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  1. Is the only way to create your own tokens/cryptocurrency on Ethereum by deploying a Smart Contract following the ERC20 standard?

  2. After deploying the token contract, is the only way to transfer the tokens using this contract? For example: If the transfer method in the contract is hard coded to transfer to address "ABC" no matter what you specify the "to" address to be. Is there a way to transfer the tokens to address "XYZ"?

Many thanks

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(1) Sure, there is no need to create a token according to the ERC20 standard. It’s possible to select you own API/ABI and implement is as you chose.

(2) If you lock the transfer function, there is no way to send the tokens to any other address. But there are always workaround if people really want to be creative. For example they can keep the tokens in a contract and instead of moving the tokens using your transfer method, they can use their own. So to the main token contract it will look like no change of owner have taken place. Like a secondary market.

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