Is ERC20 a flawed cryptocurrency?

Today, people can trade ERC20 tokens in a peer-to-peer fashion among one another, or on cryptocurrency exchanges such as Coinbase. While ERC20 has seen widespread support in the form of new tokens conforming to its standards, there are many in the development community who believe ERC20 is limited or flawed in one or more ways.

What is an ERC 20 token?

For example, an ERC-20 Token acts just like the ETH, meaning that 1 Token is and will always be equal to all the other Tokens. The ERC-20 (Ethereum Request for Comments 20), proposed by Fabian Vogelsteller in November 2015, is a Token Standard that implements an API for tokens within Smart Contracts.

Why is ERC 20 still called EIP 20?

As it was the twentieth comment, it was assigned the designation ERC-20. Following the procedure used by the Ethereum developer community, the proposal was approved and implemented in 2017 as Ethereum Improvement Proposal 20 (EIP-20). However, it is still called ERC-20 because that's how it was known until it was approved.