ERC-20 is a technical standard used to issue and implement tokens on the Ethereum blockchain. ERC-20 standardizes the core functionality of each token, meaning that all tokens created using this framework are interoperable with each other and compatible services like Metamask. This is especially useful for developers intending to create applications on the Ethereum blockchain as the ERC-20 token solves the compatibility problem by itself.
ERC-20 tokens are fungible similar to cryptocurrencies like ETH or Bitcoin (BTC), meaning that they can be easily exchanged. Various crypto projects on the Ethereum blockchain uses the ERC-20 blueprints to create other currencies such as stablecoins like Rupiah Token (IDRT), DAI, and Binance Coin (BNB).
Due to its sheer versatility, many popular DApps such as Compound (COMP), AAVE (AAVE), and Uniswap (UNI) uses the ERC-20 standards for transactions on their platforms. However, with increased popularity, periods of high Ethereum congestion becomes more frequent and can cause a soar in gas fees along with longer transaction process.
A wallet that is used to store, send and receive crypto. There are many types of wallet, such as software wallets, ha...