Token standards refer to a set of rules and specifications that define how tokens should be created, managed, and transferred on a blockchain network. These standards ensure that tokens are interoperable, meaning they can be easily exchanged between different applications and platforms that support the same standard.
The most well-known token standard is the ERC-20 (Ethereum Request for Comment 20) standard, which was first proposed in 2015 and has since become the de facto standard for creating and managing tokens on the Ethereum blockchain. ERC-20 defines a set of functions and events that tokens must implement to be compliant with the standard, including functions to transfer tokens, get the total supply of tokens, and approve spending limits for other addresses.
Other popular token standards include ERC-721, which is used for creating non-fungible tokens (NFTs), and ERC-1155, which is used for creating both fungible and non-fungible tokens. In addition to Ethereum, other blockchain platforms such as Binance Smart Chain and Polkadot also have their own token standards.