ERC-20

ERC-20 is a technical standard used to issue and carry out tokens on the Ethereum blockchain. It was proposed in November 2015 by Ethereum engineer Fabian Vogelsteller. The standard depicts a common set of rules that ought to be followed for a token to function appropriately inside the Ethereum ecosystem. Consequently, ERC-20 ought not be considered as a piece of code or software. All things considered, it could be depicted as a technical guideline or determination.
The ERC-20 standard makes it simpler for designers to anticipate with additional precision the association between various tokens and applications. It additionally characterizes how ERC-20 tokens are moved inside the Ethereum blockchain and how their individual supply and address balances are reliably recorded.
In different terms, the ERC-20 provides engineers with a rundown of rules to follow, which empowers consistent functioning inside the bigger Ethereum platform. Various decentralized applications (DApps) and services support ERC-20 tokens, making it simpler for community individuals and organizations to embrace and utilize them on a great many applications (like cryptocurrency wallets, decentralized exchanges, games, etc).
There are several ERC20-agreeable tokens sent on the Ethereum blockchain, however with distinct and unique executions. Contingent upon the approach, the tokens can be utilized to address different sorts of digital assets or tradable goods, (for example, coins, vouchers, gold certificates, loyalty points, and IOUs). Furthermore, ERC-20 tokens might be utilized as a mean to tokenize voting rights during decisions.
The ERC-20 standard diminished essentially the efforts required to make and issue a digital token, and this is presumably connected with the bringing interest up in ICO crowdfunding occasions and blockchain technology as a whole. Several activities are now utilizing the technical standard, and the number of ERC-20 token contracts has filled definitely in the last two or three years. In mid-2017, there were around 5,500 ERC-20 smart contracts on the Ethereum network. In mid 2018, this number developed to north of 40,000 and is currently more than 160,000.
Albeit the majority of tokens on the Ethereum network follow the ERC-20 standard, there are a few special cases. Ether (ETH), for example, was made before the standard and doesn't agree with it yet. This prompted the creation of the purported Wrapped Ether (WETH) - which is an ERC-20 token that addresses Ether at a 1:1 ratio (1 WETH = 1 ETH). WETH permits users to trade their ETH to other ERC-20 tokens on decentralized exchanges.
Technically, the ERC-20 standard portrays six functions that keep up with certain functionalities and highlights of Ethereum-based digital tokens. These functions incorporate how tokens are moved among addresses and a few important data connected with the token smart contract, like symbol, name, and supply.