The Tech Quiz - Season 23
Hi everyone,
It's another day of the week and I'm delighted to participate in this contest today organized by @malikusman1 which talks about The Tech Quiz - Season 23. I will be making my entry below so read through it and drop your valuable comment as it will be appreciated.
| What are ERC-20 tokens? |
|---|
ERC-20 is a standard used by the Ethereum blockchain to build tokens in their blockchain. This means that ERC-20 tokens are tokens which are built or developed for usage in the Ethereum blockchain.
Ethereum blockchain is a large blockchain that accommodate other people who tends to build their token but don't have the resources to build their token blockchain. So Ethereum has decided to offer them that privileged to host their token in their blockchain.
So for Ethereum to still maintain standard, they decided to come up with a law or a standard which everyone building a token in their platform will have to follow so that is what ERC-20 token is all about.
| How do ERC-20 tokens benefit Ethereum? |
|---|
Everyone who wishes to start their own token through the Ethereum blockchain pays the blockchain some amount of money and they token which is developed in the platform follows the standard of the ERC-20.
ERC-20 tokens benefits seriously from the platform because the platform serves as a shell or a home for the said token. Every token needs a home to dwell, and the Ethereum blockchain has offered that to ERC-20 token and they is the major benefits of the token in the blockchain.
| Why are ERC-20 tokens significant in Ethereum? |
|---|
ERC-20 are significant to Ethereum blockchain because they serve as gas charges which the platform generate from people for trading the said token in their blockchain. This is where the platform gets money to perform maintenance.
So ERC-20 stands as the backbone of the Ethereum blockchain because without money to maintain the blockchain, the blockchain will not work out so well. So this is the main aim or essence or importance of the ERC-20 to the Ethereum blockchain.
I want to invite @sahar78, @sduttaskitchen, and @shiftitamanna, to join the contest in this community and share their entry participation.
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
https://x.com/kuzboy82334/status/1779918518038753655
Yes my dear friend ERC-20 stands as the backbone of the Ethereum blockchain because without money to maintain the blockchain. Best of luck