What are ERC20 smart contracts?

Furthermore, since tokens are created (minted) with the use of smart contracts, ERC20 smart contracts implement the ERC20 standard. Simply put, ERC20 is a set of required (and a few optional) guidelines and functions. It is these guidelines and functions that every ERC20 contract on the Ethereum chain must follow. The contract address (essential).

What are ERC-20 tokens and how do they work?

Use ERC-20 tokens as the basis for smart contracts with like-to-like exchanges. Any one token is of equal value to any other token, so there's no need to track the ownership of every individual ERC-20 token in your possession.

What are smart contracts & how do they work?

Each smart contract has a set of mandatory functions - for example, an ERC-20 token has: totalSupply, balanceOfWallet, transferFrom, and more. We also use the smart contract to store functions for handling transactions and balances. I want to cover a few of the basics of the tokens you will most commonly encounter.

How does a cost-reimbursement contract work?

However, that initial estimate can be hard to reach accurately. A cost-reimbursement contract determines the final total cost when the project is completed or at another predetermined date within the contract’s time frame. Before the project is started, the contractor will create an estimated cost to give the buyer an idea of the budget.