Day 5, folks!
A tad bit late but here we are!🚀
E: Ethereum, EVM, ERC-20, ERC-721, ERC-1155
#web3glossary
👇👇👇
Let’s start with understanding about the leading smart contract-enabled blockchain in the world
📌Ethereum
It’s a decentralized, open-source blockchain network, launched in 2015 by @VitalikButerin
It's native token, ETH (Ether), is the 2nd largest digital asset by marketcap
Don’t get mixed up b/w Ethereum and ETH. ETH is the native token that people trade in, Ethereum is the underlying blockchain network.🫵
💡Ethereum was a crowdfunded project.
It’s not just a cryptocurrency! It’s an open source project enabling the ecosystem.🚀🚀
Most of the emerging tokens are launched in Ethereum for their Initial Coin Offering sales. Over three-quarters of ICO sales are hosted on the blockchain. A majority of the ICOs are built on ERC-20
Well what’s ERC-20?🤔
Let's take a step back and get to know ERC 👇👇
ERC = Ethereum Request for Comments
It’s like technical documents that define the methods, innovation, and research applicable to a group of developers and users of the Ethereum ecosystem. They explain certain rules for all the ERC tokens built on Ethereum blockchain!
ERC-20 is token standard
ERC-20 = fungible tokens
This token standard, provides a standardized smart contract structure for fungible tokens. Each ERC-20 Token is strictly equivalent to the same value regardless of its feature and structure.
There’s more on the token standards, let’s dive in⏬
ERC-721 = Non- fungible tokens
📌A token standard that allows for the formation of unique tokens (NFTs)
It has specific properties that allow each one to be
uniquely identified and valued independently of one another.
ERC-721 is invaluable for digital assets that represent someone’s ownership like a unique digital artwork, gaming characters or even tweets and songs!
ERC-1155 = Multi-token Standard
This token standard supports the development of fungible, semi-fungible, non-fungible tokens and other configurations with a common smart contract. Simply put, it allows for the transfer of multiple types of token at once
Who's using this token?
@0xHorizonGames a blockchain games company whose Skyweaver game uses ERC-1155.
@opensea - Their NFT marketplace's ERC-1155 implementation allows multiple creators per smart contract but only one creator is able to mint more copies.
A good enough Ethereum 101, but how do you deploy your Dapps on the Ethereum blockchain?🤔
We use a virtual Machine: Ethereum Virtual Machine (EVM)
EVM is like a large decentralized computer that can complete all types of tasks on the blockchain
It interacts with Ethereum's accounts, smart contracts, & distributed ledger
It’s a virtual component, contained in every Ethereum node & is able to execute bytecode for contracts
Thats a wrap!
I’ll be sharing information on the new vocabulary of the web for next 30 days.🚀
It’s like a free crash course on the terms and methodolgies in Web3.
📌Follow me @laishawadhwa for more such web3 gyaan!
📌RT the first tweet to share with more folks.
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.