March 26, 2018 - Twitter
Following a recent post on Medium by Coinbase, there is intention to support the Ethereum ERC20 technical standard in the coming months. This will allow ERC20 assets and tokens to be traded across the Coinbase platform. This process will follow how Ether, Lite Coin, and Bitcoin Cash were added in the past.
ERC20 by definition is a technical standard used for Ethereum smart contracts. These assets have become a popular way to create a network of inter-operable contracts and assets. An additional benefit to adding ERC20 token support is the
What Makes a Token ERC20?
A token that is ERC20 means it meets a specific protocol standard called ERC20. This protocol is designed to make the token highly compatible with Ethereum. As explained by James Seibel at Medium, "The ERC20 protocol standard contains basic functions that any useful token should implement to enable trading." This means universal use among all traded coins.
Before ERC20, every ICO token would need to study their own unique function of transferring tokens and figure out a way to implement it. With ERC20, all tokens share the same functions, which makes them quick and easy to use.