ERC20 (Ethereum)

Features of the ERC20 token standard

The ERC20 token standard specifies six mandatory functions that must be implemented in order to create a fungible token on the Ethereum blockchain. These are the smart contract programming maneuvers which are necessary to ensure that tokens of the same type always have the same value.

They are:

1.TokenName

The name of your token. Ex: FlexSmart token.

2.TotalSupply

This function returns the total quantity of tokens that are in circulation as of that moment.

3.Decimals

The number of decimals the token uses in its representation.

4.BalanceOf

The balance of an account.

5.Transfer

Executes a token transfer to a specified address

6. TransferFrom

Executes a token transfer from one address to another address.

7.Approve

Sets a limit to funds available for repeat withdrawals.

8.Allowance

The amount which a party can still withdraw from an account.

Additional Notes

There are some additional variables and logging events that are included to enhance clarity and simplify testing, but they are not explicitly required by the standard. The six functions listed above are compact enough in scope and simple enough in explanation to allow a wide variety of token transaction schemes--and a wide array of programmers to execute the coding required for them.

The ERC20 token standard delivered a whole new horizon to the crypto community, and is the reigning standard for fungible tokens. Many popular tokens marketed under competing brands like Binance are built on ERC20, to the extent that it remains hard six years later to cite another standard that has achieved serious acceptance in the marketplace.

Read on about the ERC777 standard, which adds new security and functionality features to this astonishing blockchain technology!

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Tip: Not sure where to start? Use our FlexSmart platform to generate your own ERC20 token!