In the world of cryptocurrency, there are many different types of tokens. One type of token is an ERC-20 token. ERC-20 tokens are tokens that are created on the Ethereum blockchain. ERC-20 tokens have a few different characteristics that make them unique. One of these characteristics is that they have a balance. In this blog post, we will explore how to get the balance of an ERC-20 token.
What is an ERC-20 token?
An ERC-20 token is a digital asset that runs on the Ethereum blockchain. ERC-20 tokens are created by developers who use the Ethereum blockchain to create decentralized applications (dApps). ERC-20 tokens can be used to represent anything from fiat currency to commodities.
ERC-20 tokens are created through a process called smart contracts. Smart contracts are self-executing contracts that run on the Ethereum blockchain. When someone wants to create an ERC-20 token, they must first create a smart contract on the Ethereum blockchain. The smart contract will then mint new tokens and distribute them to the creator of the smart contract.
ERC-20 tokens must conform to a set of rules in order to be compatible with the Ethereum network. These rules include specifying how many decimal places the token can have and what function the token will perform. Once an ERC-20 token is created, it can be traded on decentralized exchanges or used in dApps built on the Ethereum network.
How to get the balance of an ERC-20 token
If you're looking to find the balance of an ERC-20 token, there are a few different methods you can use. The simplest method is to check the token's contract on Etherscan.io.
Once you're on the token's page on Etherscan, scroll down to the "Contract Address" section. In the "Contract Address" field, enter the address of the account you want to check the balance for. Then, click the "Search" button.
The next page will show you the account's balance of the ERC-20 token in question. If you don't see anything in the "Balance" field, that means the account doesn't have any of that particular ERC-20 token.
Another method you can use to find an ERC-20 token's balance is by using a blockchain explorer like Tokenview or Blockchain. Simply enter the address of the account you want to check into their search bar and hit enter.
Both Tokenview and Blockchain will show you the account's balances for all tokens, not just ERC-20 tokens. So, if you see a balance for an ERC-20 token that isn't showing up on Etherscan, that may be because it hasn't been added to Etherscan's database yet.
Pros and Cons of an ERC-20 token
There are a few things to consider before deciding whether or not to create an ERC-20 token. On the one hand, ERC-20 tokens are compatible with a wide range of wallets and exchanges. This means that your token will have a much easier time getting listed on exchanges and being adopted by users. On the other hand, ERC-20 tokens are subject to the same volatility as other cryptocurrencies. This means that the value of your token could fluctuate wildly and you may have trouble liquidating your holdings.
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