First of all, we need to clarify what does the “ERC” acronym mean.
ERCs (Ethereum Request for Comments) are technical certificates used by smart contract developers in the Ethereum network. They represent a set of rules, which are required to implement tokens for the ETH ecosystem. These certificates contain information about protocol specifications and contract descriptions. To become a standard, an ERC must be reviewed and accepted by the community via an Ethereum Improvement Proposal (EIP).
Let’s speak about the main ones.
ERC-20
ERC-20 is the most default standard. Almost all major tokens on the Ethereum blockchain are ERC20-compliant. It offers the most basic functionalities to send tokens, receive account balances, get the total supply of tokens, and allow token approvals.
ERC-621
This standard was created to increase or decrease the total supply of tokens. In a few words, ERC-621 smart contracts owners can change the total supply with “decreaseSupply” and “increaseSupply” commands.
ERC-223
ERC-223 solves “the stuck transaction” problem. This standard allows developers to manage arriving tokens — accept or deny. BTW You won’t have such problems with ERC-20 tokens in the Endpass. Transactions in our wallet never get stuck in any case.
ERC-721
Perhaps, ERC-721 is the second most popular token standard. Haven’t you heard about the famous CryptoKitties? ERC721 illustrates a non-fungible token — an asset that can’t be consumed while you are using it. Each ERC-721 is 100% unique and have a different value. This tokens can represent ownership over any assets like cars, houses and stuff like. Many analysts call this standard the most promising among all others.
There are many other standards, but these ones are the most popular. In our next article, we will shed light on Ethereum Nodes and Masternodes. Stay tuned!
