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The Ethereum token standard (ERC20)
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The Ethereum token standard
The Ethereum token standard (ERC20) is used for Ethereum smart contracts. Developed in2015,[2] ERC20 defines a common list of rules that an Ethereum token has to implement. Giving
developers the ability to program how new tokens will function within the Ethereum ecosystem.This token protocol became popular with crowdfunding companies via initial coin offering (ICO).
As of January 2018, there were more than 21,000 ERC20 token contracts. Among the most successful ERC20 token sales are EOS, Sirin Labs, Bancor, Quash, and BANKEX raising over $70million each.
Mercury Protocol’s Global Messaging Token is an example of an application basedon ERC20 tokens. ERC stands for Ethereum Request for Comments.
ERC20 token has the following method-related functions:
The specific wording of the function is followed by a clarification of what it does, in [brackets]
contract ERC20 Interface
{function totalSupply() public constant returns (uint);
function balance Of (address token Owner) public constant returns (unt balance);
function allowance (address token Owner, address spender) public constant returns (unit remaining);
function transfer (address to, unit tokens) public returns (bool success);
function approve(address spender, uint tokens) public returns (bool success);
function transferFrom(address from, address to, uint tokens) public returns (bool success);
event Transfer(address indexed from, address indexed to, uint tokens);
event Approval(address indexed token Owner, address indexed spender, unit tokens);}
