What is ERC-20 token?

ERC-20 is a technical standard emerged to use for all smart contracts on the Ethereum blockchain for token implementations. How to receive ERC-20 tokens? To receive an ERC-20 token, you simply have to send it to your Ethereum address.

What do you need to know about tokens?

Another thing you need to know about tokens is that they are not held by accounts. Tokens exist in contracts, which function like decentralized databases that map tokens to the appropriate Ethereum address. Also, it is the token contract that governs and specifies the rules that apply to a given token.

What are airdropped tokens?

In most cases, airdropped tokens are obscure digital assets that are yet to list on exchanges. If this is the case, it is unlikely that exchange wallet addresses would support such tokens. When it comes to ERC-20 tokens, the recommended wallets are MyEtherWallet (MEW) and MetaMask.

What is the difference between ERC-20 and 20?

The ERC-20 refers to (Ethereum Request For Comments) while the number 20 represents the unique number ID to distinguish the standard from others. ERC-tokens are digital assets designed, issued, and used just like a Bitcoin, except it runs solely on the Ethereum blockchain .