ERC20 Token is The Next Killer App in Ethereum

August 19, 2017 by

After the Internet, crypto currencies are the next big thing happened to the globe. The moment you say cryptocurrencies in the audience of rich and traditionally educated people, they’ll only listen Bitcoin as they think Bitcoin is the only cryptocurrency exists in this world. They don’t care about the tech behind this technology. All they want is to get rich by investing in this but when they see price charts of this beast, all we can see some faces of guilt, late movers on their faces. It is a very difficult task to teach them that there are more than 1000 currencies in this market and all 1000 are as unique as Bitcoin. The second crypto currency which surpasses Bitcoin in the terms of uniqueness is Ethereum. In Ethereum we can write smart contracts and develop as many Ether like currencies on its blockchain as we can. This is called ICO (Initial Coin Offering). This is the game changer in the history of cryptocurrencies. There are more than 40 ERC20 tokens Ethereum platform has already developed which holds the market capitalization of $6,366,342,240 in just a few weeks.   Explaining Ethereum to those people who don’t understand Bitcoin is a very difficult task to do. The crypto interested people who have heard the word ICO wants to know more about this technology but they don’t have sufficient and precise content to read. So, if they are interested in Top four ERC20 (developed on Ethereum platform) tokens and want to know the scope and tech behind these tokens, then they have landed on the right page. We are going to cover four ERC20 tokens in this article: TenX (PAY), OmiseGO (OMG), Civic (CVC) and Metal (MTL).

TenX (PAY):

As we have a ticker symbol of NYSE so as we have a ticker symbol of every coin which makes its space on coin market. The ticker symbol of TenX is PAY. The small and precise description of this token is that it makes any asset based on blockchain spendable. If we want to own any cryptocurrency, then we must have supported e-wallet of that cryptocurrency. The unique thing of TenX token is that it can be used with a debit card worldwide as it is a multi-asset cryptocurrency wallet.

This token made its debut on July 8th, 2017 in the market through ICO (Initial Coin Offering). In just less than one and a half month the market cap of this token is crossed $441,950,000. It is developed on Ethereum platform and uses Ethereum blockchain (Etherscan) for recording chain of transactions. We could have this token at a very less price if we were able to part of its ICO. But there is a proverb I used to say for crypto coins:

“It is never late in love and buying crypto coins.”

One PAY token was equal to 1/350. That means we were able to buy 350 PAY with just one ether. During the ICO, the percentage of tokens offered to the public is 80% and the main thing is that this ICO sold 51% of its total available tokens immediately. The remaining available tokens will be issued to the community by the time passes. The company keeps 20% of its tokens for long-term incentive alignment.

If we see what target amount sold in the terms of Ether then the number is huge. The company collected around 200,000 ether during the ICO. Below is the chart of its recent growth:

The crypto coin which is displayed on coin market in Top 50 always holds a very good future scope but this good scope shifts to incredible future scope if the coin has a unique quality. This coin is carrying this quality on its back that it makes all blockchain-based assets spendable.

We can buy PAY token from different markets with these below-listed currencies: (Market: Exchange Currencies)

  • Bittrex: BTC/ETH
  • Yunbi: CNY (Chinese Yuan)
  • BTER: CNY (Chinese Yuan)/BTC/ETH
  • BTC9: CNY (Chinese Yuan)
  • Liqui: BTC/ETH/USDT(Tether)
  • ETherDelta: ETH
  • HitBTC: ETH
  • COSS: BTC/ETH
  • Novaexchange: BTC/ETH
  • Gatecoin: BTC/ETH

We can also follow their upcoming announcements by following them on Twitter: @tenxwallet.

 OmiseGo (OMG):

OmiseGo is a service which provides us to make cross border financial transactions like payments, remittances, Business to Business commerce in a decentralized and inexpensive way. We don’t need to submit our KYC or no government license or no bank account to cash in or cash out funds. This network is connected with an Ethereum mainnet and can handle high volume decentralized transactions at very low cost. The company said that

“OmiseGo is the answer to fundamental coordination problem amongst payment processors, gateways, and financial institutions.”

