What is the meaning of ERC-20 in the context of cryptocurrencies?

3 answers

• Dec 24, 2021 · 3 years ago
  ERC-20 is a technical standard used for creating and implementing tokens on the Ethereum blockchain. It defines a set of rules and functions that a token must follow in order to be considered ERC-20 compliant. This standard has become widely adopted in the crypto industry, as it allows for the seamless integration and interoperability of different tokens and smart contracts on the Ethereum network. By using ERC-20, developers can easily create and manage their own tokens, which has led to the proliferation of various cryptocurrencies and decentralized applications (DApps) on the Ethereum platform.
  604302
• Dec 24, 2021 · 3 years ago
  ERC-20 is like the blueprint for creating tokens on the Ethereum blockchain. It provides a common set of rules that all ERC-20 tokens must adhere to, ensuring compatibility and ease of use. This standard has revolutionized the crypto industry by enabling the creation of countless tokens, which has fueled the growth of decentralized finance (DeFi) and other innovative applications. With ERC-20, developers can easily launch their own tokens and participate in the vibrant ecosystem of decentralized exchanges and lending platforms.
  533178
• Dec 24, 2021 · 3 years ago
  ERC-20 is an important concept in the world of cryptocurrencies. It stands for Ethereum Request for Comments 20, which is a technical standard that defines a set of rules and functions for creating tokens on the Ethereum blockchain. This standard has been widely adopted by projects and developers, as it provides a common framework for token creation and ensures compatibility across different platforms and wallets. By using ERC-20, tokens can be easily traded, stored, and transferred, which has greatly contributed to the liquidity and usability of cryptocurrencies. Many popular tokens, such as Tether (USDT) and Binance Coin (BNB), are ERC-20 tokens.
  656164