In very short explanation, ERC20 tokens are made from Ethereum's blockchain.
You can't make ERC20 tokens from any other contracts or altcoins blockchain/network, only Ethereum can. That's why the ERC20 tokens wallet addresses are Ethereum's.
Topic: ERC 20 TOKENS (Read 168 times)
First of all, ERC-20 compatible tokens are digital currencies that have been deployed on the Ethereum blockchain network. The reason why all these ICO projects created their tokens on Ethereum is because during that time Ethereum was the only blockchain network that had smart contract technology enabled for such purposes. Bitcoin which is a Proof of Work does not permit crypto enthusiasts to create anything of such.
I am a little new in crypto world and want to know what are exactly these ERC-20 tokens? How they came into existence and why every token is ethereum based why not bitcoin or another, as far as I came to know.
The issue of token has been explained by Jabez. A little extra that Bitcoin does not provide smartcontract services, so no other tokens are generated from the Bitcoin platform. If Bitcoin also uses the smartcontract service, many tokens will be generated through the Bitcoin platform.
I am a little new in crypto world and want to know what are exactly these ERC-20 tokens? How they came into existence and why every token is ethereum based why not bitcoin or another, as far as I came to know.
ERC-20 is a token from smartcontract ethereumWhy is the average token based on ETH?
- Because the way of making it is very easy unlike other smartcontract platforms
- People are more familiar with ETH, because ETH is the first platform to have smartcontract as far as I know
I am a little new in crypto world and want to know what are exactly these ERC-20 tokens? How they came into existence and why every token is ethereum based why not bitcoin or another, as far as I came to know.
Just a quick warning, abstain from new ERC20 tokens because they are mostly scam projects, ERC20 smart contract belongs to Ethereum platform and it's very easy to create your own token using Ethereum platform that's why it's scammers favourite choice I am a little new in crypto world and want to know what are exactly these ERC-20 tokens? How they came into existence and why every token is ethereum based why not bitcoin or another, as far as I came to know.
Just like the previous person suggested, get started with that link posted. In my own understanding, ERC 20 tokens are based on Ethereum blockchain owing to the convinent associated with the blockchain, there are other ERC tokens but most projects tends to go for ERC 20. Also, like earlier stated they are based on Ethereum blockchain hence their existence. There are other blockchains out there such as EOS, XLM etc but every project knows what they want to achieve therefore choosing the blockchain which will serve them. Also, most projects only launch on Ethereum blockchain to kick-start their platform while having a specific time to migrate to their own blockchain, projects with this idea have it on their roadmap as "mainnet". Also, most projects might launch on Ethereum blockchain first then alone the line might find a blockchain which they believe will serve better thus migrating to it. So every project choose a blockchain according to their objectives.
You can read an explain about what's "ERC-20" https://cointelegraph.com/explained/erc-20-tokens-explained
Then how they come existence based Ethereum? The first thing that's were an invoation by the project.
They no always about tokens by Ethereum platfrom. You can explorer more with NEM, Waves, Stellar, Neo if you want.
Then how they come existence based Ethereum? The first thing that's were an invoation by the project.
They no always about tokens by Ethereum platfrom. You can explorer more with NEM, Waves, Stellar, Neo if you want.
I am a little new in crypto world and want to know what are exactly these ERC-20 tokens? How they came into existence and why every token is ethereum based why not bitcoin or another, as far as I came to know.
Jump to: