What are ERC-20 tokens? | Get Started with Bitcoin.com (2024)

FAQs

What are ERC-20 tokens? | Get Started with Bitcoin.com? ›

ERC-20 Tokens Overview

An ERC20 token is a standard for creating and issuing smart contracts on the Ethereum blockchain. ERC stands for "Ethereum Request for Comment," and the ERC20 standard was implemented in 2015.

The Bitcoin.com Wallet app enables you to manage any ERC20 token. However, the number of tokens you can see in the app is limited.

ERC-20 tokens can be stored in most ETH wallets and sent to any Ethereum wallet address. ERC-20 tokens represent ownership of any fungible asset, and are created on the Ethereum Network using smart contracts.

You can use a tool or library to call these functions on the target address. Evaluating Return Values: If the function calls succeed and return valid values (e.g., a non-zero balance or a total token supply), it's a strong indication that you're dealing with an ERC20 token contract.

MetaMask is one of the most popular crypto wallets for storing ERC20 tokens. There are no fees to use MetaMask, and it comes as a mobile app (iOS and Android) and a browser extension (Chrome, Firefox, Edge, Brave). MetaMask is decentralized, so users are provided with their private keys when setting the wallet up.

The exchange will make it clear what type of chain they are using; however, one easy way to differentiate between these two is by the way the address is structured. An ERC20 Address only starts with '0' and 'x'. For example: 0xbc6e. A TRC20 Address only begins with a capital 'T'.

How many ERC20 tokens are there in total? ›

ERC-20 tokens are custom user cryptocurrencies created on Ethereum, based on the successful ERC-20 Token Standard. Currently, there are over 500,000 ERC-20 tokens in existence, most of which have no market value. See the full list here.

The live price of ERC20 is $ 0.019043 per (ERC20 / USD) with a current market cap of $ 21.49M USD. 24-hour trading volume is $ 20,823.68 USD. ERC20 to USD price is updated in real-time. ERC20 is -69.77% in the last 24 hours with a circulating supply of 1.13B.

The Bitcoin.com Wallet app supports ERC-20 tokens not only on Ethereum, but also across the EVM-compatible networks supported in the wallet (at the time of writing these are Avalanche, BNB Smart Chain, and Polygon.

Yes, you can trace Ethereum transactions using a blockchain explorer. A blockchain explorer is a tool that allows you to view all the details of a particular transaction on the Ethereum blockchain.

Some of these ERC20 smart contract functions are included for security purposes. They perform checks on the sender's balance and approvals before moving tokens. This helps to enforce proper permissions, ensure transaction legitimacy, and prevent unauthorized transactions.

Is ERC-20 the Same As ETH? Ether (ETH) is the native token used by the Ethereum blockchain and network as an internal payment system. ERC-20 is the standard for creating smart contract-enabled fungible tokens to be used in the Ethereum ecosystem.

Coins are digital assets that operate on their own independent blockchain. Tokens are digital assets that operate on an existing blockchain network. While coins primarily function as a medium of exchange, tokens aim to offer a wider range of functionalities within a specific project's ecosystem.