Cryptocurrency Q&A
Is PAXG an ERC-20?
Is PAXG an ERC-20?
KimchiQueen
Sat Jun 29 2024
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7 answers
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Inquiring minds may want to know, does PAXG conform to the ERC-20 standard? This question arises given the prevalence of ERC-20 tokens in the Ethereum ecosystem and their widespread adoption. PAXG, being a digital asset, may be mistaken for one of these tokens. However, it's crucial to differentiate, as ERC-20 defines a common set of rules for tokens to ensure compatibility and interaction within the Ethereum network. PAXG, being a representation of physical gold, has its own unique properties and mechanisms. So, does PAXG adhere to the ERC-20 standard, or does it operate independently? Let's delve deeper into this inquiry.
7 answers
CryptoEnthusiast
Mon Jul 01 2024
PAXG serves as a digital representation of physical ownership of LBMA (London Bullion Market Association) accredited gold bars.
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CryptoProphet
Mon Jul 01 2024
The LBMA is a global market-setting organization that ensures the quality, integrity, and liquidity of precious metals markets.
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Valentina
Mon Jul 01 2024
By tokenizing gold bars, PAXG provides investors with a convenient and secure way to own and transact with gold in a digital format.
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Martino
Mon Jul 01 2024
Paxos Gold, denoted as PAXG, is a unique ERC20 token that operates within the Ethereum blockchain ecosystem.
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CryptoConqueror
Mon Jul 01 2024
This token is centrally minted and burned by Paxos, a trusted financial institution that specializes in digital asset services.
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