Erc20 tokens run under etheruem blockchain platform, know the difference

[palle11]

Hello guys and newbies.

Do you know there is difference between etheruem (wallet) and erc20 etheruem (wallets)? This is very important to know.

Important because if you misuse both wallets, you may lose your coins. Etheruem wallet itself is different from erc20 etheruem wallets. Meaning if you send out etheruem wallet address to receive erc20 token, you may have sent out a wrong address.

Understand it that erc20 tokens are those under the etheruem platform. So they have different wallets that enables or houses many of such tokens under the etheruem platform by which you just need to copy the erc20 etheruem public address to enable the receiving of the erc20 tokens direct to the wallet, that easy.  

I'm bringing this information because as a newbie and junior member, I didn't know this and I kept wondering why I lost some erc20 tokens but as I was later taught with researched, I realized that I was using an etheruem address and not erc20 etheruem wallet... Lol. As they are saying knowledge is your power.

Etheruem is a single coin like Bitcoin, waves etc is also called and with its own separate blockchain. So erc20 tokens are more ( not into a personal blockchain) but they are blockchain based tokens : meaning also that an erc20 token can develop into having a separate blockchain too.

Therefore the main difference between etheruem coin and erc20 tokens is that, they run and are issued on the etheruem blockchain network

ERC20 is an official protocol for proposing improvements to the Ethereum (ETH) network. ERC stands for Ethereum Request for Comment, and the 20 is meaning proposal identifier. It is known as common standard for creating tokens on the Ethereum blockchain. Basically on the etheruem platform, you find erc20.

The basic thing here is that etheruem is a coin while erc20 tokens are those running under the etheruem blockchain platform and you need some fraction of etheruem as fuel or gas to enable erc20 transfers there in the erc20 wallet. For such wallets of erc20, sending the etheruem address in that erc20 wallet is what you need to receive the erc20. Example on it , when bounty is requiring an erc20 wallet address, what.it means is you need to send the etheruem address from that erc20 wallet you are using and you will receive the token direct without searching the decimal, token name etc.

You may not receive your erc20 if you send etheruem address that is not from erc20 enabled wallet

Tokens that are running under the etheruem platforms are known as erc20.

There are list of erc20 enabled wallets

You can find lots of them here. You can find them here

Advise: Always use a wallet you can secure your private keys

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[Yogee]

....Important because if you misuse both wallets, you may lose your coins. Etheruem wallet itself is different from erc20 etheruem wallets. Meaning if you send out etheruem wallet address to receive erc20 token, you may have sent out a wrong address.

I stopped reading after this.

The only time someone would lose their tokens to an ethereum address is when that particular wallet does not support the erc20 token. Let us compare MEW and Coinbase as an example. When you send a new token to MEW generated ethereum address, you will not have any problem receiving it. When you send that same new token to Coinbase ethereum address, you will most likely lose it since Coinbase doesn't list or support random erc20 tokens.

[AB de Royse777]

I stopped reading after this.

The only time someone would lose their tokens to an ethereum address is when that particular wallet does not support the erc20 token. Let us compare MEW and Coinbase as an example. When you send a new token to MEW generated ethereum address, you will not have any problem receiving it. When you send that same new token to Coinbase ethereum address, you will most likely lose it since Coinbase doesn't list or support random erc20 tokens.

Coinbase actually do not give you a wallet, they give you an address which is theirs. You send the tokens (ERC20) to that address. Conbase keeps a record in their database that the owe you xyz token on that address. This is why they ask you not to send any other tokens except the specific one.


This is the same reason for any other exchange they forbid you not to send any other token except the one they have given to you.

If you have the private key of the wallet/address (Etheruem), you can send any ERC20 that support Ethereum network.

[Husires]

ERC20 is a smart contracts Ethereum tokens read more here https://en.bitcoinwiki.org/wiki/ERC20

If you accidentally sent ERC-20 tokens to wallet that does not support ERC20 tokens,  you will need to export your private key and import it to wallet support that tokens in order to access them

The only time someone would lose their tokens to an ethereum address is when that particular wallet does not support the erc20 token. Let us compare MEW and Coinbase as an example.

It is because Coinbase is not a wallet. Any one who has the private key will be able to access to ERC20 tokens, but because of the security risks of people who knows the private key, it ignores any tokens send to them addresses

[cabron]

If the ethereum  wallet supported a particular erc20 token t will still appear in the wallet otherwise, you will have to import the wallet to the metamask for the tokens to  appear. I think all Ether wallet will support any random token so long as you can access the wallet's private keys.

If you have a EIDOO wallet and imported it to MEW, the tokens that are not by EIDOO wallet will still be there if accessed on MEW.

[decodx]

I'm just a rookie, but I think there's a lot of confusion in the OP's post. As far as I know, there are no Ethereum specific addresses and ERC-20 token specific addresses. If your wallet does not recognize a particular token, all you need to do is to import the private key into the wallet that supports it.

If you don't have access to your private keys, it's not a real wallet, it's a service (like Coinbase). In that case, you are subjected to the mercy of their customer support. The same goes for exchanges.

