The use of the Ethereum (ETH) blockchain has grown significantly since 2017 with an explosion in the number of new ERC20 smart contracts, from 5,000 in August last year to over 90,000 today. This worldwide network has seen all kinds of projects built around it, the so-called “ERC20” tokens becoming a significant use case.
The ERC 20 smart contracts proliferated in a few months from 5,000 to nearly 100,000 as tokens of all kinds, moving from virtual chats to stable currencies in an unprecedented development in the crypto-verse in such a short time which shows how the fact that a blockchain that is designed as a platform makes the difference.
Recently, Ethereum network introduced the ERC721 standard
The ERC20 tokens, already well known to the general public, are however only a first evolution in the network. Just recently, the ERC721 standard was introduced.
While each ERC20 token is indistinguishable from another, each ERC721 tokens will be absolutely unique. Each of them will have an “individuality” that makes them distinguishable.
As mentioned above, this is a relatively new invention, but one with broad application.
For example, if you want to tokenize works of art, you can opt for the ERC721 tokens, each of which will be unique and linked to a single piece of work.
Ethereum (ETH) price
At the moment of this writing, Ethereum (ETH) is traded at $516.10 after the cryptocurrency dropped by about 5% in the last 24 hours within a cryptocurrency market which is trading “red” right now.
Despite Ethereum (ETH) blockchain’s successful jobs with ERC20 smart contracts and the newly added ERC721 token standard, Ethereum (ETH) price is not soaring as many fans would expect. Unfortunately, Ethereum (ETH) is still very volatile.
In short, Ethereum ERC20 smart contracts have shown to be a real success as they proliferated in a few months from 5,000 to nearly 100,000.
On the other hand, Ethereum (ETH) smart contracts have a new fierce competitor, that is IOTA (MIOTA) Qubic.