Technology

We spent some time looking for the right blockchain for the job. We needed something robust and accessible, which is why our choice fell on ERC-20. This is a standard for tokens in the Ethereum ecosystem. There are several reasons why we chose to utilize ERC-20 over all other available options.

Widespread and proven

Ethereum is one of the most popular cryptocurrencies on the planet, second only to Bitcoin. However, unlike Bitcoin, it is designed for DeFi, which fits us perfectly. The ERC-20 standard allows for functional autonomy, since it doesn’t rely on any centralized financial institution.

ERC-20 has been around since 2015. It was invented as a token to be used ubiquitously. This concept proved to be exactly what the market needed. Back then, smart contracts were only starting to become popular and the whole mechanism contained several glaring flaws. ERC-20 addressed these issues by introducing a standardized methodology for token creation. This solution proved to be extremely effective and made Ethereum one of the most popular cryptocurrencies in the world, and it will only continue to grow.

Versatile

ERC-20 is a standard for fungible tokens, meaning that it can be exchanged with other tokens within the Ethereum ecosystem. Essentially, it allows anyone to create their own token “on top” of the Ethereum blockchain. This is a huge benefit, especially considering that Etherium is the single most popular blockchain used for decentralized exchanges.

Without this standardized system every application, including ours, would require its own crypto coins. By using ERC-20 we are avoiding this problem, allowing our users to convert their tokens for other usages.

Green

The rampant energy consumption has been a constant point of criticism when it comes to cryptocurrencies. Ethereum is based on the proof-of-stake mechanism. Unlike proof-of-work, utilized by some other blockchains, it doesn’t require intense computing for mining. That means no high power consumption.

Secure

All transactions made using ERC-20 are open for public review. This allows for near total transparency, which greatly benefits all users. At the same time, all smart contracts are executed in a way that preserves customers’ privacy. The publicly available data doesn’t reveal any personal information about the participants.