Simply about ERC-20
AIDUS Coin (AID) is one of business models, which AIDUS platform is based on.
The currency symbol of the AIDUS Coin is ‘AID’ and it’s a ERC20-based token.
An ERC-20 token is just a cryptocurrency that’s built on the Ethereum platform.
ERC-20 stands for Ethereum Request for Comments and “20” means just a number that are assigned to a proposal that would create some structure in the wild west of tokens.
ERC-20 is a quideline or standart for when you want to create your own token. It defines 6 mandatory functions that the Smart Contract should implement and 3 optional ones.
It’s possible to dive optionally a name of a token, a symbol and it also allows to control how dividsble the token is by specifying how many decimals it supports.
The mandatory functions are a bit more complex: for starters it’s necessary to create a method that defines the total supply of the token. When this limit is reached, the Smart Contract will refuse to create new tokens.
Next up is the “balanceOf” method which has to return how many tokens a given address has.
Than there are two transfer methods: “transfer” which takes a certain amount of tokens from the total supply and gives then to a user and “transferFrom” whach can be used to transfer tokens between any two users who have them.
Finally there is “approve” and “allowance” methods. “Approve” verifies that your contract can give a certain amount of tokens to a user, takind into account the total supply.
The “allowance” method is almost the same except that it checks if one user has a high enough balance to send a certain amount of tokens to someone else.
Keep paying attention on AIDUS Project!
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