Tokens are cryptocurrencies created on existing blockchains. With the creation of smart contracts, Ethereum has become the most common blockchain token platform. The format name of a token standard is dependent on the blockchain they are built on. For example, tokens that are created on the Ethereum blockchain are known as ERC-20 tokens.
The increase in the number of blockchains that allow for tokens to be created has led to tokens being created across two different standards. Depending on the standard the tokens are traded on, a different address format is used and a wallet that supports that standard has to be used to store the tokens.
There are several other token platforms, including NEO, Waves, Lisk, and Stratis. Here are a few common standards below:
What is an ERC-20 token?
ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens.
What is a NEP-5 token?
NEP-5 is the technical standard used to implement and launch tokens on the NEO blockchain.
What is a BEP2 token?
Recently launched, the BEP 2 standard is a technical standard used to implement and launch tokens on the Binance blockchain.