TokenDEX
Blockchain technology is having an exponential growth nowadays. New projects are being launched almost every hour. Because of cryptocurrency, any ordinary person with a great idea for a project have the possibility to attract investors of gain funds to have his idea to become a reality. A small company can tokenized their product. Or a service provider can tokenized the way he transact business with their customers. A lot of project can be tokenized and I believed that now is the next generation of transacting not only online but also in the real world.
One of the great tools for this tokenization process is ethereum blockchain. Ethereum blockchain allow project developers to create a token protocol via smart contract that will communicate on the ethereum virtual machine. The token will be developed based on the project requirements and how will the developer will plan to distribute or use the token with in their project and how this token will function within the ethereum ecosystem. As of now we are using an ERC20 standard protocol for most if not all token used on ICO’s within the ethereum ecosystem.
What is ERC20 Standard
The Ethereum token standard (ERC20) is used for Ethereum smart contracts. Developed in 2015, ERC20 defines a common list of rules that an Ethereum token has to implement. Giving developers the ability to program how new tokens will function within the Ethereum ecosystem. This token protocol became popular with crowdfunding companies via Initial Coin Offering (ICO).
Why would you the ERC20 Protocol
The tokens based on the ERC20 protocol are secure and user friendly. There is a huge support by ethereum community and many developers build decentralized applications around it. There is a wide availability of fully compatible wallets (i.e. Ethereum’s own wallet (Mist), browser based wallets like MyEtherWallet and application based wallets like Trust mobile wallet. Also the very smart Metamask wallet is available, which is a Chrome extension. It is not hard to find ways to store your coins or send it to other people safely and conveniently.
Also trading is easy because a lot of decentralized exchange are built inside the Ethereum Ecosystem. Exchange sites like EtherDelta, ForkDelta and TokenDex, support the ERC20 standard. The token does not even have to be officially listed. You can already trade just by using your contract address.
TokenDEX — Decentralized Token Market
TokenDEX is a decentralized token market that lets you buy and sell Ether and Ethereum-based tokens directly with other users. TokenDEX currently interfaces with EtherDelta’s original smart contract and Forkdelta’s backend upgrades which allows TokenDEX users to trade utilizing EtherDelta’s volume and Forkdelta’s security and api upgrades. TokenDEX is a fork of Forkdelta and currently acts as an open source, updated interface for EtherDelta’s smart contract with an active and public development team and community support.
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