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ERC-20

ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain, defining a set of rules and functions that Ethereum tokens must follow. This standard ensures that all tokens created on the Ethereum network are compatible with each other and can be easily integrated into decentralized applications (dApps), wallets, and exchanges. ERC-20 tokens are widely used for creating digital assets, conducting Initial Coin Offerings (ICOs), and powering various decentralized finance (DeFi) applications. The ERC-20 standard simplifies token creation, enabling developers to build their tokens with standardized functions like transferring, approving, and querying balances, ensuring seamless interaction across the Ethereum ecosystem.

Example

Popular ERC-20 tokens include USDT (Tether), Chainlink (LINK), and Uniswap (UNI), all of which follow the ERC-20 standard for compatibility on the Ethereum network.

Key points

• A technical standard for smart contracts on the Ethereum blockchain.

• Ensures compatibility of tokens within the Ethereum ecosystem.

• Widely used for creating digital assets, ICOs, and DeFi applications.

Quick Answers to Curious Questions

ERC-20 defines a set of rules for tokens on the Ethereum blockchain, ensuring compatibility with wallets, exchanges, and dApps.

They are popular due to their standardization, which makes them easy to create, integrate, and use across the Ethereum ecosystem.

Yes, ERC-20 tokens can interact seamlessly with each other because they all follow the same standardized protocol.
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