Total Supply, Balance Of, Transfer, Transfer From, Approve, and

Allowance are the mandatory rules, and the optional rules are Token Name,

Symbol, and Decimal (up to 18).

ERC-20 standard’s importance

The ERC-20 standard’s importance is that the same set of functions with the

same names is shared by ERC-20 tokens and that they can all interact in the

same ways, which means that if you build an application that is capable of

interacting with one ERC-20 token, it is also capable of interacting with any

ERC-20 token, that way more tokens can be added to your App in the future

without the need of custom coding. You plug in the new token contract

address, and your App has another token it can use.

ERC20 standard token

The ERC20 standard token that was suggested in 2015 is now the most

popular. The requirements to comply with this standard are to have

functionality such as the token name, supply available for circulation, the

ability to get a wallet balance, the functionality of transferring token funds

between wallets. An important feature of tokens upon Ethereum is the

inability to mine them. If you require a token that miners can mine, you

need to refer to a slightly different type of development. The creation of

cryptocurrency tokens’ success can be achieved if they are first tested.

There is no usual test functionality as the actions occur with money. The

two types of blockchain are testnet and mainnet, testing should be done on

the testnet, and the mainnet serves as the main Ethereum blockchain.

ERC223 standard token

The requirements for the ERC20 token are compatible, and for the most

part, are the same for ERC223 , with the exception, which implies a return

of funds. One of the dangers met by a novice and an experienced investor is

the incautious money transfer and their incompatibility with other wallets.

Your money will go away when sending coins from your Monero wallet to

Litecoin but will not be converted; exactly, this problem is solved by the

ERC223 token, which is absolutely compatible with all previous wallets

and software.