#24 Openzeppelin Smart Contract (Part 7)
Welcome to this brand new course about blockchain. In this course, and in the upcoming ones, we will make you familiar with everything you need to know about blockchain. We will also teach you some of the latest blockchain coding skills so that you can enter the fascinating world of decentralized applications.
In this video, we will learn about Openzeppelin smart contract. The general idea behind the “MyToken” smart contract from OpenZeppelin is to provide a standardized implementation of the ERC20 token standard. It inherits from the IERC20 interface and includes all the necessary functions and mappings required for managing a token’s balances, allowances, transfers, approvals, minting, and burning. The contract utilizes the SafeMath library to prevent overflows and underflows in mathematical operations. It allows users to create a custom token by specifying its name, symbol, and decimals. The contract maintains a mapping of token balances for each address and enables transfers between addresses while enforcing the necessary checks and validations. Additionally, it emits events to notify external parties about token transfers, approvals, minting, and burning. Overall, this contract serves as a reusable and secure foundation for creating ERC20-compliant tokens.