What is Token and Types of Ethereum Tokens Standards

[Alex Jaxon]

What is Token in Blockchain ?

Tokens are a kind of cryptocurrency that represent an asset or specific use and occupy on their blockchain.
It can be used for Investment and Trading Purpose.
These tokens are usually generated, spread, and sold through the standard ICO Process.
There are differences between altcoins and crypto tokens.

Difference Between Token and Cryptocurrency:

Crypto coins are fungible, tokens are non-fungible.
Tokens can be used for multi-purposes depending  on their roles but crypto coins perform  a single function as value-based currency.
Tokens can be recovered but coins can not be recovered.


Ethereum Token Development :

Ethereum Token Development is the process of creating ethereum tokens under any of the ethereum token standards like  ERC 20, ERC 721, ERC 223, ERC1440, ERC 82, ERC 621 and so on.


ERC 20:

Is a blockchain based token. It is similar to bitcoin.
ERC-20  tokens are created on the Ethereum blockchain.

ERC stands for Ethereum Request for Comment and the number 20 is the proposal identifier.

ERC 721:

The Ethereum Request for Comments 721, offered by William Entriken, ERC 721 is a Non-Fungible Token Standard that implements an API for tokens within Smart Contracts.

ERC 223:

ERC 223 is based on the ERC 20 Token standard. It prevents tokens from being lost in unhandled transactions.

ERC 621:

ERC 621 is the extension of the ERC-20 Token Standard. In ERC 621 all the functions are working under Smart Contract.

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