tldr; The ERC 20 token standard is a token standard that implements an API for tokens that reside within Smart Contracts. It provides numerous functions, such as the ability to transfer tokens from one account to another or get the token balance of an account. It is designed to be used for the payment of functions and can also be used to pay for goods or services.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.