Ethereum Request for Comment, ERC, is a process used for proposing and discussing improvements to the Ethereum blockchain. ERC standards are technical specifications that outline the rules and guidelines for creating new Ethereum-VM-compatible smart contracts, including token-generating smart contracts. They help ensure that EVM-based projects are interoperable and compatible with each other, making it easier for developers to build decentralized applications (DApps).
In the context of web3, three ERC standards are the most important:
ERC-20 is the most popular and widely used standard for creating fungible tokens on the Ethereum blockchain. Broadly used in ICOs, it allows the implementation of standard interfaces within a smart contract. It further defines a set of rules and functions that enable the creation and management of tokens that can be exchanged for other tokens or used as a form of payment in decentralized applications. Many popular ERC standards extend the ERC-20.
ERC-721 is the standard for creating non-fungible tokens (NFTs). As its name implies, ERC 721 tokens are non-fungible in the sense that, while they may all interface with the same smart contract APIs, they can carry different information and roles, and they are often used in gaming, metaverse, and web3 applications. NFTs are indivisible, unique, and verifiable.
ERC-1155 is a more flexible and efficient improvement over the ERC-20 and ERC-721 standards. It is an interface for smart contracts that support multiple token types that can include any combination of fungible, non-fungible, and semi-fungible tokens. Notably, semi-fungible tokens are identical and can be exchanged for one another; meanwhile, each can have unique properties in use. An example of such properties is serial number.
Many other ERC standards are relevant for web3, depending on the specific use case. For example, ERC-1400 and ERC-3643 provide a framework for issuing and managing fungible and non-fungible security tokens. It includes a range of features such as transfer restrictions, investor whitelisting, and partitioning of tokens, etc.
As the provider of full-suite no-code solution for web3, FeverTokens aims to support all ERC standards with web3 applications, just as we make our framework compatible with all EVM-based blockchains networks.
If you are interested in building your web3 application, do not hesitate to reach out to us directly to inquire about our free-to-start, full-featured no-code framework.