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 is an ERC20 wallet address?

Typically, the ERC20 wallet address is an Ethereum address. More so, all Ethereum addresses are compatible with storing ERC20. Also, all Ethereum wallets are actually connected to the Ethereum blockchain. Therefore, the ERC20 address will mean an address in the Ethereum platform.

Are ether and ERC20 the same thing?

However, you need to understand Ether and ERC20 are not the same things. In reality, Ether is the native currency of the Ethereum platform, but ERC20 is a standard for a specific token type. So, others can use this standard to create more ERC20 tokens, and they will all have different token names.

How does ERC 20 work?

The ERC-20 standard arose from a 2015 proposal that was merged into the Ethereum protocol via an Ethereum Improvement Proposal (IEP-20). Interacting with ERC-20 tokens requires the use of ETH. For example, if you want to send 100 ABC tokens to Alice, you'll need to attach a small amount of ETH to pay for the transaction.