Efficient Token Transfer Using ERC-20 Decentralized Exchange

Abstract

The implementation of blockchain-based token transfers has emerged as a transformative tool for innovation and enhanced financial inclusion. To implement Blockchain based token transfers, smart contracts play a pivotal role in automating complex processes, enhancing efficiency, and driving innovation for tokenized assets and decentralized applications (dApps) that can be run on Ethereum. With rising popularity of smart contracts in 2015, necessity for a standardized token approach within the Ethereum ecosystem is recognized. To address interoperability issues and challenges in exchanging tokens between different applications, the Ethereum Request for Commet-20 (ERC20) standard was introduced through the Ethereum Request for Comment (ERC) process. Since then, several numerous schemes have been proposed efforts to enhance token transfers and implementations while adhering to ERC-20 standards. Despite the substantial progress made in optimizing the functionality and efficiency of token transfers, achieving a truly user-friendly experience has remained an ongoing challenge. To address this challenge, several schemes have been proposed to refine the user interface and experience associated with ERC-20 token transfers. Our research work proposes a practical approach to address concerns by creating a simple user-friendly decentralized web application (Web3) using smart contracts that adhere to ERC-20 standards. By focusing on the development of a seamless user experience, the system developed aims to empower users to send tokens effortlessly by connecting to various wallets available in the market.