ECR-20 is based on smart contracts on the Polygon-powered Layer2 system. Layer2 is a technology intended to improve the scalability of the Ethereum network, allowing large amounts of data to be stored in blocks for efficient processing. The ECR-20 token leverages this Layer2 system to automate the creation, transfer, and ownership of tokens and enforce programmable rules.
5.2 Token Standardization
ECR-20 aims to standardize tokens in Polygon-based Layer2 systems. The Layer2 system solves the scalability problem of the Polygon network and ensures the compatibility and interoperability of ECR-20 tokens. This allows ECR-20 tokens to be compatible across a wide range of cryptocurrency wallets, exchanges, and other platforms, and to be easily integrated and used in a variety of applications and ecosystems.
5.3 Generate tokens
ECR-20 tokens are generated through a Layer2 system powered by Polygon. The Layer2 system stores large amounts of data in blocks, reducing the load on the Ethereum network and making the token generation process more efficient. Parameters such as the initial supply of ECR-20 tokens, name, symbol, and number of decimal places are set by the Layer2 system and can be flexibly adjusted.
5.3.1 How PoS works
We will develop a smart contract using the Solidity language. We will also deploy the smart contract to Polygon's testnet 'Mumbai' using Truffle. And we will develop a webpage that interacts with the smart contract based on nextjs so that users can easily check the data used in the blockchain on the webpage.
5.4 Token Transfer
ECR-20 tokens can be transferred securely and quickly through a Polygon-based Layer2 system. The Layer2 system can process a large number of transactions in parallel to increase the throughput of the network and quickly complete token transfers. The token owner can transfer the token to another address by calling a specific function of the Layer2 system, and the necessary conditions for the transfer must be met.
5.5 Manage token ownership
Ownership of ECR-20 tokens is managed through smart contracts in a Polygon-based Layer2 system. Token owners can register their address and the balance of their tokens with the smart contract, and manage their tokens through the smart contract. The Layer2 system also enables token transactions and ownership transfers to be recorded transparently and processed automatically without the need for intervention by a middleman.
5.6 Security
The ECR-20 token utilizes the security features of the Polygon-powered Layer2 system to enhance safety and keep investors' assets safe. The Layer2 system uses the Polygon network's decentralized blockchain technology and cryptographic techniques to prevent security threats associated with token transactions. It ensures the safety of tokens and protects users' assets by performing testing and auditing procedures to validate the code of smart contracts and prevent errors.
5.7 Scalability
The ECR-20 token will utilize the high scalability of the Polygon-based Layer2 system to prepare for future transaction growth and large-scale ecosystem expansion. The Layer2 system has a lightweight and flexible architecture and can store large amounts of data in blocks to scale the network's throughput and prepare for the continued growth and expansion of the token ecosystem and platform in the future. This allows the ECR-20 token to support a large number of users and transactions, and provides a scalable platform structure.
5.8 Interface and development tools
The ECR-20 token is powered by the Polygon-based Layer2 system, which provides a variety of interfaces and development tools. The Layer2 system supports smart contract languages such as Solidity and related development tools to help developers efficiently write smart contracts and implement tokens. It also provides compatibility with the Polygon network, enabling tokens to be used in a variety of cryptocurrency wallets, exchanges, and applications.
5.9 Efficiency
Using the Polygon-powered Layer2 system, ECR-20 tokens provide fast transaction processing speeds and low fees to maximize efficiency. The Layer2 system provides much faster transaction speeds compared to traditional mainnets and can process a large number of transactions simultaneously. This allows token users to experience a fast and seamless transaction experience.
5.10 Interoperability
The ECR-20 token operates through the Polygon-based Layer2 system, which provides interoperability with other compatible blockchains. The Layer2 system supports connectivity with various blockchains, which enables token mobility and interaction with various ecosystems. This allows token holders to freely use and exchange their tokens across different blockchain networks.
5.11 Community ecosystem
The Polygon Layer2 system, based on the ECR-20 token, forms an active community ecosystem. Community members consist of token holders, developers, ecosystem partners, and others, who collaborate and support each other and strive for the growth and development of the ecosystem. Through various events, forums, developer programs, etc., community members communicate with each other and share knowledge to enhance the value of the token and develop the ecosystem.
5.12 Smart Contract features
To implement ECR-20 tokens, the Polygon-based Layer2 system provides powerful smart contract capabilities. Smart contracts give you the freedom to implement a variety of functions, including sending tokens, managing ownership, and setting transaction conditions. Smart contracts automate the behavior of tokens based on programmed conditions, execute transparently, and ensure authenticity without intermediaries. Below are highlights of smart contract functionality.
5.12.1. EVM-based smart contract deployment flow
Use MongoDB (document-oriented database) to store the data required for webpages that interact with Smart Contracts. Deploy nextjs-based webpages to Vercel, deploy Smart Contracts to Polygon Mainnet, and proceed with ordering, shipping, and completion on webpages and apps. You can check the Smart Contact Transaction data in Polygonscan.
5.12.2 Setting trade conditions
Smart contracts enable automated transactions by setting the terms of the transaction. For example, they can be programmed to automatically transfer tokens after a certain amount of time, or to perform a specific action when certain conditions are met. This allows you to programmatically define the conditions and rules for token transactions, and enables fast and efficient trade execution.
5.12.3 Customization features
Smart contracts can add additional functionality based on user needs. Users can modify or extend the code of a smart contract to develop functionality to meet their specific needs. This allows users to freely utilize the functionality of the token and drive the development of various activities and ecosystems.
5.13 Improve user experience
Using the Polygon-powered Layer2 system, the ECR-20 token offers a number of features to improve the user experience. The Layer2 system provides short block generation times and fast transaction confirmation times, allowing users to make fast and seamless transactions. It also offers an intuitive user interface and convenient wallet integration, making it easy and convenient for users to manage and trade their tokens.
ECR-20 is based on smart contracts on the Polygon-powered Layer2 system. Layer2 is a technology intended to improve the scalability of the Ethereum network, allowing large amounts of data to be stored in blocks for efficient processing. The ECR-20 token leverages this Layer2 system to automate the creation, transfer, and ownership of tokens and enforce programmable rules.
Use MongoDB (document-oriented database) to store the data required for webpages that interact with Smart Contracts. Deploy nextjs-based webpages to Vercel, deploy Smart Contracts to Polygon Mainnet, and proceed with ordering, shipping, and completion on webpages and apps. You can check the Smart Contact Transaction data in Polygonscan.