What is ERC-20?

ERC-20 is a technical standard used for creating and issuing tokens on the Ethereum blockchain. It defines a set of rules that all tokens must follow to be compatible with the Ethereum ecosystem, including wallets, exchanges, and other smart contracts.

Key characteristics of ERC-20:

🔵 All tokens that comply with the ERC-20 standard can interact with each other and work with various applications on the Ethereum platform.

🔵 ERC-20 tokens can represent a wide variety of assets, such as currencies, loyalty points, stocks, and other types of tokens.

🔵 Most tokens created on the Ethereum network adhere to the ERC-20 standard, making it one of the most popular standards in the cryptocurrency industry.

Key functions defined by the ERC-20 standard:

🔵 totalSupply: Defines the total number of tokens that will be created.

🔵 balanceOf: Returns the number of tokens owned by a specific address.

🔵 transfer: Transfers tokens from one user to another.

🔵 approve: Allows a third …