Bitcoin Improvement Proposals (BIP)</strong></a>.</p>\n<h3>The Creation Process of an ERC</h3>\n<p>By <strong>submitting a proposal</strong> through Ethereum Improvement Proposal (EIP), new ERCs are generated. An EIP is a design document that contains<strong> details on a new feature or procedure</strong>. Complete technical specifications and rationale of the proposed feature must be indicated in this document. Following the submission, the community evaluates the documents and expresses its opinion, whether favorable or unfavorable. <strong>Developers create the new ERC</strong> once it has received community acceptance.</p>\n<h3>ERC-20</h3>\n<p>The most popular Ethereum Request For Comment standard is <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-20/">ERC-20. It's specific to Ethereum token implementation, providing developers with the <strong>guidelines</strong> they need to generate new tokens within the Ethereum ecosystem.</p>\n<p>ERC-20 was developed when <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-vitalik-buterin/">Vitalik Buterin</strong></a> and Fabian Vogelsteller needed a way to identify tokens within <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>. The ERC-20 standard was established to ensure that all Ethereum tokens follow a consistent set of rules on the Ethereum network.</p>\n<p>Developers can use one token as a building block in another smart contract thanks to the ERC-20 standard, which eliminates compatibility concerns and bugs. 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":877,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Event Trigger?","slug":"what-is-event-trigger","section":"E","keyword":"Event Trigger","status":"published","definition":"is a process that initiates a planned event.","content":"<p>An <strong>Event Trigger</strong> is a term used to describe the <strong>event that&rsquo;s activated in order to execute automated commands</strong>.</p>\n<p>Before we dive into this term, you first have to understand what exactly is an event.</p>\n<p>When it comes to the crypto sector, events are responsible for carrying out crucial tasks within the blockchain. Generally speaking, events enable communication between various smart contracts.</p>\n<p>In essence, a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contract</strong></a> is a program with automation abilities. It takes the terms and conditions of the agreement between the buyer and the seller and turns them into code. This code is responsible for the response with <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-user-interface-ui/">user interfaces (UI)</strong></a>.</p>\n<p>This allows smart contracts to produce events and track and store transaction logs once a transaction has been mined. Then the front end of the blockchain can process it.&nbsp;</p>\n<p>In most cases, users have to interact with the blockchain and sign a transaction manually in order to call a smart contract. Automation that&rsquo;s implemented within smart contracts is utilized to make this process simpler.&nbsp;</p>\n<p><strong>Pre-determined triggers remove the need for user&rsquo;s to carry out specific actions themselves</strong>. Automation tools have the ability to recognize events and set off the pre-determined triggers that activate the built-in processes of smart contracts. &nbsp;&nbsp;</p>\n<p><strong>Event triggers are especially useful when trying to make a specific process more efficient</strong>. Let&rsquo;s take a look at a few examples:</p>\n<ul>\n<li>Blockchains, where users experience slow transaction speeds or increasing gas fees, can benefit from implementing event triggers such as notifying users when the threshold for gas fees is reached due to congestion within the network;</li>\n<li>Notifications regarding suspicious activity can be applied in crypto holder&rsquo;s wallets;</li>\n<li>Trade markets can introduce specific action triggers when the price of a cryptocurrency fluctuates to a certain level.</li>\n</ul>","level":"easy","meta_title":"What is Event Trigger? Definition & Meaning | Crypto Wiki","meta_description":"Event Trigger meaning: Event Trigger - is a process that initiates a planned event.","meta_keywords":null,"language":"en","created_at":"2022-04-07T13:32:34.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-event-trigger"},"prevSection":{"id":867,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Enterprise Blockchain?","slug":"what-is-enterprise-blockchain","section":"E","keyword":"Enterprise Blockchain","status":"published","definition":"is a type of permissioned blockchain that’s designed for the specific needs of a business.","content":"<p><strong>Enterprise Blockchain</strong> is a term used to describe <strong>a blockchain that's based on <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-distributed-ledger-technology-dlt/">distributed ledger technology (DLT)</a> whose main purpose is to increase the efficiency of a company or business</strong>.</p>\n<p>As we&rsquo;re moving more and more aspects of our life into the digital world, it&rsquo;s becoming especially important for modern businesses to consider how they will cross the divide between the physical and digital world as well. Blockchains are considered to be one of the solutions to this issue.&nbsp;</p>\n<p>Companies that utilize blockchain distributed ledger technology will efficiently deal with issues that come from data silos and face minimal problems when scaling.</p>\n<p>Blockchains are entirely transparent and offer the tools needed for managing and controlling digital assets such as digitalization, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-tokenize/">tokenization, or programmatic trade systems.</p>\n<p>An enterprise blockchain can be either public or private. However, a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-blockchain/">private blockchain</strong></a> network is the most popular choice among most businesses. The main reasons behind this choice are the features that <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-blockchain/">public blockchain</strong></a> networks are not able to provide such as:</p>\n<ul>\n<li>Enhanced privacy;</li>\n<li>Low <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-transaction-fee/">transaction fees</strong></a>;</li>\n<li>Consistent transaction speeds.</li>\n</ul>\n<p>In essence, any organization is able to implement the blockchain network into their system, however, not every organization will be able to maximize its gains. For instance, companies that deal with large amounts of data will receive greater benefits than small institutions that mostly operate offline.&nbsp;</p>\n<p>While public blockchain environments may not be suitable for a business that deals with a high volume of transactions, they offer token protocols as well as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications (DApps)</strong></a>.</p>","level":"easy","meta_title":"What is Enterprise Blockchain? Definition & Meaning | Crypto Wiki","meta_description":"Enterprise Blockchain meaning: Enterprise Blockchain - is a type of permissioned blockchain that’s designed for the specific needs of a business.","meta_keywords":null,"language":"en","created_at":"2022-04-06T13:25:22.000000Z","updated_at":"2023-05-16T11:33:32.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-enterprise-blockchain"},"currentChapter":"E","currentSection":"what-is-ethereum-request-for-comment-erc","chapterTitle":"E","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-ethereum-request-for-comment-erc","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter E

