Flash Insights - ERC-20

The ‘ERC’ in ‘ERC20’ is the abbreviation for "Ethereum Request for Comments”, in the nutshell means ERC-20 was the protocol system for all those tokens which is run on the Ethereum Blockchain (Etherscan). Meanwhile, tokens stated for the currencies characterized (eg. BNB, STQ, OMG Tokens & etc.)

ERC is the official protocol responsible for proposing improvements to the Ethereum Network. The number ‘20’ in ‘ERC20’ just signifies the unique proposal ID

Before ERC20 Tokens standards came into existence, all new tokens that came out as ICOs on the Ethereum Network, implemented their own flavor of all the functions. Each one had its own list of functions for transferring tokens, function names and different arguments.

After ICOs being settled, whether the its succeed otherwise, the ERC-20 Tokens will published on the Ethereum Blockchain

Such as the most successful ICOs ever happened was Binance Exchange Platform with its own native currency (Token) used code by "BNB" (Binance Coin.

In simply defines, ERC-20 tokens was the home based system for all tokens under its network (Ethereum Blockchain/Etherscan).

The differences between Tokens & Coins is can be defines by their network own. While tokens depended on their Mother Network, and Coins have its own Network (Steem:Steemchain).

The most popular ERC-20 Tokens as its position by the first rank was Binance Coin (BNB), the currency used within Binance Platform and other functions.

ERC-20 wallet defined as the Separated Ethereum Wallet means not Exchange Wallet. This functions can be used to received the whole ERC20 Tokens categorized such as TRUST WALLET, TOSHI, ImToken and etc.

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