I am almost newbie. I understand that ETH is the currency for Etherium networks. I also do understand that ERC20 is standard for smart contract, which is used by Etherium based networks.
Very often I see that people are using terms –
- "get ERC20 token…"
- "exchange ERC20 token between two accounts"
- "Don't want to transfer ETH, but want to transfer ERC20 token…."
My questions are –
- What actually is ERC20 token?
- Why people uses the term
- Is ERC20 a token that has some monetary value like ETH? Otherwise why people want to change token between accounts?
- Is ERC20 token is something that just exists only during transaction (like a session token in normal web?) and invalid once current transaction finishes? Or it can last even outside of transaction and can be persisted in the memory to use later?
Thanks in advance.