Long story short, an ERC-20 token is a cryptocurrency that’s built on the Ethereum platform. Like other cryptocurrency, they can have a value and be sent and received. They are stored on Ethereum addresses and sent using Ethereum transactions....
As ERC-20 tokens are built on Ethereum platform, creating them is an easier process, as you don’t need to create a blockchain from scratch or modify the codes from a protocol. To build a token on the Ethereum blockchain, you will have to write a contract. The contract is a piece of code, stored on the Ethereum blockchain that will be executed when someone or another contract requests it. Following the release of Ethereum, the strong rise of altcoins was driven by the standardization of token contracts, the first of which to emerge was the ERC-20 standard. The ERC-20 standard is simply a list of functions and events that every contract must follow to abide by the standard. The name, supply, ticker and behavior of the contract may be completely different from one another, but as long as they implement the basic ERC-20 functions, they are all ERC-20 compliant. Failing to meet these criteria means it cannot be considered an ERC-20 token. The standardization of ERC-20 has enabled different tokens operating on the Ethereum network to be compatible with many storage devices, including Ledger hardware wallets.
How to receive ERC-20 tokens?
You just have to send it to your Ethereum address to receive ERC-20 tokens. As ERC-20 tokens are found on the Ethereum blockchain, you can use any Ethereum address provided by your Ledger Hardware wallet. Hence, ERC-20 tokens are always kept in an Ethereum account.
How to send ERC-20 tokens?
To send ERC-20 token, you are informing the token contract to do a transfer operation. To execute this, a contract on the Ethereum blockchain will need a fraction of Ether. Therefore, sending an ERC-20 token will consume a fraction of Ether from the account they are stored in. Hence, sending of ERC-20 token cannot be executed if your Ethereum balance is insufficient.
Can I store my ERC-20 on my Ledger hardware wallet?
All Ledger hardware wallets including Ledger Nano S, Nano X and Blue are all compatible with the ERC-20 standard. As the ERC-20 tokens are on the Ethereum blockchain, there is no specific application for a token. Rather, you just use the Ethereum application. Ledger hardware wallets support more than 1250 ERC-20 tokens currently.
How to manage my ERC-20 tokens?
Ledger can support ERC-20 tokens directly on Ledger Live, enabling you to manage your assets conveniently from a single application. To do so, you need to create an Ethereum account in Ledger Live and receive your tokens on this account.
Is my ERC-20 supported on Ledger Live?
ERC-20 compliant tokens will be able to store on Ledger hardware wallets due to Ethereum application. Currently, Ledger Live only supports the most commonly used 1250 ERC-20 tokens. To find out if your token is supported on Ledger Live, kindly check this link.
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