The most important aspect of the inception of COINANX is the creation of a singular platform exclusively for multiple fiat deposits. Ensuring that multiple currencies from various countries can be accepted in one singular place, with the first one integrated being INR, which is followed by AUD and then USD. The platform allows users to buy and sell major cryptocurrencies and aims at depositing of multiple FIAT currencies from various countries, as a result of which people can trade on a single exchange platform that can render high liquidity levels and maximum convenience.
Why does COINANX use ERC20?
ERC20 can be customized in many ways and this gives COINANX a great chance to perform many features such as:
- Automation in bartering: One can peg the token’s value to that of another token or currency by creating a fund that automatically buys or sells tokens to maintain balance in the ecosystem.
- Automatic filling: Transactions on the Ethereum blockchain requirepayments to miners in ‘gas’. One can program their token to auto-refill gas for transactions that are about to happen in the future, once the value falls below a certain level.
- Making use of a central mint that can change the number of tokens out there: This could be helpful if one’s token mirrors or simulates fiat or government currencies.
In 2015, Ethereum issued certain technical rules or specifications for tokens on the Ethereum blockchain. Tokens that adhere to these specifications or rules are known as ERC20 tokens. (ERC stands for Ethereum Request for Comments.) CoinAnx exchange supports and helps in the conversion to and from a wide range of crypto coins. Currently, dabbling in Bitcoin, Dash, Ripple, Ethereum, Litecoins and other altcoins.
What are ERC20 tokens?
Essentially, ERC20 tokens are intelligent contracts that run on the Ethereum blockchain. While ERC20 tokens function within the framework set by the Ethereum team, the framework is publicaly available which allows developers a substantial flexibility in the design and function of the tokens. Most tokens created with the help of ICOs on Ethereum are ERC20 compliant.