Ethereum Improvement Proposal 20 Finalized, Formally Establishes ERC20 Standard
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.