ERC20 Tokens
ERCs are standards published by the Ethereum foundation. ERC is a set of documents that list the rules and standards for a particular scenario and use case. There are multiple ERCs, each referred to using a number. For example, ERC20 is a document that lists down the rules and standards for defining a fungible token on the Ethereum network. Similarly, ERC721 is another document that lists rules and standards for defining a non-fungible token on the Ethereum network. Some of the well-known ERCs are ERC20, ERC165, ERC721, ERC1155, and ERC223. There are many more ERC standards; however, we are going to concentrate on ERC20 and ERC721 in this chapter.
Another important question that begs to be answered is why tokens need a standard. It is evident by now that a token has value just like any other currency. Using tokens, you can purchase services and assets and exchange them with others, just like any other currency. Moreover, tokens are interoperable with Ether along with...