ERC standards to move Ethereum forward? ERC-20, ERC-223, ERC-721.ERC-20 is a well-known term in the Ethereum and ICO community.
For the last few years, I’ve been consulting and contributing to various teams, helping them with token sale projects. Therefore, I had an opportunity to take a closer look at ERC standards, analyse and compare them.
The information below should be valuable for every investor and ICO entrepreneur to understand what is hiding behind ERC standards.
What does ERC mean?
ERC stands for Ethereum Request for Comments. An ERC is authored by Ethereum community developers in the form of a memorandum describing methods, behaviors, research, or innovations applicable to the working of the Ethereum ecosystem. It is submitted either for peer review or simply to convey new concepts or information. After core developers and community approval, the proposal becomes a standard.
Therefore, as a result, we have a set of standards or proposals (e.g. for tokens). Actually, these rules are simple set of functions that Smart Contract should implement. In return, contracts, implementing the standard can be used via a single interface. The best example is ERC-20 standard. All Smart Contracts implementing this standard, by default can be listed to crypto exchanges without any extra technical work.
https://medium.com/wepower/erc-standards-to-move-ethereum-forward-erc-20-erc-223-erc-721-e1712456449d