What are different token standards?

submitted 3 months ago by Elsamarie to cryptocurrency

Token standards define rules for creating and managing tokens which will be developed by Crypto Token Development Company on blockchain platforms. Common ones include ERC-20 for fungible tokens, ERC-721 for non-fungible tokens (NFTs), and ERC-1155 for both types on Ethereum. BEP-20 serves a similar purpose on the Binance Smart Chain, while TRC-20 is used on the TRON network. These standards ensure tokens are interoperable and functional within their respective ecosystems.

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