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Jun 09, 2024
5 min read

Top 20 ERC Standards to Know for Every Blockchain Developers

Understanding ERC standards is essential for a blockchain developer for several reasons:

  1. Interoperability: ERC standards ensure that tokens and smart contracts can interact seamlessly with other applications, wallets, and exchanges, fostering a cohesive ecosystem.
  2. Security: Standards incorporate best practices for security, reducing the risk of vulnerabilities and making it easier to audit and verify code.
  3. Efficiency: Standards provide a common blueprint for token functionality, allowing developers to use and build upon existing implementations, saving time and effort.
  4. Regulatory Compliance: Standards like ERC-1400 help ensure that tokens meet legal and regulatory requirements, particularly for security tokens and transfer restrictions.
  5. Innovation: Different standards cater to various types of tokens and use cases, from fungible (ERC-20) to non-fungible (ERC-721) to multi-token (ERC-1155), enabling developers to create versatile and innovative applications.

Top 20 ERC Standards

  1. ERC-20:

    • Purpose: Standardizes the way fungible tokens are created and managed on the Ethereum blockchain.
    • Benefits: Interoperability between tokens, easier integration with wallets and exchanges.
    • Key Functions: totalSupply, balanceOf, transfer, transferFrom, approve, allowance.
  2. ERC-721:

    • Purpose: Standardizes the way non-fungible tokens (NFTs) are created and managed on the Ethereum blockchain.
    • Benefits: Unique ownership representation for digital or physical assets.
    • Key Functions: balanceOf, ownerOf, approve, getApproved, setApprovalForAll, isApprovedForAll, transferFrom, safeTransferFrom.
  3. ERC-1155:

    • Purpose: Introduces a standard for managing both fungible and non-fungible tokens efficiently.
    • Benefits: Reduced gas costs, more flexible token management.
    • Key Functions: balanceOf, balanceOfBatch, setApprovalForAll, isApprovedForAll, safeTransferFrom, safeBatchTransferFrom.
  4. ERC-777:

    • Purpose: Enhances ERC-20 functionality with features like sending tokens to contracts and improved security.
    • Benefits: More flexible token functionality, reduced user errors.
  5. ERC-165:

    • Purpose: Allows contracts to query whether another contract implements a specific interface.
    • Benefits: Improved contract compatibility and interaction.
    • Key Functions: supportsInterface.
  6. ERC-621:

    • Purpose: Provides a mechanism to increase or decrease the supply of tokens.
    • Benefits: Greater flexibility for token issuers.
    • Key Functions: increaseSupply, decreaseSupply.
  7. ERC-827:

    • Purpose: Extends ERC-20 to allow tokens to be approved for transfer by a third party.
    • Benefits: Enables more complex transactions involving tokens.
    • Key Functions: approveAndCall, transferFromAndCall.
  8. ERC-884:

    • Purpose: Standardizes the issuance of tokens that represent ownership of real-world assets.
    • Benefits: Facilitates tokenization of real-world assets like property or commodities.
    • Key Functions: mint, burn.
  9. ERC-902:

    • Purpose: Defines a standard interface for subscription-based services using tokens.
    • Benefits: Enables the creation of tokens representing access to services.
    • Key Functions: subscribe, unsubscribe, isSubscribed.
  10. ERC-998:

    • Purpose: Introduces the concept of composable tokens, which can own and be owned by other tokens.
    • Benefits: Enables more complex and flexible token structures.
    • Key Functions: transferToParent, transferFromParent.
  11. ERC-1153:

    • Purpose: Enables gasless transactions, where transaction fees are paid by a third party.
    • Benefits: Allows users to interact with contracts without holding ETH for gas.
    • Key Functions: transferRelay.
  12. ERC-1154:

    • Purpose: Standardizes batch transfers of tokens, enabling multiple transfers in a single transaction.
    • Benefits: Reduces gas costs and improves efficiency for bulk token transfers.
  13. ERC-1190:

    • Purpose: Defines a standard for tokenized voting, where tokens are used as votes in governance systems.
    • Benefits: Enables decentralized governance using tokens as voting power.
    • Key Functions: vote, delegate, undelegate.
  14. ERC-1202:

    • Purpose: Standardizes token-weighted polling, where votes are weighted based on the number of tokens held.

    • Benefits: Provides a fair and transparent way to conduct polls using token voting.

  15. ERC-1261:

    • Purpose: Defines a standard for decentralized identity using tokens.
    • Benefits: Enables the use of tokens as a form of decentralized identification.
    • Key Functions: registerIdentity, revokeIdentity, getIdentity.
  16. ERC-1400:

    • Purpose: Provides a standard for security tokens that comply with regulatory requirements.
    • Benefits: Facilitates the issuance and management of compliant security tokens.
  17. ERC-1404:

    • Purpose: Standardizes restrictions on token transfers, such as whitelisting or blacklisting addresses.
    • Benefits: Enhances security and compliance by controlling token transfers.
    • Key Functions: detectTransferRestriction, messageForTransferRestriction.
  18. ERC-1643:

    • Purpose: Defines a standard for documenting metadata about tokens, such as name, symbol, and decimals.
    • Benefits: Provides a standardized way to access token metadata.
    • Key Functions: name, symbol, decimals.
  19. ERC-1736:

    • Purpose: Standardizes the tokenization of debt, enabling the creation of tokens representing debt obligations.
    • Benefits: Facilitates the management and transfer of tokenized debt.
    • Key Functions: issueDebtToken, redeemDebtToken, transferDebtToken.
  20. ERC-1948:

    • Purpose: Defines a standard for tokenizing licenses, enabling the creation of tokens representing licenses for digital assets.
    • Benefits: Enables the management and transfer of digital asset licenses using tokens.
    • Key Functions: issueLicenseToken, revokeLicenseToken, transferLicenseToken.

Understanding these standards will allows you to build versatile and future-proof blockchain applications.