A plethora of cryptocurrencies is launched every day. Many of them are launched without any thoughtful insight. They are thrown merely for the sake of starting a new coin. So why Impresseum Token?
Tokens are cryptocurrencies that are built using the existing blockchain. While many blockchains support token development, they all have a particular token standard according to which a token is developed. For example, ERC20 token development is a standard of Ethereum Blockchain, while BEP-2 and BEP-20 are the token standards of Binance Chain and Binance Smart Chain, respectively. These standards define a common list of rules like what is the process of transferring a token, how will the transactions be approved, how can users access the token data, and what will be the total supply of tokens.
Impresseum is from Ethereum blockchain. However, most of the coins in Ethereum blockchain use ERC-20 standard which is the most traditional, and most susceptible to get lost, of course.
Let's understand why:
There are two ways of performing a transaction in ERC20 tokens:
1. `transfer` function.
2. `approve` + `transferFrom` mechanism.
Unfortunately, ERC20 token standard lacks event (transaction) handling/emitting mechanism. The `transfer` function will not notify the recipient that the transaction happened. The recipient will not be able to recognize the incoming transaction! I wrote this illustration of the process that is leading to unhandled transactions and, as a result, stuck tokens and lost funds for users.
At least $400 000 are already lost because of these mistakes. Thus a new standard ERC-777 has recently been proposed, which is a little bit expensive, but makes your token safe. This latest technology makes sure that your tokens are not lost.
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