What is Ethereum ERC20 smart contract and why Rilcoin preferred ERC20 tokens for its ICO?

The famous cryptocurrency and the blockchain network Ethereum depends on the use of to buying, selling or purchasing. There are many tokens that can be used with Ethereum, which is similar to Ethereum Blockchain. In this case, tokens represent digital assets, which combine several values. They can specify assets as in vouchers, IOUs or the objects in the real world. In this way, tokens naturally use smart contracts based upon Ethereum Blockchain. One of the critical token standards used for ethereum is called ERC-20, which was created a year ago.

The tokens definition will not be required to anyone, but a small revision will not harm anything. In most cases, a token is designed to indicate something else of some values. These tokens are provided on the blockchain in the Ethereum ecosystem, where they show the financial profit or remain present as digital property. However, these tokens do not necessarily stick to specific criteria.

However, the ERC20 standard ensures that assets are more comfortable interchangeable and can work with DAPPs using the same criteria.

The ERC20 standard is compatible with all supported tokens supported by new projects and services. Additionally, the introduction of this process allows for tokenization of various features, which are added to the voting rights.

ERC-20 determines six different functions for the benefits of other tokens after the ethereum system. These are the basic work issues that involve the process of transferring tokens and through which users can access the token data. ERC-20 refers two different signals that receive each token and follow other tokens.

Naturally, a set of functions, as well as signals, make sure that Ethereum tokens of different types will work at any location within the ethereum system.

Why are ERC20 tokens preferred for Rilcoin ICO?

The concept of Rilcoin towards introducing it as an advanced Decentralized Asset Management System(DAMS). Decentralized Asset Management basically connects any system that manages the value of one entity. It can be used for both tangible and intangible assets. Rilcoin intends to provide a unique perspective for financial tools and investment strategies. It will introduce complete investment strategies for users who invest in cryptocurrencies, which supports Blockchain protection and real-world assets. Any assets on the platform can be tokenized and traded. The users have the option to list their real-world assets and tokenize them to generate crowdfunding. This can bring a great opportunity for consumers to raise money for their projects to small and medium businesses. The users will be able to invest from any part of the world. The Decentralized Asset Management System (DAMS) also follows Know Your Customers (KYC), unregulated and other complaints which are required for the platform.

In Token sales of Rilcoin, ERC-20 Tokens will be issued; This is the latest trend in crypto investment. This indicates that most wallets designed for the ether currency support ERC-20 compliant tokens. It makes the investments safe since the investor not only gets a proof of the investment, Instead, receives the Smart Agreement token, which can be stored on any Ether Wallet, which will be used to buy, sell, or trade tokens. The trading of the Ril-token is not allowed until it is specifically announced on the official platform of the Rilcoin.

RilCoin is a cryptographically managed system that initiates secure, open-sourced & fully decentralised crypto-currency, Ril Coin! Ril is programmed by exceptional intellectual and creative contributors from around the world.