Chances that you haven’t heard of ERC tokens in the crypto space are quite low. Even if you haven’t heard about ERC standards in particular you might be using the tokens issued on ERC standards. Most of the major tokens that are being traded in Exchanges like UNI, YFI, SUSHI, COMP, LINK, USDT, etc., are issued on ERC-20 standard. Let us understand more about ERC Standard.
What is ERC Standard ?
Ethereum Request for Comments in short is known as ERC. These are application standards for Ethereum for the creation of libraries, packages, formats, functionalities, etc., It can be defined as a document that Ethereum smart contract developers will use to write a contract, meeting the standards set in the specific ERC standard.
Anyone can create an ERC standard, however, they should clearly document the framework, guidelines, rules, etc., for the tokens that are being issued on said standard must comply upon.
For example, if you want to develop an Android application, you should comply with Android SDK’s framework. Similarly, if someone wants to issue a token on top of a particular ERC standard, then programmers must comply with the definitions of said Standard.
What is the most common ERC Standard ?
Unarguably ERC-20 is the most common ERC standard. Most of the major altcoins and new coins that are being issued on Ethereum network follows ERC-20 standard for issuing tokens. More than 1000+ tokens are issued on ERC-20 Standard.
ERC-20 is a blueprint for issuing new tokens on the Ethereum network and building smart contracts that required to interact with tokens created using this standard. This outlines certain features the issuance of a new token need to comply with like Total supply, smart contract creations, List of holder address, Transfer of ownership, etc.,
The tokens issued on this standard can be used as a Store of value, or as a utility, etc., Many of the tokens issued will have a utility where token holders can participate in the governance of that particular project and influence the roadmap. All the ERC-20 based tokens are Fungible Tokens.
ERC-721 Standard is used for issuance of NFT (Non-Fungible Tokens). Digital Art is an example of NFT. Since these token can’t have feature of interchangeability, making the token of this standard a unique one on the network. ERC-165 is the standard that is used for interacting with NFT tokens. With NFT’s Soaring, ERC-721 came into light. Even projects on other blockchains like Pancake which is on Binance Smartchain issues its NFT Tokens on ERC-721.
The point to be noted is that, while transferring tokens or interacting with any of the smart contracts users are expected to pay the fee in Ether(ETH), which at times might be higher than the value of tokens being transferred. Proposals are being made to pay the fee in native token rather than ETH.
Below is the exhaustive list of ERC Standards :
ERC-20: Standard Fungible Token
ERC-223: Protecting Users From Accidental Contract Transfers
ERC-667: transferAndCall Token Standard
ERC-721: Non-fungible Token Standard
ERC-777: Operator Based Token Standard
ERC-809: Renting Standard for Rival, Non-Fungible Tokens
ERC-864: NFTs Shared Ownership
ERC-865 : TransferPreSigned
ERC-874: Weighted Non Fungible Tokens
ERC-888: MultiDimensional Token Standard
ERC-918: Minable Token Standard
ERC-965 : sendByCheque
ERC-981: Partial Ownership Standard
ERC-994: Delegated Non-Fungible Token Standard
ERC-995: Pre and Post Transfer Calls
ERC-998: Composable Non-Fungible Token Standard
ERC-1067: Upgradeable Token Contract Standard
ERC-1132: Token Locking Capability Standard
ERC-1155: Multi-Tokens Standard
ERC-1178: Multi-Class Token Standard
ERC-1190: Non-Fungible Royalty Token Standard
ERC-1203: Multi-Class Token Standard (ERC-20 Extension)
ERC-1238: Non-Transferrable Tokens AKA Badges
For more details on above standard, Github can be the best place.