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ERC20 Blockchain technology. ( Smart Contract Blockchain Tokens )
The term "ERC20" stands for Ethereum Request for Comment 20. It is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens. ERC20 defines a common list of rules that an Ethereum token has to implement, giving developers the ability to program how new tokens will function within the Ethereum ecosystem. This token standard ensures that different tokens on Ethereum can be exchanged or transferred consistently and securely. Here's how ERC20 tokens and smart contracts could potentially change finance: 1. **Tokenization**: ERC20 allows for the creation of tokens that can represent virtually anything of value.