Decoding ERC Standards: A Comprehensive Guide to Token Standards
In the ever-evolving landscape of blockchain technology, tokens have emerged as a crucial building block, powering a wide range of applications and driving innovation. To ensure compatibility and interoperability, various token standards have been established, laying down a common framework for token creation and interaction. Among these, ERC standards stand out as the most prominent, particularly in the Ethereum ecosystem.
What are ERC Standards?
ERC stands for Ethereum Request for Comments, a process initiated by the Ethereum community to propose and evaluate technical standards for Ethereum blockchain-based tokens. These standards serve as blueprints, defining the functionalities and behaviors of specific types of tokens. By adhering to these standards, developers can create tokens that seamlessly integrate with existing Ethereum-based applications and protocols.
Types of ERC Standards
The ERC ecosystem encompasses a diverse range of standards, each tailored to a distinct type of token. Here are some of the most prominent ERC standards:
- ERC-20: This standard governs fungible tokens, which are interchangeable and have identical value. Examples of ERC-20 tokens include Basic Attention Token (BAT)…
