At some point I have no doubt the cryptocurrency world may have at one point seemed overwhelming to the average technologist. Even if they did have technical knowledge, the blockchain and smart contracts realms may have seemed out of reach. But now, Atomic Wallet Is The Secret To Automatically Manage Your ERC-20 Tokens.
What is an ERC-20 Token?
For many people entering the space or even folks who operate in the blockchain ecosystem, it seems there is varying knowledge and understanding of ERC-20 tokens. Let's break it down.
The sources are numerous and lengthy. From the Q & A section of Coin Mechanic here's a quick share;
That seems pretty quick right. Also, I always come back to another key tenet of the ERC-20 tokens which is the list of 6 features these protocols aim to alleviate.
In my words, I usually strive for simplicity and just say "smart contracts". I realize there's more to it, but that's my helpful reminder. Investopedia has a nice piece that goes a little more in detail highlighting each of the 6 functions.
From here we could go in all sorts of directions. Digging deep into smart contracts, looking at how these relate to some of the latest DeFi short term loans or other very interesting developments. Maybe we can save those for the next round of write-ups.
Early on the question I wanted to answer took a little digging. Candidly it took me a while to learn how it all fit together. My original big question was, How Do I Hold Or Store an ERC-20 Token If It Is on the ETH Blockchain?
Atomic Wallet Makes It Easy
When I first started out, I didn't know many people in the space and everyone was skeptical of who was asking questions. So I had to dig and dig to find a time efficient workable solution.
The thing that was the biggest nightmare for me was the memo requirements on these tokens. Don't get me wrong, they are absolutely required when you're operating in the big blue ocean of wallets, exchanges and the like.
Yet, I knew there had to be a way to move things along in a more streamlined and easier way.
Over a year ago, I stumbled onto Atomic Wallet and learned a really simple fact. No Memo Needed.
I have to say that it's been smooth sailing ever since. All you need to do is make sure you have your Ethereum address and Atomic does all the work.
It works really great for ALL of the ERC-20 tokens that exist. Take for example the tip tokens available on Publish0x. BAT, LRC, DAI and now even ETH all operate off the same ETH address.
How To Add in Atomic Wallet
If you're just getting rolling in this, here's the quick 1-2-3 on how to move swiftly and leverage the power of Atomic Wallet to holding your BAT, LRC, or DAI plus any other ERC-20 you may have.
Step 1 - If you don't have one already, open your Atomic Wallet today for free.
Step 2 - Copy your ETH address.
Step 3 - Use it as the recipient address wherever you are sending the ERC-20 from. (save in payment addresses in Publish0x).
NOTE: You will see in other locations such as Coinbase, a "memo" line will be available. When you are sending to Atomic Wallet from an exchange or anywhere else, you can leave it blank.
That is not the case if you are moving between exchanges, etc. Please check with those specific services to insure that you do not lose your coins. I have read many accounts of ERC-20's being lost due to a blank memo line. Atomic Wallet alleviates this issue.
Finding the home for your LRC, BAT & DAI from Publish0x
NOTE: (From a recent post on Publish0x, there will be an update on August 18th, where all of your DAI will be converted to ETH)
You may have read an earlier article where I talk about What to Do with your Publish0x Tips? It is focused on a broader strategy of how to HODL or exchange those ERC-20 tokens.
There's no secret I'm a huge fan of Atomic Wallet, and think the utility of the services are really good. Then there's staking, but we'll save that for another day.
I let Atomic Wallet do all the work so I can focus on other things more important to me. It has been really good for me.
Be sure to let us know in the comments what works for you. If you have Atomic Wallet, what do you really like about it?