Description: ERC-20 is a technical standard that defines a set of rules and functions that fungible tokens created on the Ethereum blockchain must follow. This standard allows tokens to be interchangeable and transferable between different applications and platforms within the Ethereum ecosystem. ERC-20 tokens are compatible with a wide range of wallets and exchanges, making their use and circulation easier. Key features of ERC-20 include the ability to transfer tokens, query balances, and approve transfers by third parties. This standard has been fundamental for the development of decentralized applications (dApps) and has driven the creation of numerous projects in the cryptocurrency space, allowing for the issuance of tokens for various purposes such as crowdfunding, rewards, and access to services. The standardization provided by ERC-20 has contributed to the interoperability of tokens on the Ethereum network, leading to exponential growth in the creation of new digital assets and facilitating innovation in the cryptocurrency space.
History: The ERC-20 standard was proposed in November 2015 by Fabian Vogelsteller and Vitalik Buterin, co-founder of Ethereum. Since its introduction, it has been widely adopted in the Ethereum community and has enabled the creation of thousands of tokens. Its popularity surged during the initial coin offering (ICO) boom in 2017, where many projects used this standard to raise funds.
Uses: ERC-20 is primarily used for creating tokens on the Ethereum blockchain, allowing developers to launch their own digital assets. These tokens can be used for various applications, such as reward systems, access to services, and as a medium of exchange on decentralized platforms.
Examples: Examples of ERC-20 tokens include Tether (USDT), Chainlink (LINK), and Uniswap (UNI), which are used in various applications and platforms within the Ethereum ecosystem.
