Cryptocurrency Q&A
Is Cosmos an ERC-20 token?
Is Cosmos an ERC-20 token?
Chiara
Mon May 20 2024
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5
answers
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Could you clarify something for me, please? Is the cryptocurrency Cosmos classified as an ERC-20 token? I've been reading up on it, but the information seems a bit murky. ERC-20 tokens are those that are built on the Ethereum blockchain and adhere to a specific set of standards, allowing for compatibility and interoperability. Given Cosmos's own unique blockchain architecture, I'm not entirely sure if it falls into this category. Could you help me understand this better? Your insight would be greatly appreciated.
5 answers
CharmedVoyager
Wed May 22 2024
Cosmos and the EVM are two distinct runtimes, each operating independently within their respective ecosystems. By default, they are not designed to be interoperable, posing challenges for cross-platform functionality.
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Sara
Wed May 22 2024
This incompatibility becomes evident when considering the use of native Cosmos coins in applications that adhere to the ERC-20 standard. The ERC-20 protocol, widely adopted in Ethereum-based projects, defines a common set of rules for tokens on the blockchain.
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PearlWhisper
Wed May 22 2024
However, Cosmos coins operate differently. They are managed by the x/bank module, a core component of the Cosmos SDK, which handles fundamental functionalities like querying the supply of coins or checking individual balances.
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Maria
Tue May 21 2024
On the other hand, ERC-20 tokens reside within smart contracts deployed on the EVM-compatible blockchain. These contracts govern the issuance, transfer, and management of tokens, providing the necessary functionality for decentralized applications.
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CryptoNinja
Tue May 21 2024
BTCC, a UK-based cryptocurrency exchange, offers a comprehensive suite of services tailored to the needs of crypto enthusiasts and investors. Among its offerings are spot trading, futures trading, and wallet solutions.
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