ERC20 – Billionaire365

BitGo To Add Support For 57 Ethereum ERC20 Tokens

The BitGo startup announced today, July 10th, that it would begin to support 57 Ethereum ERC20 tokens. The company seeks to increase its services among institutional investors and list more than 100 cryptos by the end of 2018. The product offered by BitGo will meet the demand for the protection of private keys that act as keys to crypto actives, according to CoinDesk.

The ERC20 token is an interface that seeks to ensure interoperability between tokens. In other words, it is a set of Ethereum (ETH) tokens that are adjusted to different parameters.

Benedict Chan, CTO of BitGo, explained that the company has realized that there is a growing need for custody solutions for alternative cryptos. Chan refers to corporations that are already in the cryptocurrencies market or those that are thinking of entering this ecosystem.

These institutions, in general, do not want to self-manage their currencies. They’re looking for someone who can handle multiple cryptocurrencies.

Benedict Chan, BitGo CTO

BitGo addresses institutional cryptocurrency investors with it new additions

BitGo will support Kin cryptocurrency, which has been developed by the Kik instant messaging application, and Civic (CVC), which runs on a blockchain identity protection venture, as well as other native tokens for decentralized exchanges. According to Isaac Eleftheriadis, BitGo’s product manager, “every token added in this first batch was explicitly requested by BitGo’s institutional customers.”

“There were cases where customers asked us to support their ERC20 token. They don’t want to do the ICO until BitGo can retain all their tokens,” Eleftheriadis added.

Companies looking for this type of service are those that invest in cryptos and need a custody platform, and one of their needs is for “hot wallets” to enable them to safely and rapidly mobilize deposits or withdrawals of cryptocurrencies.

On the other hand, some customers also need “cold wallets” with the intention of keeping the cryptos without any risk thinking more about the medium and long-term investments.

Anna Galvez

Ethereum (ETH) ERC20 Smart Contracts Proliferated From 5K To About 100K In Less Than 1 Year

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.

Anna Galvez