What are ERC20 Tokens?

What are ERC20 Tokens


What are ERC20 Tokens?

ERC 20 tokens are a special type of sub token on the etherium network. er C 20 tokens are a compatibility standard that allows tokens to interoperate with each other.

Why do Tokens Need a Special API

Having a common set of application programming interfaces makes it possible that tokens name can interoperate with each other or that wallet software can operate with many tokens without having to create a custom set of coding for each one.

What else is ERC20 Good for?

Some of the interesting possibilities for ERC 20 tokens include the possibility for a multi signature contract wallet to own some of these different sub tokens. it also makes it possible for something like a decentralized exchange to allow exchange between ERC 20 tokens without having to rely on any trusted third party.

What does ERC20 Stands for, and where did it come from?

ERC 20 stands for Etherium Request for Common issue number 20 and that comes from github where the issue was posted about how do we create an interoperability standard. Developers and users alike commented on the issue and we created a standard for everyone to share.

Who is it LED by?

The issue was largely led by Fabian Vogelsteller.

Are all ethereum Tokens compatible with ERC-20?

No, not all etherium sub tokens are ERC-20 compatible some may only partially implement the standard or not implemented at all, but when it took in is GRC 20 compatible it’s able to be used in any software that’s designed for ERC 20 sub tokens.

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I am a Sr Android App, Web Developer & Blockchain Project Manager having 5 plus years of extensive hands-on experience in Object Oriented Programming, Database Design and Implementation using Agile & UML. Pro in Yii2 PHP Framework, Android App Development, MYSQL, EOS & Etherium Blockchain & Smart Contract development.

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