Functions of ERC20

[Moiyah]

Honestly, I'm a bit confused as to how ERC20 tokens works. I have search about ERC20 ( ETHEREUM REQUESTING for COMMENTS with unique proposal id no. 20). If it is acting as a bridge to some tokens for an interaction, I am so dizzy and quite had a hard time to understand their purpose.

 Can someone enlighten me about this? I have researched the meaning of it but I just want to know in simplest words in a sense that I may easily understand the significance and the main role or functions of ERC20 in cryptocurrency.

Also, when adding token details in MEW, do we include token name as erc20? 

[shinratensei_]

Honestly, I'm a bit confused as to how ERC20 tokens works. I have search about ERC20 ( ETHEREUM REQUESTING for COMMENTS with unique proposal id no. 20). If it is acting as a bridge to some tokens for an interaction, I am so dizzy and quite had a hard time to understand their purpose.

 Can someone enlighten me about this? I have researched the meaning of it but I just want to know in simplest words in a sense that I may easily understand the significance and the main role or functions of ERC20 in cryptocurrency.

Also, when adding token details in MEW, do we include token name as erc20? 

When adding the token details in mew and you only need to put contract address, ticker and decimal.

ERC20 works an ethereum asset which can be used in the ethereum blockchain as secondary coin after ethereum. In my understanding about that if ERC20 token can be issued and integrated into the platform.

I've seen some platform used ERC20 just like a kay to use the product or even more.

Another usefulness of ERC20 token it can be traded through exchange site.

[Moiyah]

-snip-

When adding the token details in mew and you only need to put contract address, ticker and decimal.

ERC20 works an ethereum asset which can be used in the ethereum blockchain as secondary coin after ethereum. In my understanding about that if ERC20 token can be issued and integrated into the platform.

I've seen some platform used ERC20 just like a kay to use the product or even more.

Another usefulness of ERC20 token it can be traded through exchange site.

If it is the second coin after ethereum,  some tokens are borrowing ethereum platform? Because they are using ethereum transactions, so these tokens are far different in other altcoins like ethereum itself or litecoin in cryptocurrency?

And in MEW, shall we input token name as erc20 or token name itself so we can trade them in an exchange?