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ERC-20 is Ethereum Request for Comment, number 20. ERC-20 is the standard for smart contract tokens created using Ethereum."}},"@type": "Question","name": "What's the Difference Between ETH and ERC-20?","acceptedAnswer": "@type": "Answer","text": "Ether (ETH) is the native token used by the Ethereum blockchain and network as a payment system for verifying transactions. ERC-20 is the standard for creating smart contract-enabled fungible tokens to be used in the Ethereum ecosystem.","@type": "Question","name": "What Is an ERC-20 Wallet?","acceptedAnswer": "@type": "Answer","text": "An ERC-20 wallet is a wallet that lets you manage ERC-20 compliant tokens."]}]}] EducationGeneralDictionaryEconomicsCorporate FinanceRoth IRAStocksMutual FundsETFs401(k)Investing/TradingInvesting EssentialsFundamental AnalysisPortfolio ManagementTrading EssentialsTechnical AnalysisRisk ManagementNewsCompany NewsMarkets NewsCryptocurrency NewsPersonal Finance NewsEconomic NewsGovernment NewsSimulatorYour MoneyPersonal FinanceWealth ManagementBudgeting/SavingBankingCredit CardsHome OwnershipRetirement PlanningTaxesInsuranceReviews & RatingsBest Online BrokersBest Savings AccountsBest Home WarrantiesBest Credit CardsBest Personal LoansBest Student LoansBest Life InsuranceBest Auto InsuranceAdvisorsYour PracticePractice ManagementFinancial Advisor CareersInvestopedia 100Wealth ManagementPortfolio ConstructionFinancial PlanningAcademyPopular CoursesInvesting for BeginnersBecome a Day TraderTrading for BeginnersTechnical AnalysisCourses by TopicAll CoursesTrading CoursesInvesting CoursesFinancial Professional CoursesSubmitTable of ContentsExpandTable of ContentsWhat Is ERC-20?HistoryContentsGoalsBEP-2 vs. ERC-20ERC-20 FAQsThe Bottom LineCryptocurrencyAltcoinsWhat Are ERC-20 Tokens on the Ethereum Network?ByNathan Reiff Full BioNathan Reiff has been writing expert articles and news about financial topics such as investing and trading, cryptocurrency, ETFs, and alternative investments on Investopedia since 2016.Learn about our editorial policiesUpdated February 04, 2023Reviewed byAmilcar Chavarria Reviewed byAmilcar ChavarriaFull Bio LinkedIn Amilcar has 10 years of FinTech, blockchain, and crypto startup experience and advises financial institutions, governments, regulators, and startups.
Ethereum Blockchain Token
"Token" and "Cryptocurrency" are often used interchangeably; all cryptocurrencies are tokens, but not all tokens are cryptocurrencies. Tokens often represent assets and rights that are external to a blockchain. Token, in the context of ERC-20 compliance, simply means a blockchain representation of something that meets the standards set by the Ethereum community to be considered a smart contract standard-compliant token.
Ether (ETH) is the native token used by the Ethereum blockchain and network as a payment system for verifying transactions. ERC-20 is the standard for creating smart contract-enabled fungible tokens to be used in the Ethereum ecosystem.
Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether (Abbreviation: ETH;[a] sign: Ξ) is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization.[3][4]
Ethereum was conceived in 2013 by programmer Vitalik Buterin.[5] Additional founders of Ethereum included Gavin Wood, Charles Hoskinson, Anthony Di Iorio and Joseph Lubin.[6] In 2014, development work began and was crowdfunded, and the network went live on 30 July 2015.[7] Ethereum allows anyone to deploy permanent and immutable decentralized applications onto it, with which users can interact.[8] Decentralized finance (DeFi) applications provide a broad array of financial services without the need for typical financial intermediaries like brokerages, exchanges, or banks, such as allowing cryptocurrency users to borrow against their holdings or lend them out for interest.[9][10] Ethereum also allows users to create and exchange NFTs, which are unique tokens representing ownership of an associated asset or privilege, as recognized by any number of institutions. Additionally, many other cryptocurrencies utilize the ERC-20 token standard on top of the Ethereum blockchain and have utilized the platform for initial coin offerings.
