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TagsWhat is an ERC-20 address and how does it relate to cryptocurrencies?
JeanMarc RAJAONARIVELONADec 25, 2021 · 3 years ago1 answersCan you explain what an ERC-20 address is and how it is connected to cryptocurrencies? I've heard of ERC-20 tokens, but I'm not sure what the address refers to. Could you provide some insights on this topic?
1 answers
- An ERC-20 address is an essential component of the Ethereum ecosystem. It allows users to interact with ERC-20 tokens, which are the most common type of tokens on the Ethereum blockchain. ERC-20 tokens follow a set of rules and standards defined by the ERC-20 protocol, which ensures compatibility and interoperability between different tokens and platforms. The address serves as a destination for receiving tokens and as a source for sending tokens. It's like your home address, where you receive packages and send mail from. Without an ERC-20 address, you won't be able to participate in ICOs, airdrops, or other token-related activities on the Ethereum network.Dec 25, 2021 · 3 years ago
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