The Ethereum ERC20 token is also the contract. The token can never live without the contract. The name of the contract is the name of the token. In the code, the keyword is
contract and not
I may hold 4 ETH but does that mean I'm holding 4 ETH contracts? If that is the case, why call them tokens at all?
Is everyone exchanging tokens or contracts?
For an ICO, there is an ICO contract created to limit supply and issue tokens. If the contract is the token and the ICO contract goes away after the ICO, how do the tokens exist?