What are ERC20 tokens and what wallets support them?

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erc20 tokens

ERC20 Tokens

You have probably heard the term ERC20 token being thrown around in the Crypto world, especially in the Ethereum space. An ERC20 token is that which ‘piggyback’ on the Ethereum network. These tokens are hosted by Ethereum addresses and sent using Ethereum transactions, rather than using their own network.  You may have noticed that some coins within your Jaxx or Exodus wallets have the same receiving address as your Ethereum address. This is because they are an ERC20 token. For a full list of ERC20 tokens click here.

 

ERC stands for Ethereum Request for Comments, which is the official protocol used to propose improvements to the network. ’20’ is the unique proposal ID number. ERC20 then defines the set of rules which need to be meet for a token to be accepted and classified as an ‘ERC20 token.’ This standard is required for all ERC20 tokens as it is needed in order to interact with each other on the Ethereum network.

 

Wallets

MyEtherWallet (MeW) is a wallet that supports all ERC20 tokens, though Jaxx and Exodus support a range of the tokens as well.

For a list of supported tokens on Jaxx click here, and for a list regarding supported ERC20 on Exodus click here.

 

If you have any issues or questions regarding ERC20 tokens, please contact us.

 

 

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