Getting started with ERC-20 and BEP-20 tokens.
Cryptitan supports ERC-20 (Ethereum) and BEP-20 (Binance Smart Chain) tokens, which requires Ether and Binance Coin respectively to process smart contract transactions.
Each token was created as a single entity of its own, which implies that miner's fees are charged as the value of the token. However, the administrator is expected to provide the Ether or Binance Coin required for the processing of all token transactions.
After adding the tokens you wish to support in the Control Panel, You need to maintain a sufficient Ether or Binance Coin on the token's central wallet which will be used for the token transactions. It is important you ensure that this address has sufficient balance at all times. Without this, Cryptitan will encounter errors while attempting to process token transactions. You will find the central wallet address in the Wallet's Control Panel
- Go to Wallet tab, under Control Panel.
- Click on the wallet help icon for a token.
Token's Central Wallet
ERC-20 token requires Ethereum, while BEP-20 requires Binance Coin to be sent to the central wallet address. Do NOT make the mistake of sending the respective coins to the wrong network. The funds will be stuck and irrecoverable.
Since each token is treated as an entity of its own, the system deducts the miner's fee as the value of the token. It estimates the total Ether or Binance Coin used for transactions and converts it to the equivalent value of the token.
When a token is received on each users address, it is automatically consolidated into the central wallet. Hence the estimated fee for an external send transaction involves the sum of the consolidation fee plus the external transaction fee, this is deducted from the user's token balance as miner's fee.