ERC-20 is a widely-used technical standard for smart contracts on the Ethereum blockchain, specifically for creating fungible tokens. Established by Ethereum's development community, ERC-20 defines a common set of rules that all Ethereum tokens must follow, ensuring interoperability and compatibility across the Ethereum ecosystem. These rules include how tokens are transferred, how users can access data about a token, and the total supply of tokens. ERC-20 tokens have become the foundation for many decentralized applications (dApps), initial coin offerings (ICOs), and other blockchain-based projects, allowing for the seamless integration and exchange of tokens within the Ethereum network. This standardization has been instrumental in the rapid growth and innovation seen in the Ethereum ecosystem.
