ERC20

Overview

ERC20 is not actually a cryptocurrency - it is a technical standard used on the Ethereum blockchain that defines how tokens should be created and transferred. Many cryptocurrencies use this standard, but there is no single 'ERC20' cryptocurrency.

Technical Standard

ERC20 defines a common set of rules that Ethereum-based tokens must implement, including functions for transferring tokens, checking token balances, and approving tokens for use by other addresses. This standard was proposed in 2015 by Vitalik Buterin and Fabian Vogelsteller.

Purpose

The ERC20 standard enables interoperability between different tokens and applications on the Ethereum network. It makes it easier for developers to create new tokens that are compatible with existing wallets and exchanges.

Usage

While ERC20 is widely used as a technical standard for creating tokens, there is no single ERC20 cryptocurrency to evaluate. Thousands of tokens use this standard, each with its own unique purpose and utility.