ERC-20

A technological standard or set of guidelines called ERC-20 is used on the Ethereum blockchain to make it easier to create and use fungible tokens. It outlines the fundamental interfaces and functionalities necessary for tokens to work with the Ethereum network, enabling seamless interoperability between various decentralized applications (DApps) and wallets.

The majority of the tokens utilized in different DeFi initiatives and distributed through Initial Coin Offerings (ICOs) follow the ERC-20 standard.

More Definitions

Ether

The Ethereum blockchain's native coin, Ether (ETH), is used to power transactions and smart contracts on the system. It serves as a financial incentive for miners to verify transactions by being used to pay for computational services and transaction fees.

Ethereum Blockchain

Developers can create and implement smart contracts and decentralized applications (DApps) on the open-source, decentralized Ethereum network. Participants in the decentralized computer network that runs it validate and log transactions on the blockchain.

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