What is the Token Standard?

An Overview of the token standard

A token standard is a set of rules that allow the development of cryptocurrency tokens on different blockchain protocols.

What is the token standard?

Smart contract standards describe the rules that smart contracts must follow in order to use the underlying blockchain network. Smart contract standards are important because they define the rules for using the blockchain network, and a good standard makes communication between different smart contracts within the same blockchain network efficient. Currently, the most popular blockchain used to create smart contracts is Ethereum and it has developed different types of standards to support many types of smart contracts. Let's take a look at the most popular token standards on Ethereum and their role, followed by three other blockchain platforms that have developed their own token standards.