What is an ERC-20 token?

[blockchainx424]

ERC-20 tokens are made specifically for the Ethereum platform
They all follow a standard list of features so that they can be transferred, stored, and exchanged for other tokens in the Ethereum ecosystem. The Ethereum developers created these standards with three optional parameters and six mandatory ones.

Optional:

1. Token Name (token name);
2. Symbol (symbol);
3. Decimal (number of decimal places).

Required:

1. totalSupply;
2. balanceOf;
3. transfer;
4. transferFrom;
5. approve;
6. allowance.

Confused? Let's look into the matter.

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