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Why ERCx is Needed to Enforce Standardization of ERC-20 Tokens



It is worth noting that there are over ten thousand cryptocurrencies in existence today. This is part of the industry that has grown from nothing in 2009 when Bitcoin was launched to a multibillion-dollar sector today. 

In the midst of the evolution of the industry came the introduction of ERC standards, on which ERC tokens are built and powered by the Ethereum blockchain.

Many projects have utilized this standard; however, the creators of ERCx embarked on developing a solution to address the challenge of adhering to ERC standards. Yliès Falcone, the Team Lead of ERCx, elucidated the project’s core during the ETHCC Paris event.

According to the Team Lead who is also an Associate Professor, ERCx is a tool suite aimed at evaluating ERC tokens and ensuring their compliance with established standards. 

The tool’s purpose is to simplify the assessment process for ERC tokens, providing developers, investors, and auditors with a way to navigate the increasing complexity of token ecosystems.

Key Features of ERCx

In his presentation, he discussed how ERCx introduces two key features to improve token evaluation and creation. Firstly, ERCx allows for the evaluation of tokens deployed on testnets or mainnets, assessing their adherence to both conformance and security properties. 

This feature assists developers, investors, and auditors in gaining insights into token behavior, mitigating concerns about security vulnerabilities and fraudulent activities. 

Secondly, ERCx contributes to the development of higher-quality tokens by offering a comprehensive test suite. This suite ensures that tokens meet essential properties and functionalities, which is particularly valuable for newcomers navigating token standards and seeking guidance in token creation.

Furthermore, he noted that although primarily aimed at developers, ERCx also benefits investors and auditors. Investors often worry about token safety and scams. ERCx aids them by evaluating tokens behaviorally for informed decisions. 

Developers use ERCx to efficiently test tokens for functional alignment. Expert auditors appreciate ERCx’s customization, assessing tokens against security properties comprehensively.

Comprehensive Test Suite

Additionally, ERCx boasts a comprehensive test suite covering popular token standards, including ERC20 and ERC721. This suite categorizes tests into different levels, ranging from syntactic checks to conformance assessments. Additionally, it includes tests for security properties and advanced functions.

Before concluding the presentation, he did a live demo to show the audience how they could use ERCx to verify tokens. He said the Test Suite can be accessed through the ERCx website.

In the future plans, ERCx plans to support additional ERC standards, aiming to provide a versatile solution for a wider range of tokens. The development team welcomes feedback and collaboration, intending to enhance the tool suite based on the needs of the cryptocurrency community.

Read also; Successful tokenomics, fundraising & market behavior: expert shares insights

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