FlightToken (FMT) loader

What is ERC-20 and how I can use it ?

What is ERC-20 and how I can use it ?

RC-20 is a technical standard or set of rules used for creating and implementing tokens on the Ethereum blockchain. It stands for "Ethereum Request for Comment 20." ERC-20 tokens have become the most widely adopted and recognized token standard on the Ethereum network.

The ERC-20 standard defines a set of functions and interfaces that a token contract must adhere to in order to be compatible with other tokens and to ensure interoperability within the Ethereum ecosystem. These functions include basic operations such as transferring tokens, getting token balances, and approving token allowances.

By following the ERC-20 standard, tokens built on the Ethereum blockchain can work consistently with wallets, exchanges, and other smart contracts that support ERC-20 tokens. This compatibility allows for seamless integration and easy token management.

Some key features of ERC-20 tokens are:

Transferability: ERC-20 tokens can be transferred between addresses on the Ethereum network using the transfer function.

Token Balance Retrieval: The balanceOf function enables users to check the balance of a specific ERC-20 token held in their Ethereum address.

Approval Mechanism: The approve and allowance functions are used to authorize a third-party (such as a smart contract) to spend a certain amount of tokens on behalf of the token holder.

Event Notifications: ERC-20 tokens can emit events that provide information about various token-related activities, helping developers and applications track token transfers and other events.

ERC-20 tokens have played a significant role in the growth of decentralized finance (DeFi) and the tokenization of various assets on the Ethereum blockchain. Many popular tokens, such as DAI, Chainlink (LINK), and Uniswap (UNI), adhere to the ERC-20 standard.