Lot of crypto currency lover are still not aware about some useful and most usable crypto words and hence some time they confused.
So today I want to explain some widely used word which is ERC 20 token.!
Its so simple to understand just you need to keep in your mind about some of this characteristic of ERC20 token.
These tokens are designed and used solely on the Ethereum platform.
They follow a list of standards so that they can be shared, exchanged for other tokens, or transferred to a crypto-wallet.
The Ethereum community created these standards with three optional rules, and six mandatory.
OPTIONAL: 1)Token name 2) Symbol and 3) Decimal-up to 18
MANDATORY: 1) Total Supply 2) Balance of 3) Transfer. 4) Transfer Form 5)Approve and 6) Allowance.
ERC-20 is the universal language that all tokens on the Ethereum network use. It allows one token to be traded with another.
Before ERC-20 tokens, developers might use other terminology in the code.Exchanges and wallets needed to build their platforms to accommodate for eachone token’s code.With a universal standard, new tokens can be put on an exchange or transferred toa wallet automatically, once it’s been created.
ERC-20 also makes the creation of new tokens extremely easy, and that is why Ethereum has become the most popular platform for ICO’s in 2017.