“ERC20 Token” – surely this is a phrase that you have heard a lot when participating in investing in ICO projects developed on the Ethereum Blockchain platform, right? So “What is ERC20 Token?”, how to distinguish ERC-20 Token from other types of Token? and what types of wallets support storing ERC20 Tokens? This article Virtual currency blog will help you find out!

What is ERC20 Token?

ERC-20 is a technical standard used for smart contracts on the Ethereum Blockchain when issuing Tokens. ERC20 stands for “Ethereum Requetst For Coment” this technology is an improvement proposed by experts that has just been officially accepted in the Ethereum Network system and this system has a unique ID code of 20.

Viewing: What is Erc20

Development history of ERC-20

Distinguishing ERC20 Token and Regular Token

You can easily identify what is a normal Token and which is a Token using ERC20 technology by the image 2 below:

Wallet address of regular Token

Regular Token ERC-20 Token’s Wallet Address

If you notice, the wallet address of the Token using ERC20 technology will have an additional 0x and these Tokens are all purchased with Ethereum (ETH). These types of Tokens you can store at MyEtherWallet wallet (and some other wallets I will talk about below) easily and share the same ETH wallet address.

When you access an Ethereum wallet application, you can fully see the tokens you are holding, and these ERC20 assets are all shared with the same receiving address as your Ethereum address. All ERC20 tokens are traded on the Ethereum network. Therefore an ETH address is also the address of those tokens.

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Tokens using ERC20 technology when you want to send someone, there is a small fee for each transaction. However, the processing speed for each transaction is extremely fast that other Token types cannot compare. An advantage in ERC20 technology is the combination with smart contracts. This will help you transact more securely, in case you send Tokens to someone else but the wallet address is wrong, this technology will report an error of the wallet address and you cannot send Tokens to others. This is great as it will help you protect your assets as best as possible.

Storage ERC20 Token in which wallets is safe

?As I mentioned above, all ERC20 Tokens are stored at the same Ethereum wallet address, of course this wallet must support ERC20 support already. Because many of you are still confused that ERC20 Tokens can be stored on Blockchain or Coinbase because they also support ETH, but not so, but this wallet must support ERC20 Tokens, then you can use them to store Tokens. ERC20 okay. Here are some wallets you can use to store ERC20 Tokens:

Metamask: This is an addon of Chrome browser, this wallet you can download and install easily on Chrome, you can also create your own wallet or integrate through MEW as above, I already have it for the tutorial. .

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Mist and Parity: These are 2 types of wallets installed directly on your computer, this wallet is quite few people use, so I did not make a tutorial. You can download it below: Trust and Cipher: These are 2 types of wallets on Mobile, it’s also not popular so I don’t make a guide, you can download and experience below:

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Conclusion

Ok above is the article “What is ERC20 Token? Distinguishing Ethereum Platform Tokens and Other Tokens – Some types of wallets support storing ERC20 Tokens” hope to bring readers a lot of useful information, these are the basic knowledge you need to know when participating in the market. crypto market, especially when investing in ICO projects. Don’t forget to Like, Share and rate 5 stars for the Cryptocurrency Blog below. If you still have any questions, you can leave a comment below and I will answer.