Get ready, grab your coffee, your spectacles and thinking cap. Todays article is a deep dive into the origins of iEthereum and the human standard of tokens.
I am still learning myself and it is why I continue to write these weekly newsletters/blogs. This is a very technical read that I do not even fully understand myself.
This article is foundational for any future technical or business development surrounding iEthereum.
I had a lot of questions regarding iEthereum’s birth and lots of concerns initially.
As mentioned I have previously written, iEthereum is a clone of this HumanStandardToken. The HumanStandardToken is not actually a token in and of itself. It probably could be, as it is a smart contract compiled into a computer code just like most cryptos, yet it was not set up to be distributed with a set circulating supply. The HumanStandardToken is an open source token factory created by Consensys to manufacture original tokens with unique ticker symbol and an independently preferred supply.
This token factory has created 17,405 tokens with the exact same code base as iEthereum yet each with an independent intent and purpose and uniquely identified with its own circulating supply and symbol. Why reinvent the wheel when you can manufacture a known tried and true code that is a solid base, able to be current with the times, and allow it to be open source to build upon?
This is where I believe the business side of genius lies with iEthereum.
As it stands, iEthereum is a brilliant, safe and efficient open source Ethereum based ERC20 token that has a bright future ahead in our opinion. My biggest concerns with iEthereum essentially revolves around if it is outdated now that much progress has been made in the overall blockchain development space.
iEthereum launched in 2017 and the overall industry has moved forward. Is iEthereum up to date with security, risk, code, testing, best practices, compliance etc?
With that said, I decided to interview ChatGPT regarding the HumanStandardToken and get questions and some concerns we all have answered.
In this interview; you will be faced with AI reality and more reality. Its good to learn.
IEAT: Is iEthereum; ie the HumanStandardToken in itself a good standard code for implementation?
ChatGPT: iEthereum which is the HumanStandardToken in the provided code is a reasonable starting point for implementing an ERC-20 token, especially if you want to create a token for human use with some additional features. However, there are a few considerations to keep in mind:
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