It makes us believe that we can do any large volume payments across the globe with just shifting from fiat to decentralized money like BTC, ETH, etc. OMG token gives us real time peer to peer exchange of funds across all organization silos in both fiat and crypto coins. Types of decentralized financial transactions we can do by using this platform:

  • B2B Commerce
  • Supply-chain finance
  • Loyalty Programs
  • Asset Management and Trading
  • On-demand services

OMG published its roots in coin market on 14th July 2017. Within one month of its launch, the market capitalization of this coin crosses $718,798,532 (176,921 BTC, 2,510,633 ETH). The current value of OMG token is around $7.31.

OmiseGo is totally a permissionless blockchain which works on a Proof-of-Stake consensus bonded with activities of the chain itself. If clearing and settlement happen on OmiseGo blockchain, the cost of protecting transaction value is externalized to other chains. I mentioned earlier that no crypto coin is secured unless it comes with a secure wallet. The OMG white-label wallet allows a diversity of payment solutions. The transaction done on the digital wallet is secured with OmiseGo blockchain. The flexibility of OMG wallet is durable in all aspects. We can create our own styles and designs; we can embed our custom applications.

OmiseGo has strong future as this coin and technology holds a security level so updated. It was also featured on Forbes as Fintech Rockstar. Right now the company operates in Thailand, Japan, Singapore, and Indonesia but the coins are available throughout the world if you have an OmiseGo e-wallet.

We can buy OMG token from different markets with these below-listed currencies: (Market: Exchange Currencies)

  • Bittrex: BTC/ETH
  • Bitfinex: USD/BTC/ETH
  • Yunbi: CNY
  • BTER: CNY/BTC/ETH
  • BX Thailand: THB(Thai Baht)
  • BTC9: CNY
  • b8wang: CNY
  • Liqui: BTC/ETH/USDT
  • EtherDelta: ETH
  • HitBTC: ETH
  • Novaexchange: BTC

We can also follow them on twitter and Reddit for their upcoming announcements. Here are the links:

Twitter: @omise_go

Reddit: omise_go.reditt.com 

Civic (CVC):

Reading only an information based text of crypto coins is such a boring task to do. Let’s understand this coin with an example:

If you are a human then you always need all your ID verifications ready to prove your citizenship. At Airport, on road Police Verification or in Physical Banking Routines, you always need your ID’s in your pocket like Driving License, Passport that reveals your actual identity but in this age of technology, we always carry our smartphone rather than a wallet.

From Governments or any other traditional companies, we can expect that they’ll make a Mobile based Application and saves our all identities at one place so we don’t need to carry our proofs. This may be a very easy task to do but still, nobody did anything in this area.

The civic token is the game-changer in this area. It developed on Ethereum platform and has unique kind of digital identity verification process.

The ticker symbol of Civic is CVC. It costs lower access to identity verification just via blockchain. Personal stuff checks may not be undertaken from the start every time when someone requires a new one. This token already has a working identity verification product which is available across the globe. This token won the Best New Startup award at the K(NO)W Identity Conference 2017.

This token makes its space in the market on July 2017. Now it stands with a market capitalization of $208,068,440 (BTC: 51.571, ETH: 729,). The total token supply of CVC is 1 billion (1,000,000,000) in which 33% sold in the token sale, 33% retained by Company, 33% is allocated to give incentives to participants and 1% to cover the costs of token sale. During the token sale, the accepted purchase modes are BTC and ETH. Let’s take a look at the charts of its recent growth:

CVC only ties up with trustworthy organizations like Banks and Utility Companies, etc. With the usage of smart contracts, identity verifications prices are settled by on work persons through decentralized verification ecosystem. The people who validate identities receive CVC’s as their reward money.

