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Why 108 Token Uses ERC20 Standard

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108 Token is an ERC20 token that represents a basket of the top 15 cryptocurrencies sorted by supply-adjusted market capitalization. Here, we give a brief overview of what ERC20 tokens are and why we use an ERC20 token design for 108 Token.

ERC20 tokens are tokens based on a particular set of uniform standards and are designed exclusively to be used on the Ethereum blockchain. All ERC20 tokens have the same set of rules that they have to adhere to which bring uniformity to blockchain. They are created, recorded and transacted using smart contracts which are blocks of code written in the computer language “Solidity”. Smart contracts also contain the metadata pertaining to each token.

ERC20 tokens are being used by a range of Ethereum-based decentralized applications today. Some examples of these tokens include REP (Augur), GNT (Golem), ICN (Iconomy) and more. ERC20 tokens are fungible by definition, which means that one ERC20 token, such as GNT is exactly the same as another GNT and thus can be exchanged at the same value. These are different from ERC721 tokens which are non-fungible and have different use cases such as as collectibles.

ERC20 tokens present several advantages which are especially relevant in the context of 108 Token. Since these tokens follow the same particular standard, they can easily be traded and exchanged for other ERC20 tokens, allowing developers to create innovative solutions. ERC20 tokens allow the engineering of tokenized assets and provide buyers with a way of exchanging value. Moreover, all ERC20 tokens can be stored across wallets that support Ether.

This means that buyers of 108 Token can conveniently store, trade and exchange their 108 Token for a plethora of other tokens across multiple exchanges, including the soon-to-be-launched Zenrelay, a 0x based relayer that will launch shortly.

Market Update

Once again, for the third day running, crypto markets are recording decent gains, with all of the top 10 cryptocurrencies, with the exception of Tezos, trading over +3% in the past 24 hours. Bitcoin, at $6,927 added 3.23% to its price and seems to be on it’s way to breach the $7,000 mark. Ethereum also added 3.18% to price at $285.55. Dash recorded the largest gains overnight to displace Dentacoin as a top 10 cryptocurrency by market capitalization.
Data sourced from OnChainFX.com.

Crypto Tweet of the Day



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BTC vs 108 Token Historical Performance