AIOZRC-20 Token Smart Contract

ERC-20 Token Standard

One of the most significant smart contract standards on Ethereum is known as ERC-20, which has emerged as the technical standard used for all smart contracts on the Ethereum blockchain for fungible token implementations.

ERC-20 defines a common list of rules that all fungible Ethereum tokens should adhere to. Consequently, this token standard empowers developers of all types to accurately predict how new tokens will function within the larger Ethereum system. This simplifies and eases developers’ tasks, because they can proceed with their work, knowing that each and every new project won’t need to be redone every time a new token is released, as long as the token follows the rules. More details about ERC-20 Token (opens in a new tab)

AIOZRC-20 Token Standard

Every blockchain can have its own token standard. The most popular types of token standards for advanced token development are

• ERC-20 (Ethereum)
• BEP-20 (Binance Smart Chain)
• TRC-20 (TRON blockchain)

All three networks use the same Solidity language and Ethereum Virtual Machine, meaning they are mostly cross-compatible and can be used interchangeably, with tokens developed on one platform accessible on another. Token standard often contains a variety of information, including:

• Details of the total token supply
• How the tokens will be transferred
• How the tokens can be withdrawn
• Token balance in the account
• How the tokens will be received

Since AIOZ Network is an EVM-compatible blockchain, we also have our own Token Standard, AIOZRC-20. The process of creating and deploying tokens is similar to Ethereum Network except for the fees and ease of development & usage. AIOZ Network is based on Tendermint-core in Cosmos SDK, which used the Proof of Stake consensus algorithm to reduce the cost of transaction fees and increase TPS. Therefore, AIOZRC-20 token standard in AIOZ Network offers more efficient and cost-effective solutions along with all features of the Ethereum blockchain.

Deploy AIOZRC-20 Token in AIOZ Network Testnet

• Access https://remix.ethereum.org (opens in a new tab)
• Create a new smart contract MyToken with source code as below

// SPDX-License-Identifier: GPL-3.0
pragma solidity ^0.8.0;
 
import "@openzeppelin/contracts/token/ERC20/ERC20.sol";
 
contract MyToken is ERC20{
    constructor() ERC20("MyToken", "MTK"){
        _mint(msg.sender,1000*10**18);
    }
}

We will use an ERC-20 contract from OpenZeppelin (opens in a new tab) and deploy it using RemixIDE

Compile Smart Contract

On the left-most bar, select the Solidity Compiler and compile the contract.

Deploy AIOZRC-20 Smart Contract

On the left-most bar, select Deploy & Run transactions

• Select account to deploy
• Select compiled smart contract MyToken to deploy

Query Balance From Smart Contract

In section Deployed Contract, check the balance of MyToken in the owner address.

1,000 MyToken was minted and sent to the owner of the smart contract's wallet address.