Before to create the ERC-20 standard many difficulties there were between the various form of Ethereum's Tokens because every Token had its personal smart contract. Then for every new token an entirely new code had to be written. Therefore this led to a great deal of time spent on the large variety of tokens that were forming.
- The ERC-20 standard show six mandatory parameters for each smart contracts.
- The totalSupply function: when the maximum number of tokens set to be created is reached, no more can be created.
- balance0f: it preset an initial token number to any specific address, usually the creator of the ICO.
- transfer: it move tokens from the principal creator to any individual user that buy the same token.
- transferFrom: it is use to send tokens from a user to another.
- approve: it verify that a smart contract can give other tokens.
- allowance: it makes sure that one address has enough tokens to send to another.
Every token is created by the smart contract that handle the token transactions and represent the budget of each token holder. One handicap of the ERC-20 standard is that it makes the diffusion of a token technically futile. Another problem is that tokens are sometimes sent to the smart contracts of other ICOs. If that contract has not been authorized for this eventuality, the tokens will be lost. The ERC-223 project aims to counter this phenomenon.
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