ERC20 token explained

 




An ERC20 token is a type of cryptocurrency token that is built on the Ethereum blockchain. ERC20 stands for "Ethereum Request for Comment 20," which is the standard protocol used for the creation and implementation of tokens on the Ethereum blockchain.


ERC20 tokens have become very popular because they are relatively easy to create and can be used for a variety of purposes, such as representing assets, voting rights, or even as a form of payment.


ERC20 tokens are fungible, meaning that each token is interchangeable with any other token of the same type and value. They also have a common set of functions and standards, such as the ability to transfer tokens, check balances, and approve transactions.


ERC20 tokens can be stored in any Ethereum wallet that supports ERC20 tokens, such as MyEtherWallet or MetaMask, and can be traded on various cryptocurrency exchanges.

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