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Creation of your own Ethereum ERC20 token

1 Introduction

1.1 What is a blockchain?

A Blockchain is a Audit-proof digital ledger of Transactions, which is basically not just financial transactions, but practical any type of transaction can capture.

A Blockchain is thus, in the simplest sense, a series of immutable records including time stampswhich of a decentralized network managed by computers be what does not belong to any single organization or person (compared to a central server which is under full control of a single organization or person).

These records ("Block") are linked by cryptographic principles ("Chain").

A Blockchain is therefore a fundamental simple, but potentially disruptive Kind, Verify transactions. A party to such a transaction initiated doing the process by creating a block. This block will checked and confirmed by computers distributed across the network. The verified Block will then added to the chain, Which stored throughout the network is what not just a single unique recordbut a unique record including a unique history is created - the Attempt a forgery of a single record would thus mean falsifying the entire chain in potentially millions of cases.

One such Blockchain network is therefore subject no central authority - since it is a decentralized and immutable ledger is the information in this (i.e. the respective Transactions) visible to everyone, so for example the whole Transaction history a physical or digital good or right.

The Cryptocurreny Bitcoin uses this model for the Payment transactions, but it can also be used in many other ways and is basically potentially suitable for all those applications in which a neutral, timely and audit-proof confirmation of transactions - so for example Signing a contract or the Change of ownership of physical or digital Goods or rights - is necessary.

Basically are Transactions on such blockchains free of charge - for which there are usually costs Infrastructure. This is usually covered by, for example, the Initiator of a transaction so called "Gas" for those computers in the network that have the Confirm transaction, as Motivation for the operator of those nodes, their To make computing power available to the network. On the Ethereum blockchain will this gas in the Cryptocurrency ETH (Ether) paid, the costs in "common" currency (for example euros) are therefore from the respective Exchange rate dependent on ETH. At the time of this writing, such a cost Transaction confirmation within approx. 2 minutes on the Ethereum blockchain converted about € 0,012, a confirmation under about 5 minutes about € 0,0045. The more computers on the network the transaction to confirm, as the safer (in the sense that it took place) this can be viewed.

Juxtaposed analogous practices - for example a notary which confirms a transaction - results from it Potential on the one hand costs and time expenditure concerning such sensitive transactions sharply lower, while on the other hand aspects of the Revision security and transparency increased become.

 A blockchain is an audit-proof decentralized digital ledger of transactions, which can basically not only record financial transactions, but practically any type of transaction.

1.2 What is Ethereum?

The easiest way to describe Ethereum is as open software platform describe which on Blockchain technology based and it Developers enables to create and use decentralized applications.

How Bitcoin is Ethereum a distributed public blockchain network. Although it some significant technical differences between the two, the most important difference is that Bitcoin and Ethereum differ significantly in terms of purpose and capability. Bitcoin offers a specialized application of blockchain technology, namely a peer-to-peer e-payment system, which Bitcoin payments online enables.

So while the Bitcoin blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on that Execution of program code for any decentralized application.

In the Ethereum blockchain are in exchange for computing power ("mine") so-called Ether (ETH) deserves a Crypto tokenthat powers the network. In addition to his role as tradable cryptocurrency becomes Ether also used by application developers to Transaction fees and to pay for services on the Ethereum network.

 The easiest way to describe Ethereum is probably an open software platform that is based on blockchain technology and enables developers to create and use decentralized applications.

1.3 What is the ERC20 standard?

As described at the beginning, enables, among other things Ethereum blockchain the Use of tokenswhich by users bought, sold and traded can be. These are not to be confused with ether, which in turn as described above "merely" the natural currency of the Ethereum blockchain infrastructure represents.

Token turn are digital assets or programs, Which based on the blockchain. The purpose of these tokens is to give them a Ascribing worth, For example Promissory notes, profit participation rights, services or real objects. So are Tokens generally not with cryptocurrencies (for example Bitcoin or Ether) to be confused. Tokens are basically what are known as "Smart Contracts"which, in the case of ERC20, run on the Ethereum blockchain.

The ERC20 standard introductory gave Ethereum 2015 for the first time technical specifications for a token on its blockchain, with "ERC" for "Ethereum Request for Comments" stands. So ERC20 is a Standard protocolwhich the Properties and how an Ethereum blockchain token works Are defined.
 ERC20 is a standard protocol that defines the properties and functionality of an Ethereum blockchain token.

1.4 Security Token vs. Utility Token

A Tokens in general is basically just one digital representation from potentially everything. For example, a token can be a Represent a share, a bond, an option or a property, etc.. But a token can also Access rights to a blockchain or blockchain app represent, and tokens can also for automation at "friction points" be used in various industries.

Utility token, are tokens that have a specific "benefits" on the Blockchain or an app based on that to have. Utility tokens are also called "App Coins" referred to as this explicitly designed for a specific app or blockchain are.

Because of this, are Utility token intended exclusively for such specific use and not an investment vehicle.

Security token in turn represent Investments, such as securities like Stocks, bonds, funds Etc., digital. This is how securities of Companies, fund houses or real estate funds, Which issued via the blockchain be as Security token designated. As is the case with traditional "securities", Security tokens thus represent profit sharing, interest income or give voting rights or generate profits for the holders that token.

While Security tokens therefore have to be subject to various regulations and legal frameworks which the issuer must adhere to, this does not apply to 100% utility tokens.

 While utility tokens are earmarked and explicitly designed for a specific app or blockchain, security tokens represent investments and are therefore subject to various regulations and legal frameworks.