Token Standards (ERC-20)

ERC-20 is a technical standard used for creating and managing tokens on the Ethereum blockchain. Think of it as a set of rules that ensure all tokens of a particular type can interact smoothly with other services, wallets, and exchanges. These tokens can represent various assets like currencies, assets, or even voting rights, and ERC-20 ensures they function consistently, allowing developers to create interoperable tokens easily. This standard simplifies the process of developing new tokens and promotes broader adoption and compatibility within the Ethereum ecosystem.