Community Forex Questions
What is an ERC-20 token?
ERC-20 tokens will only be used on the Ethereum network. There are requirements to swap them, to exchange them for other tokens, or to move them to a crypto-wallet. The Ethereum project has established three optional rules and six mandatory standards.
To put into words the sheer impact of ERC20 tokens on the crypto world is impossible. They have been responsible for the billions of dollars in ICO industry and have played a significant role in making cryptocurrencies more popular. Until we see what they are and how they were affected, we need a little history lesson.
The ERC20-based currency has the same features as bitcoin, ether, and bitcoin cash: it will be able to carry, send, and receive money. The main difference between ERC20 and other cryptocurrencies is that ERC20 Tokens are created in Ethereum blockchain, while Bitcoin is a native currency. Ethereum addresses and transfers are used for storing and sending ERC20 tokens, with gas shielding the transaction costs.
Website https://ethereum.org/en/developers/docs/standards/tokens/erc-20/
To put into words the sheer impact of ERC20 tokens on the crypto world is impossible. They have been responsible for the billions of dollars in ICO industry and have played a significant role in making cryptocurrencies more popular. Until we see what they are and how they were affected, we need a little history lesson.
The ERC20-based currency has the same features as bitcoin, ether, and bitcoin cash: it will be able to carry, send, and receive money. The main difference between ERC20 and other cryptocurrencies is that ERC20 Tokens are created in Ethereum blockchain, while Bitcoin is a native currency. Ethereum addresses and transfers are used for storing and sending ERC20 tokens, with gas shielding the transaction costs.
Website https://ethereum.org/en/developers/docs/standards/tokens/erc-20/
Dec 21, 2021 04:36