What type of tokens exist on Ethereum?

Ethereum tokens are governed by ERC standards

There are several types of tokens that exist on the Ethereum blockchain, each governed by different ERC (Ethereum Request for Comment) standards:

1. ERC-20: Token Standard (2015)

– This is the most widely used standard for fungible tokens on the Ethereum blockchain. Fungible tokens are interchangeable, meaning one token of a particular type is equal in value to any other token of the same type. ERC-20 tokens are commonly used for various purposes, including as a means of exchange and for ICOs (Initial Coin Offerings).

2. ERC-721: Non-Fungible Token Standard (2018)

– This standard is the most widely used for Non-Fungible Tokens (NFTs) on the Ethereum blockchain. NFTs are unique tokens, and each one represents a distinct and irreplaceable item or asset. ERC-721 tokens have gained popularity in the world of digital art, collectibles, and unique digital assets.

3. ERC-1155: Multi Token Standard (2018)

– ERC-1155 is a versatile standard that provides a single interface for smart contracts to manage multiple token types. This includes fungible tokens, non-fungible tokens, or even other token configurations like semi-fungible tokens. Smart contracts built on ERC-1155 can handle a variety of token types within a single contract, offering flexibility for developers and users.

These ERC standards have played a crucial role in the Ethereum ecosystem by providing standardized templates for the creation and management of different types of tokens. This has facilitated the growth of decentralized applications (dApps) and various use cases within the Ethereum network.

Note:

ERC stands for “Ethereum Request for Comment”. You can find a list of all ERC standards at https://eips.ethereum.org/erc