ERC20
Crypto Overview
Overview
ERC20 is not actually a cryptocurrency - it is a technical standard used on the Ethereum blockchain that defines how tokens should be created and transferred. Many cryptocurrencies use this standard, but there is no single 'ERC20' cryptocurrency.
Technical Standard
ERC20 defines a common set of rules that Ethereum-based tokens must implement, including functions for transferring tokens, checking token balances, and approving tokens for use by other addresses. This standard was proposed in 2015 by Vitalik Buterin and Fabian Vogelsteller.
Purpose
The ERC20 standard enables interoperability between different tokens and applications on the Ethereum network. It makes it easier for developers to create new tokens that are compatible with existing wallets and exchanges.
Usage
While ERC20 is widely used as a technical standard for creating tokens, there is no single ERC20 cryptocurrency to evaluate. Thousands of tokens use this standard, each with its own unique purpose and utility.
Crypto Impact
To assign a comfort level investing in ERC20 from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to ERC20.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.