Let me start off by thanking everyone and expressing how excited I was that my earlier post about Storj was a wildly mediocre success beyond my wildest dreams, and a special shout out to those who decided to follow my illiterate madness and also apologize. Also as a reminder I am not a crypto or financial expert in anyway so please do not ever take my ideal rantings as the final word or even as a source of any kind of real information. I strongly urge my readers to do their own research.

Okay now lets get started one of my readers made a comment that while great had me pause and think for a moment, now if you're anything of a crypto rookie like me you may occasionally come across a certain word, phrase, or product that completely stumps you.

Bragato18

decentralised cloud storage at fraction cost, no need to built expensive infrastructure.

“Coinbase Effect” most likely reason for current spike.

Only red flag is it us ERC20 token

So I understood most of what was written albeit loosely, like real loose. However I'm ashamed to say I had no idea what an ERC20 token was and why it was a red flag. This was clearly unacceptable, time to break out the ol' Brave Browser and give Presearch a spin. (Other browsers may have been used but hey I'm trying to advocate cryptocurrencies here)

I was instantly hit with a flood of information so much so that rather than wade through it and I shut off my phone and made my kids breakfast instead... 4 dab hits and a bowl of cereal later I was set. Now I'm going to try and make this as short and sweet as possible without getting too deep an entire manuscript could be written on the different terminology attached to just ERC20 alone. I'm just hoping to help charge your brain and get you thinking about everything that is crypto so you can make the most educated decisions possible. That being said I'll try to hit a few key bullet points that I've gather during my smoke addled adventures.

ERC20, what is it?

The ERC20 token is an essential part of the Ethereum blockchain which defines a common list of rules to be used by other tokens on the chain.

What does it do?

This creates a standard which partially include how the tokens transactions can be transferred, approved, how access to data about about a token, as well as the total supply of tokens. Which in turn simplifies things for developers understand how a new token may function within the chain. Ensuring the compatibility between the many different tokens issued on Ethereum.

Why the red flag?

Well from what I can tell the ERC20 token is open to certain vulnerabilities making it a less secure coin, something to be aware of should you purchase tokens that follow this blueprint as they will most likely be vulnerable to the same weaknesses.

Basically what I've learned from this is that I still have a long ways to go and I hope just by reading this many of you do not take my word as fact as there may be some discrepancies or misunderstandings (on my part). I am not an expert just a crypto enthusiast trying to get a better understanding of something with a huge learning curve one step at a time.

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https://presearch.org/signup?rid=2326399

Get 25 PRE when you sign up!