What is ERC20 token?

ERC20 is a standard for the creation and deployment of smart contracts on the Ethereum blockchain. ERC20 tokens are a form of token that can be issued on Ethereum (and only Ethereum) that also represent a set of standards that cryptocurrencies can adhere to.

What is Ethereum Request for comment 20 (ERC-20)?

Ethereum Request for Comment 20 (ERC-20) is the implemented standard for fungible tokens created using the Ethereum blockchain. ERC-20 guides the creation of new tokens on the Ethereum blockchain so that they are interchangeable with other smart contract tokens.

What is the most popular ERC-20 standard?

However, ERC-20 is by far the most popular standard for now. How many ERC-20 tokens are there? As of December 2020, there are 829 projects based on the ERC-20 token standard and over 350,000 token contracts, according to a dynamic list from Ethereum data provider, Etherscan.

What are ERC20 smart contracts?

ERC20 smart contracts use ERC20 tokens to facilitate transactions when its protocol calls for it. Any smart contract that utilizes transaction functionality will therefore pay the user in the form of an ERC20 token. Many popular stablecoins, like USDC and DAI, are ERC20 tokens.