What are ERC20 Cryptocurrencies

What are ERC20 Tokens

ERC20 tokens follow a set of rules which need to be met in order for a token to be accepted and called as ‘ERC20 Token’. ERC stands for Ethereum Request for Comments.

The difference between these tokens and a standalone currency like Bitcoin or Litecoin is that ERC20 tokens are compatible with the Ethereum network and hosted by Ethereum addresses.

ERC20 tokens use ‘gas‘ to process transactions . Gas can be purchased using ETH. Transactions with more gas will be prioritized by the blockchain network and processed more quickly

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