Cryptocurrency Q&A
What is the difference between ETH and ERC20?
What is the difference between ETH and ERC20?
BusanBeautyBloom
Mon May 13 2024
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7 answers
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Could you please elaborate on the fundamental differences between ETH and ERC20? I've been hearing a lot about these two terms in the cryptocurrency space, but I'm still trying to grasp the nuances. ETH, I understand, is the native cryptocurrency of the Ethereum blockchain, powering transactions and smart contracts. But what exactly is ERC20? Is it another type of cryptocurrency, or does it serve a different purpose? I'm particularly interested in understanding how these two entities interact with each other and how they fit into the broader cryptocurrency ecosystem. Thank you for your assistance in clarifying these concepts.
7 answers
GangnamGlitzGlamour
Wed May 15 2024
Ether, commonly known as ETH, is the fundamental token of the Ethereum blockchain.
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CryptoTitaness
Wed May 15 2024
It serves as the internal payment mechanism for transactions within the network.
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DigitalBaron
Wed May 15 2024
ERC-20 is a widely adopted standard in the Ethereum ecosystem.
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Filippo
Wed May 15 2024
It defines the rules for creating fungible tokens that can interact with smart contracts.
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WindRider
Tue May 14 2024
These tokens can be used for various purposes, including representing assets or utilities.
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