ERC-20 and ERC-721: What are they and how do you use them?
ERC stands for Ethereum Requests for Comments and is used by Ethereum developers. In order to execute a token in the Ethereum ecosystem, the developers need to abide by a set of rules established by the ERC. Tokens developed compliant to ERCs called ERC tokens have become popular over the years. The property of the ERC token that attracts its users most is the fact that it can be traded. This exchange is possible only if its value is standard. Let’s look at two well-known ERC tokens and their characteristics. Ethereum Smart Contracts ERC-20 ERC-20 tokens represent a certain value and come under fungible tokens. Much like currency, they can be interchanged with other ERC-20 tokens as they all are the same. These tokens have the nature of being divisible, meaning you could send someone 0.5 of your token. A majority of the tokens on the Ethereum platform follow ERC-20. For a token to be considered as an ERC-20 token, it needs to fulfill the conditions set by ERC-20. The prima...