Cryptocurrency Q&A
What is the difference between ETH and ERC-20?
What is the difference between ETH and ERC-20?
Andrea
Mon May 13 2024
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6 answers
1287
Might I inquire about the fundamental distinctions between ETH and ERC-20? ETH, as we all know, stands for Ethereum, a groundbreaking open-source blockchain platform. It serves as the backbone for decentralized applications and smart contracts, and ETH, its native currency, powers the transactions within this ecosystem. ERC-20, on the other hand, is a technical standard, not a currency itself. It's a set of rules and guidelines that define how tokens should function within the Ethereum network. ERC-20 tokens are built on smart contracts and can be used for a wide range of purposes, from representing assets to serving as utility tokens. So, in essence, ETH is the currency that fuels the Ethereum network, while ERC-20 is a standard that governs the behavior of tokens within that network. Does this clarification suffice, or do you require further elaboration?
6 answers
amelia_miller_designer
Wed May 15 2024
Ether, the native cryptocurrency of the Ethereum network, plays a pivotal role.
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CryptoProphet
Tue May 14 2024
It functions as the 'fuel' that powers the operations and deployments of smart contracts.
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TaekwondoMaster
Tue May 14 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services.
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benjamin_brown_entrepreneur
Tue May 14 2024
ERC-20 tokens, on the other hand, represent a technical standard.
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Daniele
Tue May 14 2024
This standard is widely used for creating smart contracts within the Ethereum blockchain.
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