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‘Faketoshi’ Craig Wright Calls ERC20 Tokens ‘Dead’

gravestone with rip on it

Bitcoin Cash proponent and controversial Satoshi-wannabe Dr. Craig Wright has announced his beliefs that Ethereum-based ERC-20 tokens are a dead end.

In a Twitter post that also gave a plug to Bitcoin, Craig Wright (@ProfFaustus) went on to explain his statement, saying that exchanges will be forced to ban ERC20 tokens soon.

The Ethereum-based ERC-20 tokens have become ubiquitous in the cryptocurrency sector for their use by startups and ICO’s as an easy way to launch a coin. Craig Wright’s Bitcoin Cash (BCH) project, which he maintains is the original Bitcoin, is currently working on a Wormhole protocol that would support smart contracts and act as a possible competition to ERC-20 tokens.

Smart Contract Options

While Ethereum has become the most possible avenue for token creation, smart contracts are actually available on almost all networks, including Bitcoin. Popular stablecoin Tether (USDT) is built on Bitcoin’s Omni protocol, which supports tokenization.

New regulations could see ERC-20 tokens classed as securities due to their reward distribution system that simulates dividends. As a result, a number of projects have recently put in significant effort to move off of ERC-20 and onto their own MainNet, including Tron (TRX) and EOS. However, many well-established projects still operate on the ERC-20 platform including Basic Attention Token (BAT) and OmiseGO (OMG).

The fact that Coinbase has recently been granted permission to trade in security tokens put Dr. Wright’s assertions that ERC-20 will die out into question.

Image From Shutterstock

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