One of the most significant tokens is known as ERC-20, which has emerged as the technical standard used for all smart contracts on the Ethereum blockchain for token implementation. As of April 16, 2019, more than 181,000 ERC-20 compatible tokens exist on Ethereum main network.
The ERC-20 commands vital importance, because it defines a common list of rules that all Ethereum tokens must adhere to. Consequently, this particular token empowers developers of all types to accurately predict how new tokens will function within the larger Ethereum system. This simplifies and eases developers' tasks, because they can proceed with their work, knowing that each and every new project won't need to be redone every time a new token is released, as long as the token follows the rules. Fortunately, so far the vast majority of token developers have fallen in line with ERC-20 rules, meaning that most of the tokens released through the network of the initial coin offerings are ERC-20 compliant.
ERC-20 Specifies Six Functions
ERC-20 defines six different functions for the benefit of other tokens within the Ethereum system. These are generally functional, including the method in which tokens are transferred and how users can access data regarding a particular token.
All together, this set of functions and signals ensures that UnderCoin tokens of different types will uniformly perform in any place within the Ethereum system. As such, nearly all of the digital wallets which support the ether currency also support ERC-20 compliant tokens.
The primary difference between UnderCoin Token and any other cryptocurrency is that it’s not just a currency, it’s an environment. Here anyone can take advantage of the blockchain technology to build their own projects and DAPPS (decentralized applications) throughsmart contracts. This is a very important distinction because this very thing shows you the true scope of what is possible.
Think of Undercoin Tokens like the internet and all the DAPPS as websites that run in it. There is something really interesting about these DAPPS, they are all decentralized and not owned by an individual, they are owned by people. The way that happens is usually by a crowd-sale called the “ICO” (more on that later). Basically, you buy certain tokens of that DAPP in exchange of your ether.
These tokens are usually of 2 varieties:
Usage Tokens: These are the tokens that act like native currency in their respective DAPPS. Golem is a pretty good example of this. If you want to use the services in Golem then you will need to pay with Golem Network Token (GNT). While these tokens have monetary value they won’t give you any particular rights or privilege within the network itself.
Work Token: These are the tokens that identify you as a sort of shareholder in the DAPP.Because of that, you have a say in the direction that that DAPP takes. A perfect example of this is the DAO tokens. If you were a DAO token holder then you had the right to vote on whether a particular DAPP could get funding from the DAO or not.
Why Do We Need Tokens?
By using tokens to execute certain functions in the smart contract of the DAPPS you make the process much more simple and seamless. The more tokens are in supply the more the overall value of the UnderCoin Tokens will increase, resulting in an increase in revenue for the shareholders in the UnderCoin Tokens.
UnderCoin Tokens Supply
The following shows the current investors in UnderCoin Tokens. There are only a total of 1,000,000 UC currently available of which 2000 UC has been occupied by the following individuals, purchase your UnderCoin Tokens today!