Cryptocurrency Q&A
What is an ERC-20 token?
What is an ERC-20 token?
GwanghwamunPride
Wed Jul 17 2024
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7 answers
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Could you elaborate on the concept of an ERC-20 token? I've heard it mentioned in the context of Ethereum, but I'm not entirely clear on its significance and functionality. As a cryptocurrency and finance professional, I'm curious to understand how ERC-20 tokens fit into the broader blockchain ecosystem. Are they solely used for smart contracts, or do they have other applications? Furthermore, what are the key characteristics that define an ERC-20 token, and how do they differ from other types of tokens on the Ethereum network? Your insights would be greatly appreciated.
7 answers
Lorenzo
Fri Jul 19 2024
It defines a common interface, comprising APIs, for tokens to interact with each other and with external applications.
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BlockchainBaron
Fri Jul 19 2024
This standardization facilitates integration and interoperability, allowing for a diverse array of decentralized applications to utilize ERC-20 Tokens.
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Pietro
Fri Jul 19 2024
The ERC-20 Token, an integral component of the Ethereum ecosystem, operates analogously to ETH in terms of its value and equivalency.
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EchoSoulQuantum
Fri Jul 19 2024
One ERC-20 Token remains equal to all other Tokens of the same type, a trait that ensures consistency and uniformity across the network.
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Margherita
Fri Jul 19 2024
Among the key functionalities provided by the ERC-20 standard are methods for token transfer, token balance retrieval, and event notifications.
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