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Merge pull request #139 from rsksmart/docs/october-maintenenace-fixes-02
Docs: Monthly Maintenance Fixes for October 2
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| label: Rootstock Blockchain Essentials | ||
| position: 3 | ||
| link: | ||
| type: generated-index | ||
| slug: /developers/blockchain-essentials/ | ||
| description: "Learn how to interact with Rootstock in your web browser, how to look at Rootstock transactions, develop and deploy your very first smart contract to the Rootstock network." |
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| label: Smart Contracts Development | ||
| position: 5 | ||
| link: | ||
| type: generated-index | ||
| slug: /developers/smart-contracts/ | ||
| description: Get started with deploying dApps on Rootstock using Hardhat, Wagmi, Remix and other EVM-compatible tools. |
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docs/02-developers/05-smart-contracts/fungible-token-standards.md
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| --- | ||
| sidebar_position: 900 | ||
| sidebar_label: Fungible Token Standards | ||
| title: Ethereum Fungible Tokens Standard ERC1363, ERC223, ERC677 | ||
| description: 'What is ERC20, and are there others like it? How do they work on Rootstock?' | ||
| tags: [rsk, rootstock, smart contracts, dApps, tokens, fungible-tokens] | ||
| --- | ||
|
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| ## ERCs vs EIPs vs RSKIPs | ||
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| [Ethereum Requests for Comment (ERCs)](https://docs.ethhub.io/built-on-ethereum/erc-token-standards/what-are-erc-tokens/), | ||
| and [Ethereum Improvement Proposals (EIPs)](https://eips.ethereum.org/erc) | ||
| refer to the same thing - they were originally called ERCs, | ||
| and then subsequently renamed to EIPs. | ||
| These are all focused on improvements to Ethereum. | ||
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| [Rootstock Improvement Proposals (RSKIPs)](https://github.com/rsksmart/RSKIPs) use a similar process to improve Rootstock. | ||
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| A small subset of EIPs, albeit an extremely popular subset, | ||
| are tokens standards, which have to do with smart contracts, | ||
| and do not have much to do with the Ethereum nodes. | ||
| Instead, they focus on the Solidity smart contract implementations | ||
| with the intent to standardise the ways in which tokens get implemented. | ||
|
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| ## Ethereum Token Standards work on Rootstock | ||
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| Since the Rootstock Virtual Machine (RSKVM) is compatible with | ||
| the Ethereum Virtual Machine (EVM) at the op-code level, | ||
| smart contracts that are compiled to target the EVM | ||
| can be executed in exactly the same way on the RSKVM. | ||
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| > Note: Some differences exist, most notably to do with how gas | ||
| > costs are calculated, both in terms of the schedule per op-code, | ||
| > as well as the calculation methodology. | ||
| > At the time of writing, like-for-like smart contract function invocations | ||
| > cost 2% to 2.5% on Rootstock compared to Ethereum. | ||
| Owing to this level of compatibility, | ||
| the same smart contracts standards that work on Ethereum | ||
| also work on Rootstock - there is no need to create "mirror RSKIPs" | ||
| that are the equivalent of EIPs for token standards, | ||
| since they will be virtually identical. | ||
|
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| ## Fungible Tokens | ||
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| ```text | ||
| address -> amount | ||
| ``` | ||
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| At their core, fungible tokens are smart contracts which store | ||
| a mapping of addresses to amounts. | ||
| This is used to represent an understanding that each particular address | ||
| is the owner of a particular amount of tokens. | ||
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| ```text | ||
| transfer(...) | ||
| ``` | ||
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| These smart contracts will also have a `transfer` function, | ||
| that allows them to transfer the tokens held in one address to another address. | ||
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| Of course, there is a lot more to fungible tokens than the above, | ||
| the above is merely a rudimentary illustration. | ||
|
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| ## ERC20 | ||
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| The ERC20, or EIP20, token standard is the most well-known | ||
| among all fungible tokens standards. | ||
| In fact, it was so popular, that at some point 3 in 4 smart contracts on the Ethereum blockchain implemented this standard. | ||
| To this day, it remains a dominant force, | ||
| and in fact the term "ERC20" is almost synonymous with the term "fungible token". | ||
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| The above is also true on the Rootstock network, | ||
| virtually all fungible tokens implement this particular token standard. | ||
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| Its continued relevance stems from the fact that whenever | ||
| a new fungible token standard comes out, | ||
| the most critical factor to enable adoption is to be "ERC20 compatible". | ||
| This means that new fungible tokens standards implement | ||
| the interface specified by the ERC20 token standard, | ||
| and then add their own additional functions on top of it. | ||
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| ## ERC677 | ||
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| The ERC677 token standard is also a fungible token standard, | ||
| and it extends the ERC20 token standard. | ||
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| ```text | ||
| transferAndCall(...) | ||
| ``` | ||
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| The key addition is the `transferAndCall` function, | ||
| which allows the user to combine | ||
| a `transfer` function invocation on the fungible token smart contract | ||
| with another function invocation of their choice on a different smart contract. | ||
| This allows the user to accomplish both operations in a single transaction | ||
| submitted to the blockchain network. | ||
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| On the Rootstock network, the LINK token from Chainlink, | ||
| and the RIF token from Rootstock, both implement this standard. | ||
|
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| ## More standards | ||
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| There are many other smart contract standards | ||
| used to build fungible tokens, including ERC223, ERC777, and ERC1363. | ||
| These all happen to be backwards compatible with ERC20 standard, | ||
| however have not seen much by way of widespread adoption yet. |
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