WHAT IS ERC-20?
ERC-20 (Ethereum Request for Comments) is one of the technologies in the Ethereum Network system. By ERC20 new projects, startups can be developed on Ethereum’s Blockchain platform until they have their own chain.
Therefore, cryptocurrency projects released on Ethereum Blockchain are required to follow ERC-20 standards. Until now, these tokens are becoming more popular, as there are already more than 100,000 ERC-20 compatible codes and using the platform according to the data collected from Ethereum.
In late 2015, Fabian Vogelsteller came up with the ERC-20 concept, which has become popular. The notable period is when investment trends are strong, cryptocurrency projects can be easily deployed on Ethereum Network.
Benefits of ERC-20 Tokens
Basically, it makes things a lot simpler. Prior to the ERC-20 token, developers could use a different term in their code. Exchanges and wallet platforms then have to spend more time to integrate the token source code of each new currency.
However, with the arrival of the ERC-20, a common standard framework has been created, thereby helping the new token to almost immediately be recorded on the exchange or automatically transferred to the user’s wallet once created.
The ERC-20 also makes building new tokens easier than ever, and this is why Ethereum became the most popular ICO “launchpad” in 2017.
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