ERC (Ethereum Request for Comments) are Ethereum application-level specifications, such as token
standards, name registries, library/package formats etc. Anyone can make an ERC token with Ethereum
Blockchain app development, but the author must clarify their standard and gain community approval
for it to be adopted widely.
Source : Google
Few important and well-known ERC Standards below:
ERC-20
🔶It is most widely used for all smart contracts on the Ethereum blockchain to date.
🔶ERC20 tokens are digital assets that can be sent and received on the Ethereum blockchain.
🔶It simplifies development, use and exchange of Ethereum-based tokens.
ERC-721 & ERC-1155 – NFT Specific
These smart contracts are being used by developers to build virtual worlds.
🔶 ERC-721 is currently the most widely used for tokenizing unique individual objects & properties in collectibles & crypto games.
🔶 ERC-1155 is a multi-token standard, which is widely used in the gaming industry.
It allows for the management of fungible (in-game life/energy), semi-fungible, and non-fungible (like in-game weapons and other collectibles) tokens.
Source : Google
ERC-725 – Digital Identity Standard
🔶Machines, objects, groups, & individuals can all be defined using identity smart contracts.
🔶Multiple keys & different smart contracts can be managed with ERC-725, which defines proxy smart contracts.
Source : Google
ERC-223 – Standard Established by the European Research
🔶The proposed ERC-223 standard notifies users who send tokens to a smart contract address by mistake and cancels the transaction.
🔶However, users have to pay gas fee to save their ETH.
ERC-777 – Ethereum-Based Cryptocurrency
🔶It is an extension of the common ERC20 token standard with many new features.
🔶 Primarily, it has the ability to mint or burn tokens.
Source : Google
ERC-1400 & ERC-1404 – Security Token Specifications
🔶ERC-1400 – are actual securities that can be used to represent any real-world asset on the blockchain.
🔶ERC-1404 is an extension of the ERC-20 that allows for the issuance of Security Tokens with transfer restrictions to comply with regulatory requirements.
Source : Google
Finally, it is the developer(s) who must decide which ERC Token Standard he/she/they want to adopt to provide the most value to the end user. In addition to the above, it is unclear as of now how the above standards will change with Ethereum moving from the PoW consensus to PoS in September, 2022.
