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- 1 The ERC20 smart contract includes two specific events, namely Approval and Transfer.
- 2 WAX provides a user-friendly and powerful environment for the creation and exchange of digital collectables.
Waxe is an ERC20 Token and operates on the Ethereum platform. The ERC20 standard provides a simple set of functions that all ERC20 tokens must implement. This ensures seamless integration with other contracts, wallets, or marketplaces.
What is the ERC20 standard?
ERC20 is a set of functions that is brief and straightforward, allowing external users such as crypto-wallet apps to check a user’s balance and transfer funds from one user to another with appropriate authorization.
The ERC20 smart contract includes two specific events, namely Approval and Transfer. These events are triggered or emitted when a user is granted permission to withdraw tokens from an account and after the tokens are successfully transferred.
Moreover, many ERC20 tokens have additional fields such as name, symbol, and decimals, which are an implicit part of the ERC20 standard, even if not explicitly mentioned.
To write ERC20 token logic, two mapping objects are required which are Solidity’s notion of an associative or key/value array. The first mapping object, balances, stores the token balance of each owner account. The second mapping object, allowed, comprises all approved accounts to withdraw from a given account, along with the withdrawal sum allowed for each.
As it can be seen, the value field of the allowed mapping is a mapping plotting account address to its approved withdrawal sum. These mappings, along with all other contract fields, will be stored in the blockchain and will be mined, propagating changes to all network user nodes.
Since blockchain storage is expensive, users of your contract will need to pay for it one way or another. Therefore, minimizing storage size and writing into the blockchain is crucial.
What is Wax (Waxe)?
The video game industry has over 400 Million players who spend $50 Billion each year on virtual items. Blockchain technology can offer benefits like decentralization, transparency, interoperability, and efficiency to this virtual economy based on rare assets. WAX aims to combine the popularity of gaming with the expanding capabilities of blockchain.
WAX provides a user-friendly and powerful environment for the creation and exchange of digital collectables. It acts as a bridge that brings together developers, collectors, and creators, enhancing user experience and security through a marketplace that employs blockchain technology. Sign up for a wallet and explore the world of digital collectables on WAX.
The current value of WAXE is $54.27 USD as of this writing. Its CoinMarketCap ranking is #7984. The total quantity of WAXE coins available is 3,700,000. Currently, Uniswap v2 is the leading cryptocurrency exchange for the trading of WAXE stock.
Summary
Memecoins are digital assets intertwined with internet culture. Trollcoin optimizes website performance based on individual preferences. It is decentralized, however, it is risky and highly speculative.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
