I have a doubt related to tokens. I understand that tokens are created based on Ethereum technology and others as well. Why do they ask for ethereum address when tokens are generated. Do they send tokens on our Ethereum address or is there some other logic behind this. Where are the tokens stored ?
It depends on which token you are asking for. Some use waves blockchain such as primalbase, wavesgo etc (they are new and only a few) most tokens uses ethereum blockchain. Easiest way to store and control your tokens is for waves based tokens there is a google chromo extension wallet, and for eth based ones, myetherwallet...