ERC-20

By CoinGecko | Updated on Mar 03, 2020

ERC stands for Ethereum Request for Command, and ERC-20 is one of the most widely used token standards in Ethereum to create fungible, exchangeable tokens. ERC-20 tokens can easily work with majority of decentralized applications that support the standard. With ERC-20, existing products will not have to worry about accepting tokens that have different standards and this has helped spur development of various decentralized applications within the Ethereum ecosystem. Most tokens that have been released as a result of initial coin offers (ICOs) are of the ERC-20 standard.

Related Terms

Proof of Work (PoW)

A consensus algorithm in which a block is validated via mathematical hashing

Market Taker

Participant of the market who buys and sells from currently existing orders

Application Programming Interface (API)

It is a software that acts like an intermediary or a bridge that lets two applications talk to each other. It is the one that lets applications, data and devices interact.

Hard cap

The maximum amount that an ICO will be raising.

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