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ERC stands for “Ethereum Request for Comment”, where the concept “request for comments” is a similar one devised by the Internet Engineering Working Group as a means of sending essential technical notes and requirements to a group. of developers and users.
The ERC-20 standard has been vital to the creation of new tokens in the cryptocurrency world for some time. Its popularity increased with ICOs and crowdfunding companies. Currently, tens of thousands of new tokens have been issued and operate under the ERC-20.
While many ERC-20 smart contracts are used to execute routines and functions in the digital space, there are also many that have been used to create non-fungible tokens (NFTs) in order to promote an initial coin offering (ICO). An ICO is the equivalent of an initial public offering (IPO) on the stock market, but with cryptocurrencies or tokens. A crypto company looking to raise money to create a cryptocurrency, decentralized application, or service can start an ICO to collect funds from investors and early adopters.
According to a report from Yahoo! News, in 2017 ERC-20 tokens were responsible for much of the rise in the ICO market, with many successful cryptocurrencies created under the ERC-20 protocol. For example, EOS remains a popular ERC-20-based token that allowed the platform to raise over $185 million during the first five days of its ICO. Multiple ICOs with tokens created using the ERC-20 have managed to raise several million dollars.
In 2015, ERC-20 was created, a standard developed by the Ethereum community, which was officially recognized in September 2017. To create a standard of this type, a developer or group of developers must submit what is known as an Ethereum Improvement Proposal (EIP) where the new functionality is explained along with its specific protocols and standards. The proposal goes to a committee that reviews, approves, amends and finalizes that EIP, which would then become an ERC.
Smart contracts and other features within Ethereum are required to comply with all approved standards. Although the Create ERC20 token is perhaps the most important and best known of all ERCs, it is certainly not the only one that exists.
The ERC-20 standard has been vital to the creation of new tokens in the cryptocurrency world for some time. Its popularity increased with ICOs and crowdfunding companies. Currently, tens of thousands of new tokens have been issued and operate under the ERC-20.
While many ERC-20 smart contracts are used to execute routines and functions in the digital space, there are also many that have been used to create non-fungible tokens (NFTs) in order to promote an initial coin offering (ICO). An ICO is the equivalent of an initial public offering (IPO) on the stock market, but with cryptocurrencies or tokens. A crypto company looking to raise money to create a cryptocurrency, decentralized application, or service can start an ICO to collect funds from investors and early adopters.
According to a report from Yahoo! News, in 2017 ERC-20 tokens were responsible for much of the rise in the ICO market, with many successful cryptocurrencies created under the ERC-20 protocol. For example, EOS remains a popular ERC-20-based token that allowed the platform to raise over $185 million during the first five days of its ICO. Multiple ICOs with tokens created using the ERC-20 have managed to raise several million dollars.
History of the ERC-20
In 2015, ERC-20 was created, a standard developed by the Ethereum community, which was officially recognized in September 2017. To create a standard of this type, a developer or group of developers must submit what is known as an Ethereum Improvement Proposal (EIP) where the new functionality is explained along with its specific protocols and standards. The proposal goes to a committee that reviews, approves, amends and finalizes that EIP, which would then become an ERC.
Smart contracts and other features within Ethereum are required to comply with all approved standards. Although the Create ERC20 token is perhaps the most important and best known of all ERCs, it is certainly not the only one that exists.
