❇️What Are Token Standards?
✅Introduction
👉You might be astonished to learn that the majority of cryptos the fact that there are tens of thousands of them—are constructed using the same blueprint. Some of the most important features and qualities of blockchain tokens are laid out in these blueprints, which are known as token standards.
Why Use Token Standards?
✅Interoperability
Token standards ensure that all products built using that standard can interact or work together.
✅Composability
In programming, having a system that is composable allows developers to reuse existing components to create new products.
✅Efficiency
Token standards also facilitate the interaction between smart contracts.
Common Token Standards in Crypto and DeFi
➡️BEP-20
BEP-20 is a token standard on the BNB Smart Chain (BSC). Developed as a technical specification for BSC, it allows developers to launch a variety of tokens, including peggy coins, utility tokens, stablecoins, and more.
➡️ERC-20
In 2015, Fabian Vogelsteller proposed the ERC-20, a token standard that would later be the main outline for developers to design their own tokens, including virtual tokens, staking tokens, and virtual currencies.
➡️ERC-721
ERC-721 is widely used as non-fungible tokens (NFTs) on Ethereum all share the same token standard, ERC-721.
ERC-721 functionalities include token transfer, current balance, total supply, and, as mentioned, being globally unique.
➡️ERC-1155
As token standards evolve, one guideline to encompass the industry’s need to have multiple token types emerge. ERC-1155 is a multi-token standard that allows for the creation of different types of digital assets, including utility tokens like BNB and NFTs.
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