What are ERC-20 Tokens? How Are They Used? [2023]

ERC-20 is a technical standard for issuing tokens on the Ethereum blockchain. Visit BitPay to learn more about their background and how they are used.
There are different types of blockchains designed for various purposes. Some, like Bitcoin, are utilized exclusively as a digital ledger book for recording cryptocurrency transactions within the network. Ethereum, however, is more like an open-source platform upon which entrepreneurs and developers can build decentralized applications (dApps), create smart contracts and launch new tokens. However, this free-for-all nature of token creation resulted in developer bottlenecks in the Ethereum Netw

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