What is ERC-20?
We at Unocoin are excited to announce that we have listed three ERC-20 tokens recently. Before we share what are the new coins that we have listed, let’s first know more about Ethereum and ERC-20.
ERC-20 tokens are crypto-assets that exist on the Ethereum blockchain. ERC or simply Ethereum Request for Comments is a guideline or standard for when you want to create your token. You must be knowing that the Ethereum blockchain has a smart contracts composability feature where anyone can write their smart contracts to create their tokens. Smart contracts are nothing but terms and conditions in an ‘if-then’ statement that allows protocols to execute the code once the conditions are made. This smart contract is capable of storing data of any ERC-20 token that lives on the Ethereum blockchain. Smart contracts not only create tokens but maintain, and track the transactions of all the tokens, making it easier for anyone to launch their token. It is also important to know that Ethereum is a Turing Complete Machine where you can update/upgrade any feature at any time and it will still work and be compatible with the old system.
Here are the three ERC-20 tokens listed recently on Unocoin — India’s First Bitcoin and Crypto Exchange.
Injective Protocols (INJ)
Injective Protocol is an ERC-20 token that enables access to unlimited DeFi or Decentralised Finance markets. It was founded by Eric Chen, a cryptographic researcher and a trader. Albert Chon also later joined the project as CTO. He is a Stanford graduate, former engineer of Amazon and one of the pioneers of Ethereum standard. The users of this token can create and trade any financial markets on Injective’s fast with zero gas fee, lightning-fast speed and completely secure decentralised functionality. The Injection protocol is compatible with all the other ERC-20 DeFi applications, meaning it can communicate for any transfer of assets or information on-chain or cross-chain. The native token of Injective Protocol is INJ which is a scarce asset. Because of its scarcity, it is used for governance within the chain to exchange capital values, liquidity mining and even staking. The INJ token is deflationary and all the 60% of the exchange fee collected are used to buy back the token and burn it every two weeks. This makes the total supply of the token decrease over time. Interestingly, every new Injective project on the protocol helps to burn even more INJ through the transaction.
Trading Price (at the time of writing) — $8.57
Global Market Cap (at the time of writing) — $375,477,964
Global Trading Volume (at the time of writing) — $36,192,180
Circulating supply — 43,655,553.33 INJ (44% INJ already in circulation)
Maximum Supply — 100,000,000 INJ
Consensus Mechanism — Tendermint-based Proof-of-Stake (PoS)
Number of protocol projects — 100+
Community members — 200K
Top Investors — Binance, Pantera Capital, Mark Cuban.
Keep Network (KEEP)
Another ERC-20 token, Keep is an incentivized network for storing and encrypting private data on the public blockchain. In all the current public blockchain ecosystem, the protocols are not built to store private and personal information, but Keep Network does this. The network is completely permission-less and as such, there is no one to stop anybody from storing their data. These data are stored with an encryption key on an off-chain container thereby giving more privacy without compromising on transparency and audibility. Thus, the transfer of information and transactions are taken outside of the Ethereum blockchain and can be accessed only with the encryption key. This helps anyone to store their private data on the public blockchain. Interestingly, Keep is the first private computer built on the Ethereum blockchain.
Trading Price (at the time of writing) — $0.6424
Global Market Cap (at the time of writing) — $383,259,088
Global Trading Volume (at the time of writing) — $25,331,197
Circulating supply — 596,334,689 KEEP
Maximum Supply — 1,000,000,000 KEEP
Aave Token (AAVE)
Aave token was created as a result of frustration! The creator Stani Kulechov experienced lots of issues while lending his ETH tokens back in 2017 as there were no dedicated lending applications. He then created his lending application called ETHLend and later changed it to Aave which means “ghost” in Finnish. Aave is built on the open-source Ethereum blockchain as ERC-20 token as a decentralised finance protocol that allows people to lend and borrow crypto.
With Aave, lenders deposit digital assets into specially created liquidity pools to earn interest while borrowers take loans using this liquidity with their crypto as collateral. Just like the government takes loans from the central bank with gold as collateral, Aave can be used to do the same in the future. Aave provides its holders with discounted fees and every owner has a say in the governance and future development of the token. Aave was created even before DeFi existed and in the last year, it was one of the biggest projects where crypto assets are locked in the protocol. Not just ETH, users can lend and borrow in about twenty plus cryptocurrencies.
Trading Price (at the time of writing) — $175.62
Global Market Cap (at the time of writing) — $2,359,162,302
Global Trading Volume (at the time of writing) — $182,764,146
Circulating supply — 13,433,292.70 AAVE
Maximum Supply — 16,000,000 AAVE
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