Cryptocurrency Q&A
Is DAI an ERC-20 coin?
Is DAI an ERC-20 coin?
Sara
Thu May 16 2024
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6 answers
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I'm curious about the technical specifications of DAI. Could you clarify for me whether DAI is indeed classified as an ERC-20 coin? This question is crucial for me to understand its compatibility and interoperability within the broader Ethereum ecosystem. If it adheres to the ERC-20 standard, it would suggest a level of standardization and potentially ease of integration with other ERC-20 compatible wallets, exchanges, and dApps. Could you please elaborate on this point?
6 answers
Maria
Sat May 18 2024
Cryptocurrencies, digital assets that exist solely in the electronic realm, are available for purchase through various platforms. One of these avenues is centralized exchanges, which act as intermediary entities, facilitating trades between buyers and sellers. These exchanges often provide additional services, such as custody of funds and trade execution, to their users.
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CryptoLordGuard
Sat May 18 2024
Alternatively, decentralized exchanges, or DEXs, offer an alternative trading mechanism. DEXs operate without a central authority, relying instead on smart contracts and blockchain technology to ensure the security and integrity of transactions. This decentralized nature removes the need for trust in a single entity and can provide increased privacy and autonomy to traders.
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KimchiChic
Sat May 18 2024
DAI is an example of a cryptocurrency that can be purchased on both centralized exchanges and DEXs. DAI is an ERC-20 token, meaning it was created on the Ethereum blockchain and adheres to a specific set of standards for compatibility and interoperability. ERC-20 tokens are widely used in the crypto ecosystem, facilitating the exchange of value and the creation of decentralized applications.
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CryptoAlchemyMaster
Sat May 18 2024
BTCC, a UK-based cryptocurrency exchange, offers a diverse range of services to its customers. Among these is spot trading, which allows users to buy and sell cryptocurrencies at their current market prices. This service provides instant liquidity and allows traders to capitalize on market movements.
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EnchantedSky
Fri May 17 2024
In addition to spot trading, BTCC also offers futures trading. Futures contracts allow traders to speculate on the future price of a cryptocurrency, potentially magnifying profits or losses. This service provides increased leverage and risk management options for experienced traders.
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