If you have been in touch with the crypto world since the beginning, then you must have come across a term called ERC20 from the last year’s ICO boom. In 2021, every new startup came up with its whitepapers and ERC20 tokens to garner millions from crowdfunding. Many of the people must have been part of such ICOs that were providing tokens in exchange for Ethereum and Bitcoin. Bif amounts of $232 million and $252 have also been raised by some initial coin offerings like Filecoin and Tezos. Let us give you an overview of what is ERC-20 token in this article.
What are desktop wallets?
Before beginning with the list of top desktop wallets, let us briefly know what are desktop wallets. How are they different from other forms of crypto wallets. These are the programs where your private key is stored and managed on the hard drive of your computer. In this article, you will be briefed about the desktop wallets for different software. In comparison to mobile wallets, these crypto wallets (desktop) are much more secure.
Desktop wallets can also be understood as hot wallets, as they are linked to the internet. And this is something that raises questions about their security. However, they can be a better solution for a minor quantity of Bitcoin or other alternative cryptocurrencies.
Why choose desktop wallets?
For beginners, desktop wallets come as a safer option for crypto storage like hot wallets. For those who might not be having an idea about the hot wallets that are linked to the internet constantly. Exchanges, mobile apps, and wallets that are based upon the wallets come in this category.
There are also those desktop wallets that are merely a graphical presentation of a cold wallet. Some of the best desktop wallets are much easier to use. They let you check up on your cryptocurrencies, transfer or send them, plus, take part in selling or staking in a few clicks.
Factors you need to know before choosing a desktop wallet
The cryptocurrency industry has gained immense popularity with the the acceptance of blockchain technology by numerous sectors including automobile, hospitality, textile, health, media and entertainment, agriculture, finance, etc. With that,, there has been an immense rise in trusted and high-end crypto wallets. But popularity also comes with risks and threats. As in the case of the crypto world, it has drawn the attention of scammers and fake products.
Hence, you must always confirm whether a particular desktop wallet is acquainted with security features. And if you skipped it, then your crypto assets are at risk. This is something you won’t desire. Another most important aspect is simplicity in usage.
Top 3 desktop wallets in 2022
Now let us know those top 3 desktop wallets of 2022 below:
Trezor
Trezor is one of the top desktop wallets that rules the crypto market. In comparison to other desktop wallets, its UI is very easier. It consists of all the assets on the side. You can choose either one, and have the option to pick and practice whatever you prefer. Be it buying, sending, selling, or receiving. Another key feature that makes Trezor the best desktop wallet is its user-friendly interface. Trezor is also updated with the latest security features.
Electrum
Electrum comes as another top BTC desktop wallet known worldwide. It is one of the oldest in the crypto industry. If you have held more bitcoins for a long duration, and have done research on the top wallets, then you must have come across the option of Electrum. The long life of this wallet is its best advantage.
You won’t face any difficulty in using the Electrum wallet. You might not find this desktop wallet acquainted with some advanced features in comparison to other crypto storage options. Still, it will let you access vital functions as per your expectation while ensuring the safety of your crypto coins.
This desktop wallet does guarantee a safe solution, mainly in the case of BTC-based wallets. Plus, there is no storage of any information of users on its servers. This means a person has the authority to monitor his private keys. Electrum can be used without paying any price for it. For security reasons, it allows the use of 2FA, creating passwords, and other security features.
Ledger
Coming on to the next is Ledger. No doubt, it is one such famous desktop wallet on the market. Now you will wonder that when Ledger deals in cold wallets, then what makes it in the list of desktop wallets. Well, the answer lies in its simple user interface. Another big reason for Ledger being on the list of desktop wallets is its awesome user interface. It lets you switch color schemes and change from light to dark modes. It hardly matters depending on your choice, the interface will appear modern and smooth.
ERC-20 token: what is it?
ERC20 token can be defined as a protocol standard that lays down some rules and standards for issuing tokens on the network of Ethereum. Most of you might not be aware of the full form of ERC. Well, it stands for Ethereum Request For Comments. And 20 is the unique ID number to differentiate this standard from others. Just like we have HTTP protocol for the internet, there is a standard protocol for the tokens that are issued on Ethereum, which is ERC20. Putting it simply, if you incorporate some operations in the ERC20 token’s smart contract, then it is clear that you adhere to ERC20. And if there is no inclusion of necessary operations, then it does not make you ERC20 compliant.
These tokens on Ethereum’s network verify all the important boxes that include the important operations in their token execution which are considered ERC20 tokens. These are the crypto tokens that can be traded like LTC, BTC, and ETH. But contrary to these mainstream cryptocurrencies, ERC-20 tokens do not have their devoted blockchain. Contrary to that, these tokens run on Ethereum’s blockchain and bring numerous advantages for the users. This is the main reason when a user sends ERC20 tokens he is supposed to have some Ethereum as GAS.
Advantages of ERC20 Standard
Before the ERC20 token standard, there are numerous start-ups or decentralized applications that have been used to set their standards and executions for the token launch on Ethereum’s network. However, there have been many changes ever since the launch of the ERC20 Standard. There are numerous advantages of ERC20. These include
- Tech consistency and protocol standard
- The difficulty in knowing the implementation of all tokens has lessened.
- The liquidity of ERC20 tokens has increased.
- The risk of breaking contracts has also lessened.
Conclusion
So this is all you need to be knowing about the ERC20 token. You can also read blogs and articles to know about top ERC20 tokens which include AAVE, Chainlink (LINK), Maker (MKR), Wrapped BTC (WBTC), Matic (MATIC), Apecoin (APE), and Cronos (CRO) on Cryptoknowmics website. It covers a myriad of topics from price predictions of cryptocurrencies to blockchain summits, upcoming new crypto events, and so on. You can also search for the best-decentralized crypto wallet. It is the best crypto guide to brush up on your crypto knowledge on various topics including airdrops, ICO listing, crypto whales, cryptocurrency exchanges, and so on.