BRC-20 has created a new era for the Bitcoin ecosystem and other chains to think about fair token issuance. Recently, a new protocol based on the ERC20 scheme – FairERC20 (FERC20), is working in various communities, through smart contracts on Ethereum (and other EVM chains) to realize the concept of issuing public money equal to BRC20.
Followed by the FERC20 wave that made a big splash in the community in just a few days because of its appearance. Because it allowed the community and users to see a fair, consensus-building monetary environment and freedom while providing a more decentralized environment for Ethereum, so what is the FairERC20 protocol? Is FERC20 the next explosive trend after BRC20?
What is FairERC20 (FERC20) ?
As the leading network public chain with the most extensive ecosystem currently, Ethereum has always been at a disadvantage in the ERC20 currency issuance protocol. That is, customizing smart contracts can lead to inequity in the process issue tokens of some projects, such as malicious contracts. , blocking attacks and manipulating exchanges, all of which disrupt the fairness of token issuance.
Bitcoin has the advantage of being relatively simple and decentralized in uniform distribution, while Ethereum offers more flexibility through smart contracts and programmability. But with ERC-20, developers can effectively and reliably mint tokens for their projects at low cost.
There is a public function in ERC20 called totalSupply. This property will show the total current circulation of the token, which all functions can call. Whenever a new token is added to the circulation market through mining, the logic updates the value of the internal variable totalSupply.
TotalSupply usually has two methods:
- Issue all mint tokens -> transfer to management account -> distribute to target address
- Mint token via contract without going through management account -> call target address and limit by setting the hard limit.
FairERC20 is receiving support from the Chinese community through smart contracts on Ethereum (and other EVM chains) to realize the concept of fair token issuance of BRC20.
Ferc token is first tradable on June 4, 2023. It has a total supply of 10,000,000. As of now, FERC has a market cap of $7,826,486. The current price of Ferc is $0.7825, ranked 2669 on Coinmarketcap.
Features of FERC20
FERC20 is based on the ERC20 standard protocol, so it has features that BRC20 does not have, including:
- Convenient to transfer in familiar wallets and no need to use new wallets
- It can be used in Ethereum’s DEFI ecosystem (DEX, lending, multisign, etc.)
- FERC20 has no ownership – no owner tokens
- No pre-mint, total number of tokens minted from 0 until hardcap is reached
- Highly decentralized, serverless system architecture, including search & other functions
- The user interacts directly with the contract.
Since FERC20 is implemented on top of the ERC-20, it still needs upgrades to prevent Sybil attacks and robots. Thus, the protocol adds a trio of properties based on the standard ERC-20 contract:
Freeze phase: When the first mint token user enters the freezing phase, if they want to continue minting, the user has to pay an additional fee to the platform. For each replenishment, this fee will be x2.
Location Conditions: Implementers can establish location conditions that prevent rapid account mining on a large scale
Presale/ Raise funds from the community: Deployers can completely set a presale price or raise funds from the community to charge a fee when minting tokens.
Opportunities and Risks
Opportunity
Since its release, FERC20 has quickly gone viral on screens in large communities. FERC20 puts the BRC20 (no VC, no reservation, and no mouse stock) mechanism on the ETH chain for one-click coin issuance, which not only absorbs the fair issuance characteristics of BRC20 but also combines the composable gameplay of the DeFi ecosystem in Ethereum, it can be used in the Ethereum ecosystem and can be the main battleground of the Ethereum meme coin in the future, that is also the reason why out this feeling.
Of course, its most excellent competitiveness is still supported by the Ethereum network. Ecosystems like Defi and wallets can be seamlessly integrated. Combined with a more decentralized token issuance mechanism, the next boom of FERC20 may no longer be a pure meme coin but rely on FERC20’s unique DeFi ecosystem to promote the story. .
Risk
One is the contract is not audited. The other is that FERC20 only solves the issue of token issuance fairly, the token still needs to be empowered, and the liquidity is low, so you should be cautious when entering and be careful with the token price speculation.
Instructions for use
Basic information
Website: https://erc20.cash
Deploy new tokens
Click the orange [DEPLOY] button, the following picture appears:
In the picture above:
- Tick: 4 letter token symbol, this is unique, first come first served
- Name: Token name, up to 20 characters
- Hard Cap: Maximum circulation
- Limit Per Mint: The number of tokens obtained per mint
If you only fill in the above four items, a FERC20 token with no freezing period, no holding conditions, and free minting will be issued .
After filling in, click the [DEPLOY] button on the lower right to call the [metamask wallet] to start deploying new tokens.
Deploy advanced tokens
Click the [More Setting…] button above to display the high-level token configuration.
After filling in, click the [DEPLOY] button on the lower right to call the [metamask wallet] to start deploying new tokens.
Minting of FERC20 tokens
Click the button above to start casting. First, the details of the token will be displayed, as shown in the figure below:
Check whether the casting parameters are correct.
Note: If there are tokens with holding conditions, if the holding conditions are not met, a red prompt will appear, and the casting cannot continue at this time.
After clicking the [MINT] button, the [metamask wallet] will pop up asking for confirmation, as shown in the figure below:
Look carefully at the green box in the above picture, which is the casting fee (because this tutorial is running on the Polygon testnet, it shows MATIC, and it is ETH on the Ethereum mainnet)
After confirming that it is correct, click the [Confirm] button in the [metamask wallet] to sign and send the transaction.
After a while, the transaction confirmation will be displayed and the minting will be completed.
Minting of FERC20 tokens during the freezing period
If the token has a freezing period, it will enter the freezing period after free minting.
During the freezing period, you can continue to mint, but you need to pay a tip (ETH denominated) to the platform. After entering the freezing period, the first casting tip is 0.00025ETH, the second is 0.0005ETH, and the third is 0.001ETH. . . That is, doubling each time.
During the freezing period, click the [MINT] button, and the following prompt will appear:
After clicking Confirm to pay the tip, click the [MINT] button again to start minting.
Note: There are two fees included in the red box above, one is a tip and the other is a crowdfunding fee (if the token does not have a crowdfunding fee, there is only a tip)
If you want to continue casting during the freezing period, the tip amount will be doubled, as shown in the figure below:
Fee
Deployment of FERC20 tokens: Free (only gas fee is paid, the same below)
Casting FERC20 without freeze period: free
Minting FERC20 with freeze period: The first time is free, and after entering the freezing period, 0.00025 ETH will be charged for the second time, and 0.0005 ETH will be charged for the third time, doubling each time. Until the end of the freezing period, have a free cast and enter the freezing period again.
Minting crowdfunded FERC20: A 1% handling fee is charged each time. If the crowdfunding price is 0.1ETH per FERC20, the handling fee will be 0.001ETH, and 0.099ETH will be transferred to the account of the crowdfunding organizer immediately.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Source: https://news.coincu.com/193504-fairerc20-ferc20-next-wave-after-brc20/