Everything You Wanted to Know About ERC-20 Tokens

During the last few weeks, we figured out how the blockchain and mining works. As you know, Endpass is a ERC-20 wallet, so it’s time to explain what actually “ERC-20 token” means.

1.What’s the difference between Coin and Token?
A coin is a cryptocurrency with its own blockchain. A token is a cryptocurrency that is built using some other coin’s blockchain. Ethereum has its own blockchain, which means it’s a coin. BNB designed upon Ethereum’s blockchain, so it is a token.

2. What does ERC-20 mean?

“ERC-20” word explains the type of token. ERC-20 is the most popular nowadays, but there are much more another types: ERC-223, ERC-721, ERC-621, ERC-827, and much more. We will tell about the other token standards in our next articles.

3. How can I receive ERC-20 tokens?

You need an ERC-20 wallet address. To create one, visit https://wallet.endpass.com, complete registration and add a new wallet address. All ERC-20 addresses begin with 0x. Other ERC standards begin with some other signs. All ERC-20 addresses are also Ethereum addresses and can, therefore, receive Ethereum.

4. What is gas?

Gas is how the transaction fee is paid. We will Explain gas in its own Medium post, so let’s keep it simple for now. Especially considering the fact that Endpass Wallet doesn’t ask to enter the Gas Price :slightly_smiling_face:

In our next “Crypto Basics” post, we will tell you about ERC standards and explain how Ethereum Blockchain works. Stay tuned!