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How does the ERC-20 coin standard work in the world of cryptocurrencies?

avatarJose Luis NogueraNov 27, 2021 · 3 years ago1 answers

Can you explain in detail how the ERC-20 coin standard functions and its significance in the realm of cryptocurrencies?

How does the ERC-20 coin standard work in the world of cryptocurrencies?
ERC-20
Coin Standard
Cryptocurrencies

1 answers

  • avatarNov 27, 2021 · 3 years ago
    The ERC-20 coin standard is a specification that defines how tokens should behave on the Ethereum blockchain. It outlines a set of functions and events that tokens must implement, such as transferring ownership, checking balances, and approving transactions. This standard has become the de facto standard for creating tokens on Ethereum, as it ensures compatibility and interoperability between different tokens and platforms. By following the ERC-20 standard, developers can create tokens that are easily tradable and can be used in a wide range of decentralized applications. It has played a significant role in the growth of the Ethereum ecosystem and has become an essential part of the world of cryptocurrencies.

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