ERC-20 Tokens

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ERC-20 is the technical standard upon which the issuance of smart contracts on the Ethereum blockchain is based. "ERC-20" refers to Ethereum Request for Comment #20, which was a format for standards development used earlier by the Ethereum Foundation.

ERC20.png

Standards

Tokens are digital assets which represent contracts that can have value. All tokens on the Ethereum blockchain use ERC-20, which allows for tokens to be traded against each other. All transactions in tokens, such as for transfers or changes to a tokens database, take place on the Ethereum blockchain and are paid for in ether.[1]

ERC-20 specifies the following six mandatory standards for use in smart contracts:

  • totalSupply
  • balanceOf
  • transfer
  • transferFrom
  • approve
  • allowance

And there are three optional, albeit useful, standards:[2]

  • token name
  • symbol
  • places to the right of the decimal

As of July 12, there had been 99,228 ERC-20 tokens issued.[3]

References