These tokens have different use cases and applications, such as utility tokens, and are created by developers using ERC-20 as a reference. The most prominent of which is ERC-20.ĮRC-20 is a standardized format for the creation, issuance, and management of fungible tokens on Ethereum.
To facilitate communication and the development of functional, interoperable dapps and smart contracts, a framework for standardized smart contracts for tokens was created. Smart contracts are accounts that execute functions automatically on the network, and a group of smart contracts coalesced into a broader purpose form dapps (Decentralized applications). Ethereum is a Turing-complete platform, meaning that virtually any logic can be programmed into applications on the network.
However, the existence of smart contracts on the network, which are ostensibly autonomous accounts and computer programs, enables a suite of new functionality in Ethereum not available in Bitcoin. Ethereum has a native cryptocurrency called Ether (ETH), which is used for transferring value on the network and paying gasfees, which are required to cover the costs of computation across the network and prevent spamming.
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Initially proposed by developer Fabian Vogelsteller, ERC-20 has ballooned to encompass a series of narratives, from powering the ICO fundraising method and craze of 2017 to underscoring the potential of standardized protocols in public networks.Īt a high level, Ethereum is a public blockchain network for building decentralized applications (dapps) using smart contracts, which are written in the programming language Solidity. ERC-20 (Ethereum Request for Comments) is a formal Ethereum Improvement Proposal that was adopted as a smart contract token standard on the public blockchain.
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