An Ethereum Standard is a set of rules or specifications that dictate how smart contracts should function on the Ethereum blockchain, particularly concerning token creation and management. These standards ensure interoperability, allowing different applications and wallets to interact seamlessly with tokens. The most prominent examples include ERC-20 for fungible tokens and ERC-721 for non-fungible tokens (NFTs). Adherence to these standards is crucial for the robust functioning of the Ethereum ecosystem.
Context
Discussions around Ethereum Standards often arise when new token types are proposed or when developers seek to enhance existing functionalities, such as through ERC-404 which attempts to combine fungible and non-fungible token properties. The evolution of these standards is critical for the expansion of decentralized applications (dApps) and the overall health of the Ethereum network. News coverage frequently details proposals, debates, and implementations of new or updated standards that shape the development of the decentralized web.
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