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EVM: Enthereum Virtual Machine
ERC-20, or Ethereum Request for Comment 20, is a technical standard used for issuing and implementing assets on the Ethereum blockchain. It was proposed in 2015 by Ethereum developer Fabian Vogelsteller.
The standard outlines a common set of rules that an asset must follow to function correctly within the Ethereum ecosystem.
These rules pertain to how ERC-20 assets are transferred within the Ethereum blockchain and how their supply and address balances are consistently recorded.
ERC-20 assets can be used to symbolize a wide range of digital assets or tradable goods, such as digital tokens, vouchers, gold certificates, loyalty points, and IOUs. They can also be used to tokenize voting rights during elections.
IOU = I Owe You.
ICO = Initial Coin Offering
As of now, there are more than 350,000 ERC-20 assets on Ethereum, including well-known assets like Tether (USDT), Binance USD (BUSD), Polygon (MATIC), and Shiba Inu Coin (SHIB).