ERC20 Tokens: Cryptocurrencies on the Ethereum Network (Complete Guide)

What Is the ERC-20 Standard?

ERC-20 is a technical standard for smart contracts on the Ethereum blockchain. Its impact on the cryptocurrency industry is profound, enabling businesses to launch their own crypto projects with ease due to the simplicity of token creation.

The ERC-20 standard consists of 6 mandatory rules and 3 optional rules:

Mandatory Rules:

• totalSupply
• balanceOf
• transfer
• transferFrom
• approve
• allowance

Optional Rules:

• Token name
• Symbol
• Decimals (up to 18)

For a deeper dive into smart contracts and Ethereum’s origins, Blockgeeks’ guide is invaluable. Now, let’s explore ERC-20’s practical applications, including wallet storage.

👉 Best ERC20 Wallet: MyEtherWallet

Best ERC20 Token Wallet: MyEtherWallet

MyEtherWallet (MEW) is the top choice for storing ERC20 tokens, as it seamlessly integrates with Ethereum’s blockchain. While user-friendly, always prioritize security:

• Follow Bitcoin wallet safety practices, applicable to ETH/ERC20.
• Consider hardware wallets like Ledger Nano S for added protection.

Watch this tutorial for MEW setup:

How to Buy ERC20 Tokens

Steps:

1. Identify your token on CoinMarketCap.
2. Check "Markets" tab for high-volume exchanges.
3. Purchase via BTC, ETH, or stablecoin pairs (USDT/TUSD).

Top Exchanges:

• Centralized platforms (Binance, Coinbase).
• Decentralized options like IDEX (ERC20/ETH pairs only).

👉 Where to Trade ERC20 Tokens

How to Send ERC20 Tokens

1. Gas Fees: Ensure your ETH wallet has enough Ethereum to cover transaction costs.
2. MEW Navigation: Manually input contract details for lesser-known tokens.
3. Gas/GWei: Understand these terms (explained in Ethereum’s guide).

Note: Tokenswaps (e.g., migrating to a new blockchain) require extra caution.

Full List of ERC20 Tokens

Prominent ERC20 projects (some have migrated to independent blockchains):

| Token | Symbol |
|-------------|--------|
| EOS | EOS |
| Binance Coin| BNB |
| Maker | MKR |
| ChainLink | LINK |

View the complete list.

FAQ

Q1: Can ERC20 tokens be stored in any Ethereum wallet?
Yes, but ensure compatibility (e.g., MEW, MetaMask).

Q2: Why do I need ETH to send ERC20 tokens?
Ethereum’s blockchain requires ETH for gas fees.

Q3: Are all ERC20 tokens built forever on Ethereum?
No—many migrate to their own blockchains (e.g., TRON, VeChain).

Q4: What’s the safest way to trade ERC20 tokens?
Use hardware wallets with decentralized exchanges like IDEX.

Final Tip: Always verify token contracts before transactions to avoid scams. For secure trading, explore trusted platforms 👉 here.

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