token and openzeppelin

Using OpenZeppelin to create tokens 🟥🟦.

Blockchain token represents ownership of asset or item. The well know NFT is short form for Non Fungible Token which represent unique assets. The other type of token is fungible which is exchangeable like currency. Openzeppelin is a product which helps in creating smart contracts with best practices. Creating fungible and non fungible token with OpenZeppelin is thus easy as it provides token standards such as ERC20, ERC721 etc.

In order to use OpenZeppelin it can be installed as npm package. The package contains definition about the ERC20, ERC721 etc standards which are used in creating fungible and non fungible tokens. These token standards generally accepted standard by the community and are used in smart contract to implement tokens. For eg- ERC20 is the standard for fungible token, ERC721 is used for NFT etc.