How does ERC20 work and can you provide an example of an ERC20 token?

3 answers

• Dec 14, 2021 · 3 years ago
  Sure! ERC20 is a technical standard used for creating tokens on the Ethereum blockchain. It defines a set of rules and functions that a token must follow in order to be considered ERC20 compliant. These rules include the ability to transfer tokens, get the token balance, and approve token transfers. An example of an ERC20 token is the popular cryptocurrency called Ethereum (ETH). It is the native token of the Ethereum network and is used for various purposes, such as paying for transaction fees and participating in decentralized applications (dApps). ERC20 tokens have become the industry standard for creating and managing tokens on the Ethereum blockchain.
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• Dec 14, 2021 · 3 years ago
  ERC20 is a protocol that allows developers to create their own tokens on the Ethereum blockchain. It provides a set of rules and functions that ensure compatibility and interoperability between different tokens. For example, ERC20 tokens can be stored in any Ethereum wallet that supports the standard, and they can be traded on any decentralized exchange that supports ERC20 tokens. A well-known example of an ERC20 token is Tether (USDT), which is a stablecoin that is pegged to the value of the US dollar. ERC20 tokens have gained popularity due to their ease of use and widespread adoption.
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• Dec 14, 2021 · 3 years ago
  ERC20 is a widely used standard for creating tokens on the Ethereum blockchain. It allows developers to easily create and manage their own tokens without having to build a new blockchain from scratch. One example of an ERC20 token is Binance Coin (BNB), which is the native token of the Binance exchange. BNB can be used to pay for trading fees on the Binance platform and participate in token sales on the Binance Launchpad. ERC20 tokens have revolutionized the cryptocurrency industry by enabling the creation of a wide variety of tokens with different functionalities and use cases.
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