According to a German saying, you cannot compare apples with pears.

[XZERO1]

I stopped reading after this.

The only time someone would lose their tokens to an ethereum address is when that particular wallet does not support the erc20 token. Let us compare MEW and Coinbase as an example. When you send a new token to MEW generated ethereum address, you will not have any problem receiving it. When you send that same new token to Coinbase ethereum address, you will most likely lose it since Coinbase doesn't list or support random erc20 tokens.

I'm guessing what he meant was that you should not send erc-20 tokens to exchange's ETH address as they could've provided you with different deposit addresses for erc-20 tokens and Ethereum.

But then again I believe nowadays most of the known exchanges use one deposit address for both Ethereum and all theirs Eth based tokens and you normally should receive the tokens with the same address if that token is listed on that exchange, but I think it goes without saying that if you're using 3rd-party wallets such as any exchange wallet you definitely should make sure they got the same address before sending anything there.

For example Binance right now provide its users with one single address for both Ethereum and all ERC-20 tokens.

[Charles-Tim]

I'm guessing what he meant was that you should not send erc-20 tokens to exchange's ETH address as they could've provided you with different deposit addresses for ERC20 tokens and Ethereum.

That is exactly what the OP would want to pass across but it is in a confusing and wrong way. But, not only exchanges but any other wallets that are providing custodial services fall into this category. If the user do not have the private key to ethereum wallet, this would lead to coin lost if ERC20 token is sent into the ethereum address.

But not only that, for complication not to happen, sending ethereum to some noncustoial wallet could be wrong until you import the ethereum private key into ERC20 supported wallet. Blockchain wallet is a good example for this, like if ERC20 token is sent to blockchain wallet address, nothing also will appear on the blockchain wallet balance.

We need to make sure we know the wallet we are using support ERC20 tokens before using its ethereum address for ERC20 token.

[palle11]

We need to make sure we know the wallet we are using support ERC20 tokens before using its ethereum address for ERC20 token.

Yeah that is it. Making sure to know if it supports erc20 is the point to avoid mistakes because if sent, you have issues trying to access or retrieve back. My advise is in trying to update, we need to confirm, emphasis on bounty.

[decodx]

We need to make sure we know the wallet we are using support ERC20 tokens before using its ethereum address for ERC20 token.

Yeah that is it. Making sure to know if it supports erc20 is the point to avoid mistakes because if sent, you have issues trying to access or retrieve back. My advise is in trying to update, we need to confirm, emphasis on bounty.

If that's what you were trying to say, then I suggest you edit your original post. It is full of discrepancies and misconceptions.
For example, this is wrong and makes no sense: "Etheruem wallet itself is different from erc20 etheruem wallets."

I see that you've been trying to put together bits of information from various sources. It would be better if you were to write a more concise post with less detail but a clearer message.

[cryptoaddictchie]

The only time someone would lose their tokens to an ethereum address is when that particular wallet does not support the erc20 token. Let us compare MEW and Coinbase as an example.

I've remember that I have a friend due to his excitement about uni airdrop sales. He forgot that he sell it on Binance via usdt pair. Now he send it on our local wallet which only supports eth, btc, bch and xrp. Now sending on eth wallet the usdt erc20 tokens is a big mistake since the wallet doesn't support erc20. Now when he said this to the support they said it can't be recovered anymore now the $1k worth usdt are gone.

I'm not sure if there are ways to recover this kind of mistake since funds are too big but being careful knowing the wallet used is much more good prevention.

[Little Mouse]

You may not receive your erc20 if you send etheruem address that is not from erc20 enabled wallet

There is nothing called erc20 enabled wallet. Each ETH address can receive erc20 tokens. You are fine with receiving erc20 tokens in any of your addresses so long as you have the private key in your hand.

[OcTradism]

You made many faults in your topic.

First and most important, there is an unique Ethereum, and I can not find Etheruem coin.

Do you know there is difference between etheruem (wallet) and erc20 etheruem (wallets)?

They are wallets for Ethereum and some wallets support ERC20 tokens, some are only support Ethereum.

Important because if you misuse both wallets, you may lose your coins. Etheruem wallet itself is different from erc20 etheruem wallets. Meaning if you send out etheruem wallet address to receive erc20 token, you may have sent out a wrong address.

It is not misuse of wallets. You are writing about mistakenly do your transactions on Ethereum network. Make transactions for ERC20 tokens to a receiving wallet that does not support ERC20 tokens will cause loss. Some companies can give you support but they might charge fee (not small).

Etheruem is a single coin like Bitcoin, waves etc is also called and with its own separate blockchain. So erc20 tokens are more ( not into a personal blockchain) but they are blockchain based tokens : meaning also that an erc20 token can develop into having a separate blockchain too.

ERC20 tokens are tokens on Ethereum network, on ERC20 chain. They only have a separate blockchain if their developers build up one and make a swap from ERC20 chain to their own chain (not on Ethereum network). It is different than your explanation. They use Ethereum network to raise funds for their projects and they won't create any separate chain for their project if they stick with ERC20 chain.