What is the ERC20 Token Standard?

With advancement in technology, the world is taking its step towards the world of digitization at a fast pace. When paper notes and currencies used to be the only option for payment and only transaction possible was through banks, someone came up with an idea of online payment solutions and net banking systems. These payments methods consisted of centralized payment gateways where you needed to put in your information like your account details and other personal details and the transaction became just a matter of minutes.

But as they say, everything comes with a price. These payment gateway solutions had loopholes and there were many cases of frauds and deceits regarding people’s hard earned money. The system obviously had loopholes. Many hackers took advantage of these loopholes for their gain and traced the path of money that is being transacted and robbed people off of their money.

Disadvantages of an online banking systems

These regular payment gateways and online banking system had other disadvantages too.

• Slow transactions
• Frequent time out sessions
• Risky payments
• High transfer fees
• Involvement of third party
• Misuse of personal information

All these disadvantages made people trust and invest less into this system in spite of the convenience they provided.

But within the last few years, we have come several steps ahead and have succeeded in finding solution to these problems. It all started with the introduction of the concept of virtual money i.e. cryptocurrencies in the market. The first cryptocurrency was introduced in 2009 called Bitcoin.

Cryptocurrencies are basically tokens that have some financial value attached to them and can be exchanged in place of digital currencies for payment, shopping and other matters. Cryptocurrencies were introduced to take over the market of digital currencies.

Advantages of Cryptocurrency

The exchange of cryptocurrencies takes place through a blockchain ecosystem which is based on a decentralized platform. The system of cryptocurrencies is based on the concept of nodes i.e. the transfer takes place from one node to another thereby eliminating any third party and maintaining the anonymity and transparency of transaction.

These are only one of the few advantages of cryptocurrency exchange system. Some of the major benefits are listed down below

1. Decentralized platform: the concept is based on a decentralized platform that is on a blockchain technology which joins together to manage the database of all the transactions taking place. Thus, via a decentralized system, we can keep count of all the transaction and transparency is maintained.
2. No risk of theft: since the blockchain concept is highly encrypted via a technique called cryptography, tracing the path of the transaction becomes almost impossible. Hence, there is full anonymity and no risk or threat of theft. Therefore this system does not play with the trust of people.
3. Easy and fast transaction: the transactions take place from client to client and thus are just a matter of seconds.
4. No third party involvement and hence very low or no fees of transaction. Often the regular payment gateways or online payment do the transactions via a third party and charge high transaction fees. But such is not the case with cryptocurrency system.
5. You can have your own cryptocurrency wallet and you can use it anytime and anywhere for any kind of payment very conveniently. Thus you are your own bank and geographical barriers are not a problem anymore.

Some of the basic transaction apps like PayPal etc don’t consider contacting you if they feel that your account is being misused and freeze all your transactions and account. This is not the case with cryptocurrency transactions. Some of the foundations like AMAZING COIN have come up with safe and secure and very first payment gateways for cryptocurrency transactions by confirming payment on peer-to-peer basis even when mass transfer is to be done.

AMAZING COIN gives you a considerable amount of transaction options and tools that you can choose between according to your convenience. They tend to bring revolution to payment industry like no other organization there by luring to into the world of cryptocurrencies and making your transactions and payments safe and secure.