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I would like to create my own token on ethereum blockchain. However, I was thinking of creating a token that lets users choose their own addresses. However, as explained here, it seems that would require rewriting ERC20 functions thus making the token non-erc20 compliant.

One obvious disadvantage is that this will make my token incompatible with standard ERC20 wallets. Are there any other major reasons for not using this approach as I would really like to make my token use custom addresses.

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You are right that the main disadvantage, however, instead of replacing the ERC20 functionality with something else, you can add the functionality on top of your token. Think of it as a ERC20+.

Instead of replacing balanceOf(address) with balanceOf(string), you could add namedBalance(string) and leave balanceOf(address) to operate with the rest of the wallets.

That being said, the EVM is smart enough to resolve what function amongst a group of similarly named functions is the correct one by matching the type and count of arguments.

**I would advice to spend a bit more time reading about ERC20, as this string matching might cause more problems than you are anticipating. **

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