ERC-20 is the established technical protocol for creating fungible tokens on the Ether blockchain. Unlike the well-known ERC-721 non-fungible token (NFT), fungible tokens can be exchanged one-to-one with other tokens.
By utilizing ERC-20, developers are able to produce smart contract-driven tokens that are compatible with a wide range of goods and services. These tokens are used as digital representations of assets, rights, ownership, access, cryptocurrencies, or other items that lack intrinsic uniqueness but are inherently transferable.
The standard protocol ERC-20 on the Ethereum blockchain governs the development of interchangeable tokens to ensure their interchangeability with other smart contract tokens. Since its introduction, the ERC-20 standard has been widely adopted, resulting in most Etherum-based tokens being created according to its guidelines.
The erc20 explorer will provide individuals with a user-friendly interface to view, search, and analyze transactions and activity related to ERC20 tokens on the Ether blockchain.
It allows users to track token transfers, check token balances, view token contract codes, monitor specific addresses, and explore overall ERC20 token activity on the Ether network.
ERC20 Explorer provides users with insight into the movement and usage of ERC20 tokens, providing transparency and visibility into the Ethernet token ecosystem.
In 2015, the rise of smart contracts brought forth various challenges. Unlimited token creation without a standardized protocol meant that there was no guarantee for seamless creation, utilization, and exchange of tokens across the blockchain. This led to the scenario where each application required its unique token, resulting in the need for users to navigate complex interoperability issues involving numerous evolving applications.
Developer Fabian Vogelsteller introduced ERC-20 in 2015 as a means to establish a standard for smart contracts on the Ethereum blockchain. This proposal, posted on the project's Github page as an Ethereum Request for Comment (ERC), was denoted as ERC-20 due to its sequence as the twentieth comment.
Following the established process of the Ethereum developer community, the proposal was ratified and adopted in 2017 as Ethereum Improvement Proposal 20 (EIP-20). Despite this formal recognition, it is referred to as ERC-20 as a continuation of its original designation.
ERC-20 represents a set of functions and events that must be incorporated into a token to achieve ERC-20 compliance. These functions, known as methods within the ERC, outline the specifications required for a smart contract-enabled token, while the events signify an action. The mandatory functions for a token include: Ethereum Improvement Proposals. "ERC-20: Token Standard."
TotalSupply: Represents the overall number of tokens to be issued
BalanceOf: Indicates the account balance of a token owner's account
Transfer: Facilitates automatic transfers of a specified number of tokens to a designated address for transactions using the token
TransferFrom: Facilitates automatic transfers of a specified number of tokens from a specified address using the token
Approve: Enables a spender to withdraw a specific number of tokens from a specified account, up to a specific amount
Allowance: Provides a specific number of tokens from a spender to the owner
