ERC20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens. It has become the most common standard for creating digital tokens in the cryptocurrency world.
The ERC20 standard defines a set of rules that all Ethereum-based tokens must follow. These rules include how tokens are transferred between addresses and how data within each token is accessed. This standardization makes it easier for developers to create new tokens that are compatible with existing Ethereum infrastructure.
For Indian cryptocurrency users and investors, understanding ERC20 is crucial because most popular tokens like USDT, USDC, LINK, and many others are built using this standard. When you use Indian cryptocurrency exchanges or wallets, you\“ll frequently encounter ERC20 tokens.
The main benefits of ERC20 tokens include interoperability with various wallets and exchanges, predictable behavior due to standardization, and ease of integration with decentralized applications （dApps）. However, users should be aware of Ethereum gas fees required for ERC20 token transactions. |
