Cryptocurrency Q&A
What are ERC-20 tokens also called?
What are ERC-20 tokens also called?
Ilaria
Sun May 12 2024
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7 answers
1471
Could you please clarify for me? I've read that ERC-20 tokens have another name, but I'm not quite sure what it is. Could you tell me what ERC-20 tokens are commonly referred to as in the cryptocurrency and finance community? I'm particularly interested in understanding how this alternative nomenclature reflects their characteristics or functionality within the Ethereum blockchain ecosystem. It would be helpful if you could provide a brief explanation of why this alternate name is used and how it fits into the broader context of crypto assets. Thank you for your assistance in clarifying this matter.
7 answers
Daniele
Tue May 14 2024
These tokens are built atop an existing blockchain system, leveraging the underlying infrastructure for their functionality.
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SejongWisdomKeeperEliteMind
Tue May 14 2024
This standardization ensures compatibility and interoperability across various Ethereum-based platforms and applications.
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Chiara
Tue May 14 2024
ERC-20 tokens are typically created through the utilization of smart contract technology.
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Andrea
Tue May 14 2024
Smart contracts allow for the automation of transactions and the enforcement of pre-defined rules.
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Leonardo
Tue May 14 2024
ERC-20 tokens are a subset of Layer 2 (L2) Digital Assets in the realm of Distributed Ledger Technology (DLT).
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