BLOK tokens have a hybrid functionality being a dividend bearing security, and a medium of exchange within a defined market. By using a finite supply of tokens within the ecosystem; users both inside and outside the community can potentially profit with every additional property added to the blockchain.
The term ERC in ‘ERC20 Token’ stands for Ethereum Request For Comments and the number 20 stands for the unique number ID allocated to distinguish this standard from others.
The ERC20 is a standard protocol which defines the rules and working of the Tokens on the Ethereum Blockchain Network.
Smart contracts are used to create ERC-20 tokens. They are also used to facilitate transactions of tokens, and record balances of tokens in an account.
A few reasons BlockPark Choose ERC-20
- Uniformly and fast transaction.
- Confirms the transaction more efficiently.
- Reduce risk of contract breaking.
- The function implemented in ERC20 help the web client to interact with token and blockchain more efficient and fast.
BlockPark has decided that the tokens will have the following properties:
- A finite supply
- Part of tokens will be reserved for application uses
- Parts of token will be kept for advisors and team members
- New tokens will not be minted
- Tokens can be burned in specific use case defined by BlockPark team
The tokens are named BlockPark Token and the symbol used is BLOK.