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Misconceptions about Tokens

Name: Misconceptions about Tokens
Uploaded: 2023-10-09T00:00:00.000Z
Duration: 1 min 28 s

BaseMon, Oct 9, 2023, 12:00 AM

Debunk common misconceptions about tokens and token transfers in Ethereum. You'll understand how token balances are maintained in smart contracts, not individual wallets. Join to clarify your understanding of token mechanics! 🚀💡 📚 Head to Base Camp for full courses on smart contract development: https://docs.base.org/base-camp/docs/welcome ✅ Subscribe to our channel here: https://www.youtube.com/@BuildonBase ► Build on Base: https://base.org ► Follow us on Twitter: https://twitter.com/buildonbase ► Join our Discord: https://base.org/discord

Transcript

before getting started with tokens I want to talk a bit about some misconceptions that I personally was facing when I was starting doing tokens when I started with ethereum programming I was listening about tokens and token transfers I was actually thinking that each person was receiving the token and each person had the token in its own wallet I used to think that transferring tokens was about moving the token from one wallet to another however in reality you will see that the token is a smart contract where all the balances of the token holders are maintained in a table and when wallets are showing your balance in reality they are querying a smart contract that has the list of balances and by using your address they can get your balance

Automatic transcript — names and jargon may be misspelled.