ERC20 tokens

ERC20 token is an interface which defines various functions dictating the requirements of the token. It does not, however, provide implementation details and has been left to the implementer to decide. ERC is basically an abbreviation of Ethereum Request for Comments which is equivalent to Bitcoin's BIPs for suggesting improvements in Ethereum blockchain.

This is defined under EIP 20, which you can read more about here https://github.com/ethereum/EIPs/blob/master/EIPS/eip-20-token-standard.md.

Ethereum is becoming a platform for choice for ICOs due to its ability to create new tokens and with ERC20 standard, it has become even more accessible.

ECR20 token standard defines various functions which describe various properties, rules, and attributes of the new token. These include total supply of the coins, total balance of holders, transfer function, approval and allowance functions.

There are other standards such as ERC223, ERC777 and extension of ERC20 called ERC827 are also under development.
You can refer to the followings links to learn more:

Table of Contents for ERC20 tokens

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Table of Contents for
ERC20 tokens