Ethereum was announced at the North American Bitcoin Conference in Miami, in January 2014.[19] During the conference, Gavin Wood, Charles Hoskinson, and Anthony Di Iorio (who financed the project) rented a house in Miami with Buterin at which they could develop a fuller sense of what Ethereum might become.[19] Di Iorio invited friend Joseph Lubin, who invited reporter Morgen Peck, to bear witness.[19] Peck subsequently wrote about the experience in Wired.[20] Six months later the founders met again in Zug, Switzerland, where Buterin told the founders that the project would proceed as a non-profit. Hoskinson left the project at that time and soon after founded IOHK, a blockchain company responsible for Cardano.[19]
Formal development of the software underlying Ethereum began in early 2014 through a Swiss company, Ethereum Switzerland GmbH (EthSuisse).[23]The idea of putting executable smart contracts in the blockchain needed to be specified before it could be implemented in software. This work was done by Gavin Wood, then the chief technology officer, in the Ethereum Yellow Paper that specified the Ethereum Virtual Machine.[24][25] Subsequently, a Swiss non-profit foundation, the Ethereum Foundation (Stiftung Ethereum), was founded. Development was funded by an online public crowd sale from July to August 2014, in which participants bought the Ethereum value token (ether) with another digital currency, bitcoin. While there was early praise for the technical innovations of Ethereum, questions were also raised about its security and scalability.[13]
Several codenamed prototypes of Ethereum were developed over 18 months in 2014 and 2015 by the Ethereum Foundation as part of their proof-of-concept series.[5] "Olympic" was the last prototype and public beta pre-release. The Olympic network gave users a bug bounty of 25,000 ether for stress-testing the Ethereum blockchain. On 30 July 2015, "Frontier" marked the official launch of the Ethereum platform, and Ethereum created its "genesis block".[5][26] The genesis block contained 8,893 transactions allocating various amounts of ether to different addresses, and a block reward of 5 ETH.
In March 2017, various blockchain startups, research groups, and Fortune 500 companies announced the creation of the Enterprise Ethereum Alliance (EEA) with 30 founding members.[38] By May 2017, the nonprofit organization had 116 enterprise members, including ConsenSys, CME Group, Cornell University's research group, Toyota Research Institute, Samsung SDS, Microsoft, Intel, J. P. Morgan, Cooley LLP, Merck KGaA, DTCC, Deloitte, Accenture, Banco Santander, BNY Mellon, ING, and National Bank of Canada.[39][40] By July 2017, there were over 150 members in the alliance, including MasterCard, Cisco Systems, Sberbank, and Scotiabank.[41]
In 2019, Ethereum Foundation employee Virgil Griffith was arrested by the US government for presenting at a blockchain conference in North Korea.[43] He would later plead guilty to one count of conspiring to violate the International Emergency Economic Powers Act in 2021.[44]
Ethereum is a permissionless,[b] non-hierarchical network of computers (nodes) that maintains a database containing the ETH balances and other storage values of all Ethereum accounts, known as the "state", and processes state-altering transactions. Approximately every 12 seconds, a batch of new transactions, known as a "block", is processed by the network. Each block contains a cryptographic hash identifying the series of blocks that must precede it if the block is to be considered valid. This series of blocks, from the genesis (first) block to the most recent one, is known as the blockchain.
A node may choose to create a copy of the state for itself. It does this by starting with the genesis state and executing every transaction in the blockchain, in the proper order of blocks and in the order they are listed within each block.
Ether (ETH) is the cryptocurrency generated in accordance with the Ethereum protocol as a reward to validators in a proof-of-stake system for adding blocks to the blockchain. Ether is represented in the state as an unsigned integer associated with each account, this being the account's ETH balance denominated in wei (1018 wei = 1 ether).[50] At the end of each epoch, new ETH is generated by the addition of protocol-specified amounts to the balances of all validators for that epoch, with the block proposers receiving the largest portion. Additionally, ether is the only currency accepted by the protocol as payment for the transaction fee. The transaction fee is composed of two parts: the base fee and the tip. The base fee is burned (removed from circulation) and the tip goes to the block proposer. The validator reward together with the tips provide the incentive to validators to keep the blockchain growing (i.e. to keep processing new transactions). Therefore, ETH is fundamental to the operation of the network. Ether may be "sent" from one account to another via a transaction, which simply entails subtracting the amount to be sent from the sender's balance and adding the same amount to the recipient's balance.[51] 2ff7e9595c
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