What Is ERC-20 Standard Token?
How To Find Out Whether Your Wallet Is Compatible?
‘ERC’ stands for “Ethereum Request for Comments”. This is an official protocol for proposing improvements to the Ethereum network. ‘20’ is the unique proposal ID number.
Tokens in the Ethereum ecosystem are issued on the blockchain. They represent digital assets. These tokens do not necessarily have to meet a certain standard.
The value of ERC-20 standard Token lies in the fact that they can be exchanged for other currencies. Standard ERC-20 simplifies the compatibility of all tokens that meet this standard and provides them with new projects and services.
Read more: What is ERC-20 and What Does it Mean for Ethereum? | Investopedia
The owners of the tokens have full control of their assets. The token is a contract adhering to standard ERC-20 can track how many and who owns the token at any point in time.
In other words: Crypto-currencies (tokens) are deployed on Ethereum blockchain using the ERC-20 standard.
Our BANKEX (BKX) tokens are standard ECR-20 tokens
This means in order to store BKX tokens, you need an Ethereum wallet that is ERC-20 compliant.
Wallets that do not support this standard can not be used to receive BKX tokens. This will lead to the inevitable loss of funds!
The instructions of e-wallets will tell you whether they support ERC-20 tokens or not. In addition, you can check whether your wallet supports ERC-20 tokens by trying to add a new token.
Compatible wallets
The following wallets are compatible with ERC-20 standard Ethereum tokens:
- MyEtherWallet (no download needed)
- MetaMask (Firefox and Chrome browser plug-in)
- Mist (Desktop)
- Parity (Desktop)
- imToken (iPhone)
- imToken (Android)
- ChronoMint
