The Origins of Ethereum’s ERC Standards
ERC stands for Ethereum Request for Comment, a set of technical standards used for smart contracts on the Ethereum blockchain. Initially, it was a collaborative approach where developers proposed ideas, gathered feedback, and refined protocols to advance Ethereum’s ecosystem.
Anyone with a GitHub account can propose a new ERC standard. If accepted by Ethereum’s developers, it becomes an Ethereum Improvement Proposal (EIP)—a significant milestone in blockchain development.
This open-source methodology traces back to the early internet era, with groups like IETF and IAB shaping web standards. Similarly, ERC standards drive innovation in decentralized technologies.
Key ERC Standards Recognized as EIPs
Notable ERC standards include:
- ERC20: The most widely adopted token standard for fungible tokens (interchangeable assets).
- ERC721: The foundation for NFTs (Non-Fungible Tokens), introduced in 2018 and popularized by projects like CryptoKitties.
- ERC1155: A hybrid standard supporting both fungible and non-fungible tokens.
Explore the full list at Ethereum’s EIP repository.
Blockchain Token Standards Beyond Ethereum
Other blockchains have their own token protocols:
- Bitcoin (BTC): Uses BIP standards.
- Tron (TRX): Follows TRC standards.
- Binance Smart Chain (BNB): Implements BEP standards.
- Avalanche (AVAX): Adopts ARC standards.
👉 Discover more about multi-chain token standards
Deep Dive into ERC20
Core Features of ERC20 Tokens
- Fungibility: Each token is identical in value and function (e.g., 1 ETH = 1 ETH).
- Versatility: Includes subtypes like burnable tokens, capped supplies, and pausable contracts.
Functional Capabilities
- Check total token supply.
- View wallet balances (e.g., via Etherscan).
- Transfer tokens or authorize third-party transactions (e.g., for DeFi platforms).
Non-ERC20 Tokens: Exceptions
Native Cryptocurrencies:
- Bitcoin (BTC) and Ethereum (ETH) exist independently of smart contracts.
- Used for transactions, gas fees, and network security.
NFTs (ERC721/ERC1155):
- Unique digital assets like CryptoKitties or Bored Apes.
- Enabled by Dieter Shirley’s ERC721 proposal.
Key Takeaways
- Adoption: Over 500,000 ERC20 contracts exist on Ethereum (as of 2022), though many are low-quality or scams.
- Innovation: Open standards accelerate blockchain development, but due diligence is critical.
💡 Pro Tip: Always research token projects before investing to avoid scams.
FAQs
What’s the difference between ERC20 and ERC721?
- ERC20: Fungible tokens (e.g., stablecoins like USDC).
- ERC721: Non-fungible tokens (e.g., NFT collectibles).
How do I check my ERC20 token balance?
Use block explorers like Etherscan by entering your wallet address.
Can ERC20 tokens be converted to other standards?
No, but bridges/wrappers (e.g., Wrapped BTC) enable cross-chain compatibility.
👉 Explore ERC20 token projects securely
This guide simplifies ERC standards for beginners. For deeper insights, refer to Ethereum’s official docs or trusted crypto resources.