What is an ERC20 Token and does Exodus support it?

If you’re reading this page, you’ve probably heard the term ERC20 Token thrown around in the crypto world. ERC stands for Ethereum Request for Comments. This is an official protocol for proposing improvements to the Ethereum(ETH) network. '20’ is the unique proposal ID number.

ERC20 defines a set of rules which need to be met in order for a token to be accepted and called an 'ERC20 Token'. The standard rules apply to all ERC20 Tokens since these rules are required to interact with each other on the Ethereum network. These tokens are blockchain assets that can have value and can be sent and received, like Bitcoin, Litecoin, Ethereum, or any other cryptocurrency.
The difference between these tokens and a standalone currency like Litecoin is that ERC20 tokens piggyback on the Ethereum Network: ERC20 Tokens are stored on Ethereum addresses, are sent using Ethereum transactions and use GAS (tiny fractions of Ether) to pay for transaction fees
Take this transaction for example:
At first glance, this transaction may look like an empty Ether transaction - Note the ‘Value’ of Ether transacted is zero - but look at the text in the red box:

See here for more details on how ERC20 token fees work, see this article  http://support.exodus.io/article/67-how-do-i-send-or-exchange-an-ethereum-powered-asset

Sometimes, token contracts do not handle token transfers correctly, sometimes because the fee was too low, or the contract was incorrectly programmed. In these cases, examining your transaction on a blockchain explorer like Etherscan will show an error:

By now, you may have noticed that within your Exodus wallet, your ANT, GNT, REP, BAT, TUSD and all other ERC20 Tokens (Including those on the Ethereum Asset Section) share the same receiving address as Ethereum (ETH). Now you know why! 

Keep in mind that this only applies to Ethereum (ETH), and not to Ethereum Classic (ETC); Ethereum Classic has its own independent platform and protocols for smart contracts

You can find an up-to-date list of our supported assets (Including ERC20 Tokens) here.

What happens if I send an unsupported ERC20 token to my ETH address on Exodus?

Your Exodus ETH Address is capable of receiving any ERC20 token regardless of whether Exodus supports it or not, but unsupported Tokens will not be visible on the Exodus Interface. You can manage your unsupported ERC tokens manually using your Private Key.