Crypto Terms: Letter T

What is Token Standard?

Token Standard MEANING:
Token Standard - a subset of the smart contract standard that is frequently included to explain how to generate, issue, and deploy new tokens.
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Let's find out Token Standard meaning, definition in crypto, what is Token Standard, and all other detailed facts.

The token standard is a subset of the smart contract standard that describes how to create, issue and deploy new tokens based on the underlying blockchain.

What is a smart contract standard? In the most basic sense, it outlines the rules that the smart contract must follow in order to actually use the underlying blockchain network. In addition, it outlines the application-level standards for blockchains that are designed for smart contracts and other decentralized applications (DApps)

By setting the standard, a smart contract must follow the standards in order to perform basic activities like token creation and transaction execution. The aforementioned token standards, name registries, library or package formats, and much more can all be a part of the smart contract standard.

Smart contract standards are vital in the blockchain network because they effectively specify how to use the network. A strong standard can make communication between different smart contracts within the same blockchain network more efficient.

Ethereum is now the most widely used blockchain for creating smart contracts, and it has built a number of standards to support diverse smart contracts. The Ethereum Request for Comment (ERC) is the most widely used token standard today, with variants such as ERC 1155, ERC-20, ERC-777, ERC-721, and so on.