Decoding Ethereum's ERC Standards: Building the Future of Blockchain

Have you ever heard of ERC standards in the Ethereum community? Do you know how many ERC standards are out there? Let’s explore everything you need to know.

Understanding ERC: Ethereum Request for Comments

ERC, short for Ethereum Request for Comments, is a mechanism within the Ethereum community designed to define and specify standards for token development. In simpler terms, ERCs are agreements among developers to create tokens in a specific manner, with common properties, ensuring interoperability among them.

The Birth of an ERC: Ethereum Improvement Proposal

To introduce a new ERC, an Ethereum Improvement Proposal (EIP) must be crafted. These proposals undergo a community-driven voting process for acceptance since it’s the community that will ultimately utilize the new standard.

The ERC Landscape: 76 Approved Standards and Counting

As of now, Ethereum boasts a remarkable 76 approved ERC standards, with over 300 proposals in total. Some proposals focus on very specific changes, while others open doors to new business models and future internet possibilities.

Unveiling Common ERC Standards

Among these, some ERC standards have gained widespread recognition:

ERC-20: It provides basic functionality for creating and transferring tokens.

ERC-721: It’s utilized for creating Non-Fungible Tokens (NFTs) representing unique assets on the blockchain.

ERC-1155: This standard can perform functions similar to both ERC-20 and ERC-721, sometimes even combining both functionalities.

ERC Innovation: Expanding Possibilities

With 76 ERC standards in existence, each introducing new or optimized features, the possibilities for tokens on the Ethereum blockchain continue to expand. Innovations range from NFT rentals (ERC-4907) to semi-fungible tokens (ERC-3525), pushing the boundaries of what the blockchain can achieve.

Looking Ahead: The Future of ERC Standards

As we speak, numerous ERC proposals are awaiting their turn. Take, for example, ERC-6551, designed to allow an NFT to own other NFTs. This could have a substantial impact in the world of gaming, where an NFT character might accumulate additional assets and abilities in the form of NFTs.

Vottun's Commitment to Innovation

At Vottun, we are ready to embrace new standards that bring value to the blockchain ecosystem. As we journey into the future, we anticipate the emergence of fresh features and utilities, prepared to contribute our share to this vibrant community.