On September 11, 2017, Ethereum Improvement Proposal (EIP) 20 was formally adopted for the Ethereum blockchain. Developers Fabian Vogelsteller and Vitalik Buterin (creator of Ethereum) are listed as co-authors of EIP 20. First created on November 19, 2015, the proposal – now accepted as a “finalized EIP” – officially institutes the ERC20 token standard.
It took quite a while but now it's finally standardized. On to the next version ;) https://t.co/sNu0b4rV7r— Fabian Vogelsteller (@feindura) September 11, 2017
As explained in the abstract of EIP20, “This standard [ERC-20] provides basic functionality to transfer tokens, as well as allows tokens to be approved so they can be spent by another on-chain third party.” A standardized API (application programming interface) will assist with compatibility for wallets, exchanges, and other applications.
Over the last several months, many tokens were issued that conformed to the then-unofficial ERC20 standard. ETHNews previously explored the origin of ERC20 and the importance of interoperability.