An ERC-20 token is a type of cryptocurrency token that is designed and used on the Ethereum blockchain. Here you can find the basic guide of erc20 tokens.

What is ERC20 Token?

The "ERC" stands for Ethereum Request for Comments, and 20 is the proposal identifier. ERC20 is a technical standard that defines a common set of rules that Ethereum tokens must follow.
ERC20 tokens have become a foundational element in the Ethereum ecosystem, and their standardization has greatly facilitated the growth of the token economy.

History of ERC20 token?

ERC-20, introduced in 2015 by Fabian Vogelsteller, is a technical standard for creating tokens on the Ethereum blockchain. It defines a common set of rules, enabling seamless interaction between tokens, wallets, and exchanges. The standard gained widespread adoption during the 2017 ICO boom, becoming foundational in the Ethereum ecosystem. Despite challenges like network congestion and security issues, ERC-20 remains crucial for decentralized finance (DeFi) and stablecoins. Its introduction has significantly shaped the token economy, making it easier for developers to create and manage tokens within the broader blockchain ecosystem.

Goals of ERC-20
The ERC-20 standard has a vital role within the blockchain and it defines a standard list of rules that Ethereum tokens using smart contracts must adhere to. Some of these rules include how the tokens can be transferred, how transactions are approved, how users can access data about a token, and the total supply of tokens.
ERC20 Token Standard:

The ERC20 token standard is a technical specification used on the Ethereum blockchain for creating and managing tokens. It establishes a set of rules that all Ethereum tokens must follow, ensuring compatibility with wallets, exchanges, and smart contracts.

In the end, This guide gives a basic overview of ERC 20 token and token standard. If you would like to know more details, check out our blog for the ERC20 token standard and grab the details.