We can buy CVC token from different markets with these below-listed currencies: (Market: Exchange Currencies):

  • Bittrex: BTC/ETH
  • BTER: CNY/BTC/ETH
  • Liqui: BTC/ETH/USDT
  • HitBTC: USD
  • EherDelta: ETH
  • COSS: Eth/BTC
  • Novaexchange: BTC/LTC
  • Mercatox: BTC/ETH

We can also follow them on twitter and Reddit for their upcoming announcements. Here are the links:

Twitter: @civickey

Reddit: civicplatform.reddit.com

Metal (MTL):

The first phrase comes to our mind when we use crypto tokens are “Ditch the legacy of Banks”. Metal is a Bitcoin like currency but more than a Bitcoin. It comes with a user-friendly interface and allows us to do small to high scale transaction in a single click with very secure methods. The more we spend this token the more we earn this token as rewards.

The ticker symbol of Metal is MTL. It distributes as Proof-of-Processes-Payments (PoPP). When we transact through this platform either in fiat money on in crypto money, we’ll get MTL as a reward. The company has pre mined 66.5 million MTL tokens. When we made a purchase through this, we earn upto 5% MTL tokens.

The growth charts of MTL token are incredible. The token was launched on July 19th, 2017 and in less than 40days of its launch, it holds a market capitalization of $138,094,173 (BTC: 33,646 ETH: 482,220). Take a look at this image for more information:

Metals secure our entire data safe through encryption. This platform confirms that they have an ability to clear our transaction in a lightning fast speed. The company says that “It is a bridge to Bitcoin or any other crypto token. There are millions of shopkeeper around the world who still use the cash based system and they want to shift from fiat to digital but due to long banking formalities and recurring charges on payments, they refuse to accept the digital money. Metal is totally designed for those shops. There is no space for recurring in this token rather with every purchase they’ll give you MTL tokens as a reward.

We can buy MTL token from different markets with these below-listed currencies: (Market: Exchange Currencies):

  • Bittrex: BTC/ETH

We can also follow them on twitter for their upcoming announcements. Here is the link: @metalpaysme.

Myether Wallet:

The most trusted and secure wallet to store these crypto coins is myether wallet. This wallet is compatible with many offline and online wallets too. Myether wallet provides us to a make transaction of all ERC20 tokens at one place with encrypted quality.

Steps to Create MyEther Wallet and send a transaction:

Step 1: Myether wallet is not a big task to do if we have a little understanding of private and public keys. If we already using the Mist, then we already have a private key stored in our computer and if we didn’t use Mist then simply go to a MyEtherWallet to store tokens. Always keep this important thing in your mind the password we used to generate new wallet should be very strong.

Step 2: When we make an account on myether wallet, then we’ll receive our own private keys. There are three online ways to store these keys. First: Download .JSON file which is encrypted and compatible with geth, mist and myether wallet and always demands to password to decrypt it. Second: Open .JSON file directly from the website and copy the private key and store on your computer or anywhere else. Third: The most used and recommended way is to use the Keystore feature which enables an additional security layer to your wallet. We can also access myether wallet from Trezor hardware wallet and Ledger Nano S hardware wallet.

Step 3: We must save our wallet address and QR code generated by myether wallet. In order to receive coins, we must send our QR code and public key to a sender. There is one function of QR code, it can also be used to make a paper wallet.

Step 4: We are now able to receive and send transactions. Upload the private key we’ve created during wallet set up to myether wallet. Select the type of private key as I explained in first Step 1. Send transaction. The wallet will always ask us to confirm the transaction in the final step. The pop box will appear on our screen:

Please click the “Yes. I am sure! Make Transaction”.

For receiving ERC20 tokens from an exchange and storing them on myether wallet is not a tough task to do. We have to follow the same steps as I mentioned above to receive coins. We just have to fill token ticker to receive tokens directly to our myether wallet. View the image for more information:

You always need some Ether in your wallet to do transactions of other ERC20 tokens because when you make a transaction of ERC20 tokens, they always deduct some Ether as a transaction fees.

We can also make offline transactions in myether wallet. All we have to do is fill all the addresses like online transactions and when your computer goes online, it’ll do the rest.

There is also an option to swap coins in myether wallet like you can exchange your BTC with your ETH inside your wallet.

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