ERC20

ERC-20 is a technical standard that was introduced to facilitate interoperability between various projects based on the Ethereum blockchain. “ERC” stands for “Ethereum Request for Comment,” and the number “20” identifies the specific number of the standard. ERC-20 defines a set of rules and interfaces that must be met by Ethereum-based tokens to ensure compatibility between different applications and wallets.
The ERC-20 standard defines six basic functions that must be implemented in smart contract tokens in order for them to work with each other and with different platforms:
totalSupply: Defines the total amount of tokens available.
balanceOf: Allows you to check the account balance of a given address.
transfer: Allows you to transfer tokens from one account to another.
transferFrom: Allows the transfer of tokens from one account to another, but with the explicit permission of the token holder.
approve: Allows a token holder to authorize the transfer of a specified number of tokens by another person.
allowance: Allows one to check how many tokens the holder has allowed another person to transfer on his behalf.
With the ERC-20 standard, tokens from different projects can operate in a uniform way on the Ethereum platform. This makes it easier to exchange, store and manage different tokens in a single wallet or exchange. The ERC-20 project has played a key role in the development of the cryptocurrency ecosystem, enabling easier integration and collaboration between different projects on the Ethereum blockchain.