What are the various #Ethereum ERC Token Standards?

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#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.

🔶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.
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.
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.
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.
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.


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