ERC-20 is a technical standard for tokens issued on the Ethereum blockchain. It defines a set of rules that all ERC-20 tokens must follow, including how they are created, transferred, and interacted with. ERC-20 tokens are fungible, meaning that they are all identical and interchangeable. This makes them ideal for use in applications such as payments, gaming, and DeFi.
ERC-20 was created in 2015 by Fabian Vogelsteller, who is also the creator of the ERC-223 and ERC-721 token standards. ERC-20 is one of the most popular token standards on Ethereum, and it is used by a wide variety of tokens, including DAI, USDT, and BAT.
The ERC-20 standard defines a number of functions that all ERC-20 tokens must implement. These functions include:
totalSupply(): This function returns the total number of tokens in circulation.balanceOf(address): This function returns the balance of tokens for a given address.transfer(address,uint256): This function transfers a number of tokens from one address to another.approve(address,uint256): This function allows an address to approve another address to spend a number of tokens on their behalf.transferFrom(address,address,uint256): This function transfers a number of tokens from one address to another, with the approval of the first address.
The ERC-20 standard also defines a number of events that are emitted when certain actions take place. These events include:
Transfer(): This event is emitted when a transfer of tokens takes place.Approval(): This event is emitted when an address approves another address to spend a number of tokens on their behalf.
The ERC-20 standard is a valuable tool for developers who want to create tokens on the Ethereum blockchain. It provides a set of well-defined rules that all ERC-20 tokens must follow, which makes it easier for developers to create interoperable tokens that can be used in a variety of applications.
Here are some of the benefits of using the ERC-20 standard:
- Interoperability: ERC-20 tokens are compatible with a wide variety of wallets and exchanges, which makes them easy to use.
- Standardization: The ERC-20 standard provides a set of well-defined rules that all ERC-20 tokens must follow, which makes it easier for developers to create interoperable tokens.
- Security: The ERC-20 standard is based on the Ethereum blockchain, which is a secure and decentralized platform.
Overall, the ERC-20 standard is a valuable tool for developers who want to create tokens on the Ethereum blockchain. It provides a set of well-defined rules that all ERC-20 tokens must follow, which makes it easier for developers to create interoperable tokens that can be used in a variety of applications.