'Understanding Ethereum Token Standards' web3 oct_network
Tokens are the most important and most used interfaces on the Ethereum platform and web3 environment. It is, for this reason, they are standardized to ensure smart contracts remain composable.It is a standard interface for Fungible tokens such as virtual currencies. This standard allows developers to build token applications that are interoperable with other products and services.It is a standard interface for Non-Fungible Tokens which may include artwork or songs.
///returns the name of the token which may or may not be present. function name public view returns ///returns the symbol of the token which also may or may not be present. function symbol public view returns ///returns the number of decimals which determines the lowest possible unit the token can accept. ///[Wei - Eth] function decimals public view returns ///returns the total token supply defined during creation.
The standard also implements receive **hooks ** for smart contracts which must return a magic predefined bytes4 value. When the receiving contract returns this value, it is assumed the contract accepts the transfer and knows how to handle the ERC-1155 tokens thus no more stuck tokens in a contract.which include:
any of the balance of the holder for token in _ids is lower than the respective amount in _values sent to the recipient.Welcome To The Web3 Writing Contest Note: These are not the actual details on how to create the token but an explanation on the engineering used to create the token. Things only get interesting onwards😀.This standard defines methods and events that should be implemented on a smart contract. A contract implementing these standards is called an ERC-20 Token Contract. It will create, monitor and perform operations on the token on the Ethereum protocol.
/// returns the granularity which may be minted, sent or burned at any time. function granularity external view returns ///returns the list of default operators as defined by the token contract. function defaultOperators external view returns ///sets a third party address as an operator of to send and burn tokens on its behalf. function authorizeOperator external ///removes the right of the operator address to send and burn tokens.
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