Review on ERC20 by Amos joseph
Erc20 token gas system
When I first saw the word gas on ethereum blockchain I had a different meaning to the word for a normal gas molecules.
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Erc20 stands for Ethereum request for commenting and 20 is a unique ID number.
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Erc20 token is a blockchain bassed asset that functions similarly as Bitcoin, ether and bitcoin cash, it can also be sent and received and can hold value as Bitcoin.
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Erc20 token can be sent using ethereum address for transactions.
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Erc20 uses a system know as gas to cover transaction fees.
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Ethereum network uses gas unit to process transaction on erc20 token, these gas unit are used to validate and confirm transaction on ethereum blockchain the amount and size of transaction will determine the units of gas that will be used to complete a particular transaction.
Gas also determine the amount of work miners will require in other to incorporate a transaction in a block.
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Pros
- Users interface are friendly in most erc20 token I have come across.
- Erc20 being an ethereum blockchain integration makes it very secure for transactions process
- It's gas system for transaction fees requires low cost for transaction
- Miners benefits when they complete an Incorporated transaction.
Cons
- Amount of transaction will determine the units of gas to be used as fee.
