The immeasurable success of Ethereum and other altcoins clearly reflect that a wide range of masses is getting aware of the tokens and the term ‘tokenization’. This has crawled up into a popular communal lingo due to the profusion of Initial Coin Offerings (ICOs) that are developed on the Ethereum network. That is exactly where we come across the ERC20 token standards. They are single-handedly accountable for the billion dollar ICO industries and they have played a pivotal role in making cryptocurrencies more established. Let’s simplify what this means, how does it help to achieve in relation to the Ethereum Smart Contracts and how important is it for your ICO.
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What Is ERC20 Token Standard?
Ethereum Request for Comments or ERC is the official protocol that promotes & provides the essential improvements to the Ethereum platform. It is a list of standards that facilitate a set of definitive commands that a crypto token needs to implement on the Ethereum network so that it can be accepted as an ERC20 token.
The ERC20 is neither a type of software nor a form of technology nor a unique piece of code. Rather, it is a technical specification that a new token on the Ethereum network has to implement.
