Qtum

<p>Creating a one-size-fits-all token standard was crucial for the widespread adoption of Ethereum. The most popular token standards for Ethereum are ERC20, ERC721, and ERC1155. Similarly, there are Qtum equilvilants, QRC20, QRC721, andQRC721 (along with their Ethereum counterparts).</p><h3 id="why-did-ethereum-need-a-token-standard">Why Did Ethereum Need A Token Standard?</h3><p>Let’s do a quick thought experiment. Imagine that you live in country A. There is a lane in that country with 5 different stores accepting 5 different currencies. Can you imagine how confusing and chaotic that could be? Without having a set currency that’s accepted all over, A’s local economy will likely crumble. Now, let’s extend this logic to Ethereum.</p><p>Every single app running on top of Ethereum had its own token and token structure back in the day. However, the community soon realized that having so many different token standards would wreck system interoperability. This gave rise to the Ethereum token standards. Thus, since Qtum was created from combining Bitcoin and Ethereum, Qtum builds on those standards.</p><h3 id="erc20-fungible-token-standard">ERC20: Fungible Token Standard</h3><p>The ERC20 token standard is used to define fungible tokens. Fungibility is an essential property to define currencies since fungibility imparts the values of replicability and breakability. Back in 2017, during the ICO boom period, the ERC20 standard became popular due to the simplicity of deployment.</p><p>ERC stands for “Ethereum Request for Comment,” while the number ’20’ is the number assigned to this request. The building blocks of the ERC20 standard are as follows:</p><ul><li>totalSupply</li><li>balanceOf</li><li>transfer</li><li>transferFrom</li><li>approve</li><li>allowance</li><li>Token Name — Optional</li><li>Symbol — Optional</li><li>Decimal (up to 18) — Optional</li></ul><h3 id="qtum-and-qrc20">Qtum and QRC20</h3><p>The QRC20 standard is the same as ERC20. So you can use the QRC20Token code to create your own QRC20 token on Qtum. If you want a proper step-by-step guide in developing your QRC20 tokens then <a href="https://docs.qtum.site/en/QRC20-Token-Introduce.html" rel="noopener noreferrer nofollow">check this</a>.</p><h3 id="erc721-non-fungible-token-standard">ERC721: Non-Fungible Token Standard</h3><p>The second most prominent token standard that Ethereum has is ERC721 — used to define non-fungible tokens. In many ways, it is pretty similar to ERC20. Ethereum did this to make it simple for developers to incorporate it into their code easily. However, what truly defines NFTs are the Token Ownership functions.</p><p>Unlike ERC20 tokens, one ERC721 token is fundamentally different from another due to the ownership functions mentioned within the code. The ownership functions defined in ERC721 are as follows:</p><ul><li>ownerOf()</li><li>approve()</li><li>takeOwnership()</li><li>transfer()</li><li>tokenOfOwnerByIndex()</li></ul><p><strong>ownerOf()</strong></p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/77f9b448f3ce44218fb9d5b49bd8225f.jpeg"></p><p>This function returns the address of the token owner. This is very important since this is ownership is a core principle of NFTs.</p><p><strong>approve()</strong></p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/5e9c962512464660807cf5cc765af34d.jpeg"></p><p>Another thing to keep in mind about NFTs is that it allows you to transfer ownership from one entity to another. In a nutshell, the program ensures that one can transfer ownership if and when needed.</p><p><strong>transfer()</strong></p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/544b248c6426411284e230fa28b79e22.jpeg"></p><p>The transfer() function allows you to transfer the NFT from one owner to another.</p><h3 id="qtum-and-qrc721">Qtum and QRC721</h3><p>Qtum’s QRC721 emulates Ethereum’s ERC721 token standard.</p><p>Here is how you deploy the QRC721 contract. These are prerequirements:</p><ul><li>Install the solidity compiler from a binary package or the source code.</li><li>Install Solar — Qtum’s smart contract deployment tool.</li><li>Install the following dependencies:— $ git clone <a href="https://github.com/qtumproject/QRC721Token.git" rel="noopener noreferrer nofollow">https://github.com/Qtumproject/QRC721Token.git</a></li><li>$ cd QRC721Token</li><li>$ npm instal</li></ul><p>Find out more information about QRC721 <a href="https://github.com/qtumproject/QRC721Token" rel="noopener noreferrer nofollow">here</a>.</p><h3 id="conclusion">Conclusion</h3><p>Qtum brings together Bitcoin’s UTXO and Ethereum’s EVM in one seamless package. The QRC20 and QRC721 standards allow users to bring fungible and non-fungible tokens into Qtum’s ecosystem, together with the proven security of bitcoins UTXO model.</p><p>That’s pretty cool.</p>

The Token Standards Of Qtum

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