ERC, or Ethereum Request for Comments, is a protocol within the Ethereum blockchain ecosystem. It is a set of standards that propose improvements to the Ethereum network and provides guidelines for creating tokens and smart contracts on Ethereum. ERC standards are crucial in ensuring compatibility and interoperability of various applications and tokens within the Ethereum ecosystem.
One of the most famous ERC standards is ERC-20, which defines a common list of rules for Ethereum tokens to follow, allowing them to be shared, exchanged, or transferred to crypto wallets. Other notable ERC standards include ERC-721, which introduced the concept of Non-Fungible Tokens (NFTs), and ERC-1155, a multi-token standard that allows for more efficient transactions and storage of both fungible and non-fungible tokens in a single contract.