Entity: ERC20
ERC20 is a standard for creating tokens on the Ethereum blockchain, widely used in the cryptocurrency industry.
ERC20
Etymology
The term ERC20 stands for Ethereum Request for Comments 20, indicating its origin within the Ethereum blockchain ecosystem.
Definition
ERC20 is a standard for creating tokens on the Ethereum blockchain, ensuring interoperability and compatibility between various tokens and platforms. It requires specific scripting functions and events when developing fungible tokens within smart contracts.
Historical Context
Introduced as a standard in 2015, ERC20 has become one of the most widely used token standards in the cryptocurrency industry, enabling the creation of diverse tokens on the Ethereum network.
Cultural Significance
ERC20 tokens have revolutionized the way tokens are created and managed within the blockchain space, providing a common framework for developers to build upon.
Related Concepts
- Ethereum blockchain
- Smart contracts
- Fungible tokens
See Also
- What Are ERC-20 Tokens on the Ethereum Network?
- What Crypto Users Need to Know: The ERC20 Standard
- ERC20 Token, What does it mean exactly? What are ERC-20 Tokens and Wallets?
- What is ERC-20? Definition, How It Works & Tokens
- r/CryptoCurrency on Reddit: What actually is an ERC-20 token? It's probably not what you think it is.
A widely adopted standard for creating tokens on the Ethereum blockchain, facilitating the development of fungible tokens within smart contracts.