7 ERC Token Standards: You Should Know

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7 ERC Token Standards You Should Know
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7 ERC Token Standards You Should Know

• Are you aware of Ethereum Blockchain development?
  If you are, then you should know about the ERC
  standards too. Here we will guide you with the
  details of the top seven ERC token standards in
  this post.

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What are ERC Standards?

• ERC represents Ethereum requests for comments
  that is a document written by smart contract
  programmers via using the Ethereum Blockchain
  platform. They define rules in the documents, and
  Ethereum based tokens have to comply with them.

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ERC 20

• This is the most popular example of Crypto
  development Services. Most of the ICOs use it who
  have issued the tokens on the ETH platform. If
  you are a programmer, you can code the smart
  contract composed with the knowledge to easily
  connect with the ERC20 tokens.

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2. ERC 721

• ERC721 is a non-fungible token standard that is
  used in the DApp game like CryptoKitties by
  Ethereum. In this game, each digital kitten is a
  different digital collectable. Every one commands
  a unique price.

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3. ERC 165

• ERC721 cant be executed without it, so we can
  say that it is a standard for an approach,
  despite the tokens. ERC 165 standardizes an
  approach to detect interfaces used by a smart
  contract, instead of standardizing the interface
  identification.

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4. ERC 223

• When you transfer ERC20 tokens to smart contracts
  that are not capable of it then it can burn the
  tokens. By using ERC223, you can prevent it. Hire
  a ERC token developer who can guide you regarding
  this as it is not implemented yet and no tokens
  use it.

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5. ERC 777

• It is a proposed standard involving a function to
  address token receipt, and begin a smart contract
  after their first transaction.

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6. ERC 621

• It is used for enhancing or reducing the overall
  token supply comprising two functions that
  decrease supply and increase supply. This
  proposal suggests that only trusted users or
  contract owners should use them.

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7. ERC 884

• Organizations are using blockchain for Crypto
  token development Services as per the recent
  legislation to maintain share registries. ERC884
  is planned to take advantage of it and appoint
  every token as a distribution of a corporation.

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