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ERC20 Token

ERC20(Ethereum Request for Comment20) is a standard of token which had been sent to Ethereum improvement proposal. At early development stage of Ethereum token, there was no standard for tokens and various types of token contracts existed. When a transaction was needed between tokens with different interfaces, few separate contracts were necessary to be developed according to each contract interface. ERC20 token standardized the token interface in Ethereum network and solved this problem. When creating a token according to this standard, it is compatible with other ERC20 tokens without creating other contracts.

ERC20 token interface is as follows.

(Image source : https://theethereum.wiki/w/index.php/ERC20_Token_Standard)

Tokens created with these specifications are now more than 160,000 (February 2019) and are still actively traded.