A standardized cryptocurrency used on the Ethereum blockchain is called an ERC-20 token. ERC-20 stands for "Ethereum Request for Comment". They are simple to develop, operate, and connect with other applications since they adhere to a standard set of guidelines. The cryptocurrency community has embraced ERC-20 tokens more extensively thanks to this standardization.
The most common features of an ERC-20 tokens are;
The total supply can be set or managed.
They are transferrable just like most other cryptocurrencies for example Bitcoin.
Each compatible wallet can hold the balances of the said tokens.
You can approve another account to transfer the tokens on your behalf.
The most popular ERC-20 tokens include;