept of ‘Servi’ that can determine how much a user contributed. The ‘Servi’ tokens are non-tradable, self-destructive and self-issued. IOStoken has already been listed on popular cryptocurrency exchanges like Binance and Bitfinex. Currently, according to coinmarketcap.com, this ERC20 token is ranked at 56 and the market cap is approximately $397,422,480 USD. (As of 25th April 2018)
- Bytom (BTM)
Bytom was developed with the objective of making atomic assets, dividends and bonds registered and exchangeable through a contract supported operation. Bytom offers the users to separate their transaction signature from the rest of the data to make the process more secure. Bytom’s contribution in China includes cross-chain asset distribution, developing proof of work consensus mechanism that differs from that of Bitcoin, and providing solutions like high-speed algorithm to reduce wastage of resources. The proof of work of Bytom will allow AI to enhance the mining process of Bytom. According to coinmarketcap.com, the market cap of Bytom is approximately $902,870,094 USD and ranks 29. (As of 25th April 2018)
All the above-mentioned ERC20 tokens are considered to have a bright future due to their well-written whitepaper and unique features. At the moment, when most of the cryptocurrencies are struggling to remain green after the drop in the first quarter of 2018, it is best to buy these tokens with a promising future and holding onto them. Trading them in future will probably see higher returns.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Damian Morys via Flickr
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
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