Ethereum Request for Comments
lastmod 2022-01-02created 2021-11-239 edits
ERC-20 is short for Ethereum Request for Comment 20. The 20 is the request number. It is an official protocol managed by the EIPs (Ethereum Improvement Proposals), which propose improvements to the Ethereum network. It is also written without the hyphen (-) as 'ERC20' or 'ERC 20'. In Korean it is read as "ial-ssi-isip", "ial-ssi-iyeong", "ial-ssi-igong", "ial-ssi-teuweni", and so on. ERC-20 is the standard token specification defined on the Ethereum blockchain network. A standard that meets all the requirements needed for compatibility with Ethereum is considered ERC-20. ERC-20 tokens are exchangeable with Ethereum and can be sent to Ethereum wallets.
Rules
Functions
- totalSupply: The total supply. It tells how many tokens exist in total and specifies the number of tokens created and available for circulation.
- transfer: The transfer. With this function, tokens can be sent from the total supply address to individual accounts. It carries out the initial token distribution to designated wallets. This function ICO tokens are generally ERC-20 tokens.
- balanceOf: The balance. It returns the tokens in an account and tracks the token balance of every wallet.
- transferFrom: Using the transfer function, users can send and exchange specific tokens. This function acts like an intermediary that takes the wallet address, recipient, and transfer amount, and then carries out the transaction.
- approve: The approval function prevents people from creating counterfeit tokens. It checks the total token supply to allow or reject transactions, maintains the maximum number of tokens, and tracks which tokens are in which wallets.
- allowance: The allowance function. When someone tries to cheat the system and send more tokens than they own, the allowance function prevents users from sending more tokens than they have. Once the transaction is made, it is canceled. Every transaction is double-checked for validity before it is executed.
ERC-721
A Non-fungible token (NFT).