Hi 👋, here is new and exciting blog on Blockchain 😍. If you started journey towards blockchain then its pretty important to know job about smart contract and ERC Tokens standard to write quality production grad smart contract. But befor getting started let's understand.
what is ERC? - In blockchain term, ERC stands for Ethereum Request for Comments. It is a technical standard used for implementing tokens on the Ethereum blockchain. ERC standards provide a set of rules and guidelines for developers to follow when creating new smart contracts, which helps to ensure that they are interoperable and compatible with other applications and services on the Ethereum network.
ERC standards have played a significant role in the growth and adoption of decentralized applications (dApps) and other blockchain-based services built on Ethereum. They have enabled developers to create and deploy a wide range of tokens and other assets on the network, including fungible and non-fungible tokens, security tokens, and utility tokens, among others.
Some of the most popular ERC standards Listed below
Here's a more detailed explanation of each of the commonly used ERC token standards for smart contract development on the Ethereum blockchain:
1. ERC20:
It is the most widely used token standard and stands for Ethereum Request for Comments 20. It is used for creating fungible tokens, which means each token is interchangeable and has the same value. ERC20 tokens are typically used for applications such as cryptocurrencies, utility tokens, and security tokens. ERC20 tokens have a fixed total supply, and their functionality includes basic functions such as transferring tokens, checking token balances, and approving token transfers on behalf of another address. This standard defines a set of functions that token contracts must implement, including transfer(), transferFrom(), approve(), totalSupply(), balanceOf(), and allowance(), among others. To know more head to this _ ERC20
2. ERC721:
It is a token standard for creating non-fungible tokens (NFTs). Each ERC721 token is unique and represents a distinct digital asset, such as digital art, collectibles, virtual real estate, and more. ERC721 tokens have their own individual value and ownership, and they cannot be divided or exchanged on a one-to-one basis. ERC721 tokens are typically used in applications where uniqueness and scarcity are important. This standard defines functions such as ownerOf(), transferFrom(), approve(), getApproved(), and more. To know more head to this _ ERC721
3. ERC1155:
It is a multi-token standard that combines features of both ERC20 and ERC721. It allows for the creation of both fungible and non-fungible tokens within the same smart contract. This provides more flexibility for developers to create a variety of token types in a single contract, making it more efficient in terms of gas costs and contract deployment. ERC1155 tokens are typically used in applications where a combination of both fungible and non-fungible tokens is required, such as gaming platforms and digital marketplaces. This standard defines functions such as balanceOf(), balanceOfBatch(), setApprovalForAll(), isApprovedForAll(), safeTransferFrom(), and more. To know more head to this _ ERC-1155
4. ERC777: ERC777 is an improved version of ERC20 that introduces additional functionalities compared to ERC20 tokens. ERC777 tokens allow for the implementation of callbacks, which are functions that can be triggered in other smart contracts upon token transfer. This makes ERC777 tokens more extensible and upgradeable compared to ERC20 tokens. ERC777 tokens also have a built-in operator mechanism that simplifies token approvals. This standard defines functions such as transfer(), transferFrom(), burn(), authorizeOperator(), revokeOperator(), and more. To know more head to this _ ERC-777
5. ERC223: ERC223 is another enhanced version of ERC20 that addresses some of the known issues with ERC20, such as the risk of lost tokens due to accidental transfers to smart contracts that do not support token handling. ERC223 tokens are backward compatible with ERC20 tokens, meaning they can be used with existing ERC20 token wallets and exchanges. ERC223 tokens provide additional safety features by triggering a callback function in the receiving contract when tokens are transferred, which helps prevent tokens from being lost. This standard defines functions such as transfer(), transferFrom(), approve(), balanceOf(), and tokenFallback(), among others. To know more head to this _ ERC-223
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