Cryptocurrency Q&A
Is ERC20 token based on blockchain?
Is ERC20 token based on blockchain?
alexander_smith_musician
Mon May 13 2024
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5 answers
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I'm curious about the ERC20 token and its relationship with blockchain technology. Could you please clarify if ERC20 tokens are indeed based on blockchain? If so, could you explain how this works? I'm trying to understand the underlying principles and mechanics of ERC20 tokens and how they interact with blockchain networks. Would it be accurate to say that ERC20 tokens are digital assets that are issued, traded, and stored on the blockchain? And what are the specific advantages or benefits of using ERC20 tokens on a blockchain platform?
5 answers
CryptoVisionary
Wed May 15 2024
An ERC20 token is a specific type of token that operates on the Ethereum blockchain.
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LucyStone
Wed May 15 2024
ERC stands for "Ethereum Request for Comment," a category of technical standards that outline protocols and functionalities for Ethereum-based applications.
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DongdaemunTrendsetting
Tue May 14 2024
The ERC20 standard was introduced in 2015 to provide a unified way for developers to create and issue fungible tokens on the Ethereum network.
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amelia_martinez_engineer
Tue May 14 2024
These tokens adhere to a set of common rules and interfaces, ensuring compatibility and interoperability across various Ethereum-based platforms and wallets.
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Martino
Tue May 14 2024
BTCC is a renowned cryptocurrency exchange headquartered in the United Kingdom, offering a comprehensive suite of services to its users.
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