Every blockchain ecosystem is centered around the token that is the principal element of a new type of economy. A token standard outlines the rules that administer its issuance and use.
ERC or Ethereum Request for Comments is a technical standard used for smart contracts on Ethereum. We have defined the equivalent of ERC on Wethio as ZRC tokens.
As of now, there are two token standards on Wethio. ZRC20, ZRC721 are two token standards having their own unique functionalities. The two token standards are divided into two different categories: fungible and non-fungible tokens.
Fungible tokens are all equal and divisible. Non-fungible tokens are all distinct and non-divisible.
ZRC20 falls into the zone of fungible tokens that are interchangeable and can be divided into smaller token units like ZYN. This fungible token standard includes ZRC20 as digital assets that open doors to access products and/or services on a platform. ZRC721 are non-fungible tokens that mean to be a particular asset such as a certificate or a collectible in-game item.
ZRC20 token standard draws a list of basic functions and events, through which developers can make these tokens transferable and usable by applying the standardized program functions. ZYN coinss are used to pay for the transaction fees.