ERC-20
By CoinGecko | Updated on Mar 03, 2020
ERC stands for Ethereum Request for Command, and ERC-20 is one of the most widely used token standards in Ethereum to create fungible, exchangeable tokens.
ERC-20 tokens can easily work with majority of decentralized applications that support the standard. With ERC-20, existing products will not have to worry about accepting tokens that have different standards and this has helped spur development of various decentralized applications within the Ethereum ecosystem.
Most tokens that have been released as a result of initial coin offers (ICOs) are of the ERC-20 standard.
Related Terms
Emission
The speed/rate at which new coins are minted and released as dictated by the protocols written.
Block Reward
One of the mechanisms built into a blockchain to incentivize validators
Byzantine Generals’ Problem
A term used to describe the situation a single strategy which requires consensus from all members within a group who cannot be trusted or verified
Oracles
In the context of crypto, oracles refers to services which verify real-world and provide data to blockchains/smart contracts.
Interested to stay up-to-date with cryptocurrencies?
Get the latest crypto news, updates, and reports by subscribing to our free newsletter.
Or check it out in the app stores
