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web3glossaryerc 20
ERC-20

Summary

ERC-20 is a technical standard for smart contracts on the Ethereum blockchain for implementing tokens.

Detailed Description

ERC-20 defines a common list of rules that all Ethereum tokens must adhere to. This standard allows developers to program how tokens will be transferred between addresses and how they will be approved to spend by other addresses. It is widely utilized for creating fungible tokens ranging from cryptocurrency to non-fungible tokens that represent assets or value without unique identifiers.

Category
Token Standards
Synonyms
Ethereum Request for Comment 20
ERC20

Impact Details

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Initial Coin Offerings (ICOs)

Many projects use ERC-20 tokens to raise funds during ICOs, allowing investors to purchase tokens before the full launch.

Industries:

Finance
Technology

Platforms:

Ethereum
TokenSales Sites
Decentralized Finance (DeFi)

ERC-20 tokens are extensively used in DeFi applications, enabling users to lend, borrow, and earn interest on their digital assets.

Industries:

Finance
Cryptocurrency

Platforms:

Uniswap
Aave
Tokenized Assets

ERC-20 tokens are employed to create tokenized versions of real-world assets, like real estate or artwork, facilitating fractional ownership.

Industries:

Real Estate
Art

Platforms:

Real Estate Platforms
Art Marketplaces

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FAQs

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