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.
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
If you enjoyed this article and found it valuable, then you will enjoy The Crypto Companion: Beginners Guide to Bitcoin and Cryptocurrency. Learn everything you need to about Bitcoin, Crypto, and Blockchain. This is the ultimate resource designed to bring you up-to speed very quickly!