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ERC20 Ethereum Standard For Tokens
So your ready to create your own cryptocurrency, ERC20 TOKENS are ethereum blockchain tokens, but what are ERC20 cryptocurrency tokens?
The ERC20 standard is basically a specific set of functions which developers (CryptoForge) must use in their tokens to make them ERC20 compliant.
ERC stands for Ethereum Request for Comments. This is an official protocol for proposing improvements to the Ethereum network. '20’ is the unique proposal ID number.
ERC20 defines a set of rules which need to be met in order for a token to be accepted and called as 'ERC20 Token'. The standard rules apply to all ERC20 Tokens since these rules are required to interact with each other on the Ethereum network. These tokens are blockchain assets that have value and can be sent and received, like Bitcoin, Litecoin, Ethereum, or any other cryptocurrency.
The difference between these tokens and a standalone currency like Litecoin is that ERC20 tokens piggyback on the Ethereum network, hosted by Ethereum addresses and sent by Ethereum transactions. Take this transaction for example
https://etherscan.io/tx/0x04fed16cff075740d683bc98f46c0d0a95b2c163fcd4727301b9c537311738f1. Your token will be directly backed by the power of ethereum. 7c5f6f96f4d807