I also have another question to pose, What is an ERC20 tocken? What is it used for? I see this word thrown around allot but I'm not understanding?
They are tokens which can be bought, sold, or traded and may also be used in conjunction with Ethereum and represent digital assets that can have a variety of values attached. These tokens dont have their dedicated blockchain and thrive on Ethereums blockchain instead, much like any other token described above.