ERC-20, BEP-20 and ERC-721 - no doubt you've seen these before. These are examples of Token standards. They ensure that all products built using that standard can interact or work together. Read on ⤵️
: allows a token to be transferred to someone else on a user’s behalf via smart contract.: defines external addresses that have permission to spend tokens.In 2015, Fabian Vogelsteller proposed the ERC-20, a token standard that would later be the main outline for developers to design their own tokens, including virtual tokens, staking tokens, and virtual currencies.
The ERC-20 is a token standard to develop assets that follow common rules and are interchangeable with one another . So if you create 1,000 units of an ERC-20 token, each unit will have the same functionality. The BEP-20 standard is very similar to that of ERC-20. However, note that they are part of distinct blockchain networks. The ERC-20 token standard is used on the Ethereum blockchain, while the BEP-20 is on the Binance Smart Chain .Did you know that a great portion of the non-fungible tokens on Ethereum all share the same token standard, ERC-721? Whether it’s a limited edition NFT or a Proof of Attendance Protocol , your NFT was likely created with the same blueprint.
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