What is the ERC20 token contract?
ERC20 Token contract is the smart contract code logic that performs the fungible token operation. When a contract is deployed on Ethereum, it can be interchangeable with any tokens that have similar value. That’s why ERC20 token standard is used in exchanging digital currency, voting process and crypto staking. Anyone can create ERC20 tokens and import them into Ethereum virtual machines.
ERC20 Token development company
ERC20 Token development includes the three important stages. First one is writing a smart contract code on solidity, Second one is Defining the tokenomics and Third one is EVM deployment. As if you are developing ERC20 tokens on your own, you should be well versed with figuring out solidity language and compiling functions. Otherwise, you will be in trouble.
Going for an ERC20 token development company can be a good choice in this case. Because they will check and audit the smart contract from every step. Hence, there are minimal possibilities for code vulnerabilities. Hivelance, one of the reliable names in ERC20 token development. We have deepened our process of token development in a more agile way.
Functions of ERC20 Token
ERC20 tokens should be designed with the following functions in order to scale.
1.Total supply
The contract contains the total number of token supply that’s assigned.At the time of contract creation, token supply value is given to EVM and owner address is credited with the whole supply.
2. Balance of
The balance of function dictates the remaining tokens present in the owner's address. For example, When all the tokens are bought through ICO, the owner's address tends to be zero.
3. Transfer
Transfer function represents that the ERC token is sent from the wallet address to the specific token address. The normal exchange of digital currency is done through this function. Reverse exchange is possible.
4. TranferFrom
This function can be similar to Transfer but here the specified number of tokens is transferred from a single address. The process is not reversible. Sender can only initiate the sending process.
5. Approve
Approve function checks if the spender has the right contract address to initiate a withdrawal function or not. The approve function is validated inside the contract to ensure the password is matching concurrently.
6. Allowance
Allowance function transfers the royalty commission to the owner contract address when the specific number of token is sent to any address.
Benefits of ERC20 token development
1. Easy creation & code
The ERC20 can be easily coded by developers with simple logic functions in solidity language. The ERC20 token is the simple standard preferred by developers to facilitate ICO fundraising or any other applications.
2. Fundraising preference
Considering the security option in ICO fundraising, ERC20 tokens has been the investors choice. Ethereum based tokens are widely used by many fundraising projects so far.
3. Quick deployment
The code creation and compiling time is less when compared to any other token generation. ERC20 token includes a predefined set of codes that can be designed with any logo, token name and decimal point of value.
4. Automatic transaction
The contract agreement validates the conditions and processes the transactions without any approval. Every logic is defined inside the contract so that it facilitates the automated crypto transactions.
5. Easy interoperability
Token applications built with ERC20 standard can be easily accessed with other products and services easily. The interoperability nature is the one of the biggest advantages for ERC20.
Cost to create your own ERC20 token
The most important question asked by many founders - What is the budget for ERC20 Token creation?
The cost for creating the ERC20 token is depending upon the type of method you are going to create. The easy way is approaching the right technical partner who had a reputed portfolio in developing ERC20 tokens. The hard way is hiring solidity developers, assigning them individual tasks and cross checking the final outputs.
By doing genuine comparison, the technical partner is the affordable one with reliability. Because when you do it on your own, you must take up the responsibility from scratch. There may be the chances for code vulnerability as if you have no prior experience.
But in other ways, ERC20 Token development companies would have come across the obstacles and succeeded in it.
Why Hivelance for ERC20 Token development
Our ERC20 Token development package is loaded with features like Code creation, logo designing, ERC token contract audit, deployment to EVM, Continual upgradation, Security audits in regular intervals and more. That’s why we are the best. We have lifted many ICO projects and helped them in scaling their fundraising modules too.
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