Introduction to Ethereum and Tokens
Ethereum serves as a versatile ecosystem for blockchain applications, functioning like an operating system that empowers developers to build customizable decentralized apps (dApps). Unlike traditional systems, Ethereum leverages blockchain technology to ensure autonomy, security, and immutability.
What Are Tokens?
Tokens are digital assets issued by dApps to grant users access to features, profits, or trading opportunities. Key points:
- Tokens reside in smart contracts, not individual accounts.
- Contracts map token ownership to Ethereum addresses.
- Token rules (name, symbol, divisibility) are defined by the contract.
- Transfers require gas fees paid in ETH.
Understanding ERC-20 Tokens
What Is ERC-20?
ERC-20 (Ethereum Request for Comments-20) is the most widely adopted token standard on Ethereum, introduced in 2015. It ensures compatibility across wallets, exchanges, and dApps by standardizing:
- Token functionalities (transfers, balances).
- Identifiers (name, symbol, decimals).
👉 Explore ERC-20 token development
How to Receive ERC-20 Tokens
Step 1: Choose a Compatible Wallet
All Ethereum addresses support ERC-20 tokens, but wallet compatibility varies. Recommended wallets:
- MetaMask (browser/mobile).
- MyEtherWallet (MEW) (web-based).
Pro Tip: Verify wallet support for specific tokens, especially for airdrops.
Step 2: Create an Ethereum Address (MetaMask Guide)
- Install the MetaMask extension from https://metamask.io/.
- Set a password and back up your 12-word seed phrase.
- Access your ETH address under Deposit Ether Directly > View Account.
Managing ERC-20 Tokens in MetaMask
Viewing Tokens
- Navigate to Assets. Missing tokens? Select Add Token > Custom Token.
- Enter the token contract address (find via Etherscan or project docs).
- Confirm details (symbol, decimals) and click Add Token.
Receiving NFTs (ERC-721)
- NFTs appear in the Collectibles tab on MetaMask mobile.
- Manually add NFTs using the contract address and token ID.
Key Considerations
Gas Fees
- Every ERC-20 transaction requires ETH for gas. Ensure sufficient ETH balance.
Security
- Never share your seed phrase.
- Avoid unverified token contracts.
FAQs
Q: Can I store ERC-20 tokens on an exchange?
A: Yes, but decentralized wallets (e.g., MetaMask) offer full control and better compatibility.
Q: How do I find my token’s contract address?
A: Check Etherscan or the project’s official documentation.
Q: Why isn’t my NFT showing in MetaMask?
A: Use the mobile app and manually add the NFT via Add Collectibles.
Conclusion
Setting up an ERC-20 address is straightforward, but always prioritize security and gas fee preparedness. For advanced use cases like token creation, consult experts or trusted platforms.
👉 Learn more about ERC-20 standards
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