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ERC-20

Intermediate

ERC-20 is a technical standard for creating tokens on the Ethereum blockchain. It defines a set of rules and functions that any Ethereum token must follow, such as transfer, approval, and balance tracking. This standardisation ensures compatibility with wallets, decentralised exchanges, and other smart contracts. Most initial coin offerings (ICOs) and DeFi tokens are built using the ERC-20 standard. Its simplicity and efficiency have made it one of the most widely adopted token formats in the crypto space. For developers, ERC-20 provides a reliable framework for building fungible tokens, while for users, it guarantees usability across platforms.

Related Words

Exchange

An exchange is a platform where users can buy, sell, or trade cryptocurrencies. It can be centralised (e.g., Binance) or decentralised (e.g., Uniswap), each with different features and levels of control.

Encryption

Beginner

Encryption is a method of converting readable information into a secure format using cryptographic techniques. It safeguards wallets, private keys, and transaction data from unauthorised access.

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