What are they?
Token standards are a set of rules and conventions that govern how a crypto token works. They define the basic properties of a token, such as its name, symbol, total supply, and how it can be transferred. Token standards also specify the functions that a token can perform, such as whether it can be used to represent ownership of an asset, to vote on decisions, or to access a particular service.
The first ERC was published in 2015, and there are now over 200 ERCs in existence. According to Ethereum some of the most popular ERCs include:
- ERC-20 is a standard for fungible tokens, which means that each token is identical to the next. This makes them ideal for representing things like currency, voting tokens, or staking tokens.
- ERC-721 is a standard for non-fungible tokens, which means that each token is unique. This makes them ideal for representing things like artwork, collectibles, or in-game items.
- ERC-777 is a standard that builds on ERC-20, adding features like receive hooks and better handling of decimals. This makes it more flexible and secure for developers to use.
- ERC-1155 is a newer standard that combines the features of ERC-20 and ERC-721. This makes it possible to create tokens that are both fungible and non-fungible, which can be useful for things like gaming or supply chain management.
- ERC-4626 is a standard for tokenized vaults. These are smart contracts that allow users to deposit tokens and earn interest. ERC-4626 aims to make tokenized vaults more efficient and secure.
If you want to go in-depth on what can these ERC standards do? You should check out my article at EatnSmile Blog