What is ERC-20?
ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens. ERC stands for Ethereum Request for Comment, and 20 is the number that was assigned to this request. The ERC-20 standard defines a set of rules that all Ethereum tokens must follow, allowing developers to accurately predict how new tokens will function within the larger Ethereum system.
History of ERC-20
The ERC-20 standard was proposed in 2015 by Fabian Vogelsteller, a developer who worked on the Ethereum project. The standard was designed to provide a common set of rules for Ethereum tokens to follow, allowing developers to accurately predict how new tokens will interact with each other and with other smart contracts on the Ethereum blockchain. Since its introduction, the ERC-20 standard has become the most widely used token standard on the Ethereum blockchain.
Comparison of ERC-20 and Other Token Standards
| Standard | Description |
|---|---|
| ERC-20 | The most widely used token standard on the Ethereum blockchain. |
| ERC-721 | A non-fungible token standard used for creating unique digital assets. |
| ERC-1155 | A multi-token standard used for creating fungible and non-fungible tokens. |
Summary
ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens. The ERC-20 standard defines a set of rules that all Ethereum tokens must follow, allowing developers to accurately predict how new tokens will function within the larger Ethereum system. For more information about ERC-20 and other token standards, visit the Ethereum website or the official ERC-20 GitHub repository.
See Also
- ERC-721
- ERC-1155
- Smart Contracts
- Ethereum
- Blockchain
- Tokens
- Cryptocurrency
- Fungible Tokens
- Non-Fungible Tokens
- Digital Assets
