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If I understood correctly, when I want send a token using wallet (e.g., ERC20 token), I will:

  • create a transaction (using send button on my wallet interface) with "to" address containing token contract address (as given in https://etherscan.io/tx/0xa0d13ee62d9013ec0d704abe746e3e0fc1822771b8a039db0926d831971fa157) and the function that I want to invoke (for e.g., transfer(receiver address, #tokens))
  • the full nodes execute this transaction which invokes the function with given parameters
  • this completes the transfer of tokens from my wallet address to the receiver wallet address

If this is correct, how does this work for transferring a crypto coins for e.g., Bitcoin or Ether. Thanks for your help to understand these thing better.

Muni

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A token-transfer transaction on the Ethereum blockchain:

to       : token contract address
data     : the encoded function call
gas      : the amount of units required to execute the transaction, or more
gasPrice : the higher this value is, the faster you transaction will execute
value    : none (0)

An ether-transfer transaction on the Ethereum blockchain:

to       : destination address
data     : none (empty string)
gas      : 21000 (or more if the destination address is that of a contract)
gasPrice : the higher this value is, the faster you transaction will execute
value    : amount of ether
  • Thank you for clearing my doubt. If I use my wallet, the process is still the same? I mean, if use send button on my wallet, it creates a transaction with the required parameters like to-address, gasPrice and amount to be transferred? Does this mean, it triggers a function (similar to transfer() in ERC20) in the smart contract that controls Ether? – Muni V K May 21 '20 at 18:20
  • @MuniVK: That depends on the app that you're using. – goodvibration May 21 '20 at 18:22
  • Thanks again for your quick reply. I am looking at a usecase where we assume a personalized blockchain and if I want to introduce cryptocoins on these blockchain, I need to design a smart contract just like ERC20 token contract? So, as an owner of the blockchain and the smart contract, I create coins and send coins. – Muni V K May 21 '20 at 20:50

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