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So my partners and I have been spending the last few months working on creating our own token which will be used in our platform.

We are wanting to launch an ICO to raise a bit of funds to further our development, however, we were wondering if we needed to create our own wallet? We are generating an ERC20 token, which it seems like Mist wallet supports additional tokens, however, is there any NEED for us to create a custom wallet source?

Eg: does there have to be a wallet source code for an exchange like poloniex/bittrex to be able to list a specific ERC20 token?

Thanks

  • Also I am wondering if you can make your own Wallet through ERC20 resources... MEW is not what most people prefer to use! Looking forward to knowledge on where to search. – letssee Jan 12 '18 at 23:23
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ERC20 is a standardized software interface for tokens. A software interface is a standard that allows two different pieces of software to interact. For example, USB mice have a common interface so you can plug any mouse supporting the USB mouse standard into a computer running an OS that knows how to support USB mice. Likewise, wallets that support ERC20 will know how to deal with any ERC20-compliant token. In fact, this interoperability is the whole point of creating the ERC20 standard! For any ERC20 token-supporting wallet, I believe you need to tell the software to watch the token's contract address, but that's about it, unless the wallet specifically only hard-codes in an approved list of tokens.

However, an exchange can choose not to list your token (or, more precisely, it choses tokens that it wants to list), but that has nothing to do with wallet support in the case of ERC20.

If you created a non-ERC20-compliant token on the Ethereum blockchain, you'd have to create your own wallet if you wanted users to have a nice user interface to interact with your tokens. If you created a new cryptocurrency (like when Litecoin forked from Bitcoin), you'd have to create a new wallet so that people could sync your blockchain.

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in short: If you've developed an ERC20 Token you don't need to develop a new wallet as you can use Myetherwallet. Listing a token in an exchange market isn't influenced by the wallet nature but instead by the token value, abilities and community. You can check the requirement of each exchange market to list a new token.

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