Top Ethereum tokens by Vulkania RankTM
Vulkania ScoreTM considers visits, holders gains over 24 hours and also the total number of holders.
What is Ethereum?
Ethereum is a leading blockchain which can be used for both financial transactions as well as the execution of smart contracts. Both types of transactions utilize the cryptocurrency Ether (ETH) to transact on the Ethereum blockchain, commonly referred to as “gas”. Ethereum established itself as the first mainstream cryptocurrency that supports smart contracts. These smart contracts are simply software that allows individuals using the Ethereum blockchain to execute agreements or processes among themselves in a decentralized manner. Smart contracts span the spectrum of utility: From escrow services, online games, automated data validation, timed release of currency, lottery entries, voting rights and many more possibilities. Ethereum’s blockchain is currently validated by miners that use computational power to solve complex mathematical problems which in turn produces blocks within Ethereum’s blockchain in a validation system called Proof of Work (PoW). The miners are compensated by earning ETH if they “solve” a block or by competing to process transactions for a fee (known as “gas”). The competitive and economically incentivized nature of miner compensation ensures the Ethereum network can continue to function without any trust among its miners or network users. Ethereum is a fundamental currency to the cryptocurrency markets. It can be purchased on every major and minor exchange and is widely accepted as payment for goods or services.
What are Ethereum ERC20 Tokens?
ERC20 is a token standard established by the Ethereum Foundation to establish tokenized assets that can be transacted on the Ethereum blockchain. This standard effectively allowed for the creation of thousands of new projects to launch their products or services on Ethereum’s blockchain as opposed to developing their own blockchain (an expensive and time-consuming effort). Projects built on Ethereum’s blockchain launch their project’s token as an ERC20 token. ERC20 tokens are unique tokens from Ether (ETH) but still transact on and utilize the Ethereum blockchain. This is why you may have noticed that some of your ERC20 tokens on your favorite exchange or wallet app have the same deposit address as your ETH address. The ERC20 standard establishes a common set of rules or constraints. Projects and users can create and utilize anything that falls within that standard rule set. This flexibility allows for a large spectrum of different types of projects on the Ethereum blockchain. All ERC20 tokens require ETH as the “gas” payment to transact on the Ethereum blockchain.
Which Wallets Support ERC20 Tokens?
Web wallets allow you to create, access and transact from an ERC20 address with an associated private key / seed phrase. These web-based user interfaces do not actually store your information nor your ERC20 tokens. Instead, they allow you to create a new wallet or connect an existing wallet and, using the site’s user interface, transact with the blockchain using that wallet. The wallet is 100% in your control and web wallets created on one web wallet site can be accessed using a different web wallet site as long as you have the associated private key / seed phrase of the wallet you are attempting to access. All web-based ERC20 wallets allow for the deposit and withdraw of any ERC20 token. Some popular tokens are automatically recognized by the wallet user interface. Other, less-known ERC20 tokens may need to be “added” to the user interface so the coins will be visible. This is commonly referred to as “adding a custom token”. Popular Web Wallets Include:
- Mist Wallet
Mobile App Wallets
Mobile app wallets are wallets that are created and managed with a downloaded app to your cell phone or tablet. They are typically more user-friendly as compared to web wallets, but slightly less secure in that your mobile device is likely always connected to the internet. Though rare, a breach in the app’s software or connection or even malware installed on your mobile device could compromise such app- based wallets. Most mobile app ERC20 wallets allow for the deposit and withdraw of any ERC20 token. Some popular tokens are automatically recognized by the wallet user interface. Other, less-known ERC20 tokens may need to be “added” to the user interface so the coins will be visible. This is commonly referred to as “adding a custom token”. Popular Mobile App Wallets Include:
- Atomic Wallet
- Trust Wallet
- Coinbase Wallet
- Klever Wallet
Hardware wallets are the most secure wallets in that they require physical possession of the hardware device to transact from the wallet. Hardware wallets typically come with associated software you can install on your computer in order to access your ERC20 tokens. Most hardware wallets are also able to connect with web wallets. The key security feature of Hardware Wallets is that you must physically confirm transactions by clicking buttons on the hardware device. This adds an amazing level of security since your coins cannot be moved without also having the hardware device (assuming your private key is safe, secure and only known by you). All hardware-based ERC20 wallets allow for the deposit and withdraw of any ERC20 token. Some popular tokens are automatically recognized by the wallet user interface. Other, less-known ERC20 tokens may need to be “added” to the user interface so the coins will be visible. This is commonly referred to as “adding a custom token”. Popular Hardware Wallets Include:
- Ledger Nano S & Ledger Nano X
- SafePal S1
It is recommended to never use an exchange as a long-term wallet. There are many well-trusted exchanges. Such exchanges may or may not have insurance to help mitigate any losses you experience from a security breach on the exchange wallets. But exchange wallets are typically “hot wallets” which a means they are connected to the internet at all times making them less secure than a “cold wallet” – a wallet that is created offline and not connected to the internet such as a hardware wallet. An important note: Exchanges only allow for the withdraw of coins the exchange supports. Therefore, it is possible to send an ERC20 token to an exchange wallet that the exchange does not support. Therefore, while your ERC20 tokens would have been deposited to the exchange wallet, they will not be visible in your user interface and cannot be withdrawn. It is important to verify that the exchange you are sending your ERC20 tokens to supports the ERC20 token you are sending.