What is Ethereum Request For Comment (ERC)?

Ethereum Request For Comment (ERC) MEANING:
Ethereum Request For Comment (ERC) -  a set of rules that govern the formatting and transmission of data.
Medium
2 minutes

Let's find out Ethereum Request For Comment (ERC) meaning, definition in crypto, what is Ethereum Request For Comment (ERC), and all other detailed facts.

Essentially, the Ethereum Request For Comment (ERC) is a collection of guidelines for data formatting and transmission. These guidelines also dictate what actions will be taken when a specific event occurs. In the sense that it is used to suggest new protocol changes or standards to the network, it is similar to Bitcoin Improvement Proposals (BIP).

The Creation Process of an ERC

By submitting a proposal through Ethereum Improvement Proposal (EIP), new ERCs are generated. An EIP is a design document that contains details on a new feature or procedure. Complete technical specifications and rationale of the proposed feature must be indicated in this document. Following the submission, the community evaluates the documents and expresses its opinion, whether favorable or unfavorable. Developers create the new ERC once it has received community acceptance.

ERC-20

The most popular Ethereum Request For Comment standard is ERC-20. It's specific to Ethereum token implementation, providing developers with the guidelines they need to generate new tokens within the Ethereum ecosystem.

ERC-20 was developed when Vitalik Buterin and Fabian Vogelsteller needed a way to identify tokens within smart contracts. The ERC-20 standard was established to ensure that all Ethereum tokens follow a consistent set of rules on the Ethereum network.

Developers can use one token as a building block in another smart contract thanks to the ERC-20 standard, which eliminates compatibility concerns and bugs. Each token used to have its unique purpose and function prior to the establishment of ERC-20, making it difficult for new initiatives to communicate with existing tokens on the Ethereum network.

ERC-721

Another well-known ERC standard is ERC-721. It is a standard that allows the creation of non-fungible tokens (NFTs). This means that, unlike Ether or other fungible tokens, each NFT is unique. Developers can use the standard to create new types of digital assets that can be used in various apps, e.g. crypto games.
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