Understanding Ethereum standards

in #blockchain • last year

ERC-20 standard is the most widely used standard for fungible tokens.
Allows developers to create tokens that can interact with other tokens and applications within the Ethereum
network; provides the ability to transfer tokens from one account to another, check current token balance, etc.

ERC-721 and ERC-1155 are the most well-known standards for non-fungible tokens.
ERC-721 defines a minimum interface that a smart contract must implement to allow unique tokens in Ethereum. It
was first implemented in CryptoKitties (2017), while Cryptopunks pre-dated it (so it was built on a custom nonstandard interface).

ERC-1155 is a newer multi-token standard designed to enable multiple NFTs and fungible tokens in a single smart
contract.

#cryptocurrency #token #opensea #defi #nft
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