I’m fairly new to crypto and many are promoting the various ERC-20 tokens out there
My question are they all using the same tech and if they are the same just different companies what new innovations do they bring?
Surely in this case people are just buying into the business plan of the company behind it, I.e Beam or Render and how they use this same tech?
My question are they all using the same tech and if they are the same just different companies what new innovations do they bring?
Surely in this case people are just buying into the business plan of the company behind it, I.e Beam or Render and how they use this same tech?
That's because ERC-20 is the gold standard of digital tokens. It's used by Ethereum and other chains compatible with the EVM. Companies/startups prefer to use the same tech rather than use one made from scratch. It's more convenient for them. Solana has its own set of tokens which are incompatible with the ERC-20 token standard used by Ethereum-based chains. By this, I mean chains like Binance Smart Chain (BNB), Avalanche (AVAX), Optimism (OP), Arbitrum (ARB), and Polygon (POL).
ERC-20 are just ordinary tokens which represent value (money). Non-Fungible Tokens (NFTs) have their own standard named ERC-721. They represent digital art, in-game items, and whatnot. I'd suggest you read Ethereum's documentation by going to www.ethereum.org if you want to learn more. Hope this helps.
