What is the ERC standard in Ethereum smart contracts?

We often see ERC standards in many tokens, including our most commonly used USDT, which is often used. So what is the ERC standard?

Before we talk about ERC, we need to understand smart contracts. Smart contracts are actually a set of commitments defined by the digital situation. The immutable advantages of smart contracts make it naturally applicable to the scenario of contract terms, effectively reducing malicious tampering and manual labor. Intervention. For example, can an Ethernet Square write a contract similar to the smart bank on, people can access the money through contracts. In this way, there will be no balance imbalance caused by bank staff’s mistakes or malicious changes. (There is a more detailed interpretation of the smart contract in the previous tweet, friends who are interested can check it out)

Ethereum smart contracts allow contract developers to develop new projects and issue their own tokens, but they must follow prescribed procedures. In order to effectively prevent various messy tokens and data from appearing on the platform, it has its own set of standards. This standard is the ERC we are going to talk about today.

What is ERC?

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The full name of ERC is ” Ethereum Request for Comment”, which means the protocol proposal submitted by Ethereum developers. The ERC contains technical and organizational precautions and standards. The number after ERC is the number of the proposal. The most common ERC standards are ERC-20 and ERC-721.

ERC-20 is currently the most widely known standard. It was born in 2015 and was officially standardized in September 2017. The agreement specifies a set of basic interfaces for fungible tokens, including token symbols, circulation, transfers, authorization, etc. There is no difference in value in the ERC-20 standard, and tokens are interchangeable. In other words, under the ERC-20 standard, the value of any unit currency is the same. The ERC-20 standard stipulates that Token needs to have its name, symbol, total supply, and other functions including transfer and remittance. The benefit of this standard is that as long as the Token complies with the ERC-20 standard, it will be compatible with Ethereum wallets. In other words, you can add this Token to your Ethereum wallet, and you can also send it to others through the wallet. Because of the existence of the ERC-20 standard, it is very simple to issue tokens. Currently, the number of ERC-20 Tokens on Ethereum exceeds 180,000.

The ERC-721 standard stipulates that all tokens that meet the standard must have a unique Token ID. In the ERC-721 standard, each Token is unique. Taking the block chain game obsessed with cats, each cat is endowed with genes, which are unique and cannot be replaced at will. This uniqueness makes certain rare cats have collection value and are sought after by everyone. This is the current NFT deep One of the reasons for popularity.

ERC-20 and ERC-721 are both a standard protocol issued by Ethereum Token. But tokens issued based on the ERC-20 standard have no difference in value, they can be exchanged and can be divided. The Tokens issued based on the ERC-721 standard are not interchangeable. Each Token is unique and cannot be divided.

Some other ERC standards

ERC-809: NFT available for rent

The ERC-809 standard is a standard for renting NFTs. By creating an API to allow users to rent any “leasable” NFT, in simple terms, it adds the renting function on the basis of the ERC-721 agreement. Different from others, the ERC-809 standard is exclusive. After one person completes the lease of a certain NFT, other users can no longer access or use the NFT.

ERC-875: NFT that can be transferred in batches

In the ERC-875 agreement, users are allowed to transfer or trade multiple NFTs in batches during a transaction, and the transfer or transaction fee will be cheaper. In the ERC-875 agreement, users can place orders by encrypting and signing information including prices, transaction expiration dates, and signatures. This process is completed off-chain and only broadcast on-chain during settlement, which means that users can conduct transactions without paying gas fees. When a buyer is willing to buy, all he needs to do is to accept the order and broadcast the situation with the order details, plus the purchase price to complete the transaction.

ERC-998: The detachable ERC-721

ERC-998 is called Composable NFT (Composable NFT, abbreviated as CNFT). Its design allows any NFT to have other NFTs or FTs. When transferring CNFT, it means transferring the entire hierarchical structure and ownership of CNFT. Simply put, an ERC-998 item can contain multiple ERC-721 and ERC-20 items.

ERC-1155: NFT more suitable for blockchain games

ERC-1155 can define multiple items (Token) in a smart contract. ERC-1155 can also be used to combine multiple items (Token) into one item (Token package). ERC-1155 combines some of the advantages of ERC-20 and ERC-721. Developers can easily create a large number of items. Each item can be independent like ERC-721 or homogenized like ERC-20. .

EIP-1523: NFT Insurance Agreement

Insurance policies are an important type of financial assets, which naturally represent a type of irreplaceable tokens that follow the established EIP-721 standard. Therefore, we have proposed a standard for uniquely defining the accompanying metadata structure required for insurance policies.

ERC-1948: NFT that can store dynamic data

The ERC-1948 protocol is based on ERC-721, adding a 32-byte data field to the NFT, and allows users to access the read function of the NFT, and the owner of the NFT also has the authority to update the data.

EIP-2981: Ethereum protocol focused on NFT royalties

EIP-2981 allows digital assets to provide simple, standardized and GAS efficient solutions to any third party, and understand the expected contract royalties paid. Essentially, the EIP-2981 protocol focuses on simplicity and aims to help the NFT spread more widely. In the EIP-2981 agreement, developers provide a variety of royalty collection methods for current NFT transactions. For example, fixed royalties: 12.5% ​​of sales are sent to the original author; dynamic royalties: different proportions of royalties are collected with the time of sale or sales. Tiered royalties: When the selling price is less than $100, no royalties are generated.

In addition to the specification of the Token contract, there are other ERC standards including but not limited to the design of data packets and the definition of interfaces. These standard protocols come from the proposal of the Ethereum team and some enthusiasts and contributors. Let’s talk about the ERC standard first, and friends who still want to see what popular science content can leave us with a message in the background~

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-is-the-erc-standard-in-ethereum-smart-contracts/
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