Ethereum has a set of standards called ERC-20 that allows developers to create their own tokens inside the Ethereum network. It's provided an easier route for companies to develop blockchain products instead of building their own cryptocurrency.
Ethereum’s ERC20 standard allowed thousands of companies to create their own tokens that have lead to an explosion in the ways blockchain technology can be used. We explain how that's lead to dozens of other currencies.
What ERC20 did for blockchain
Ethereum’s developers noticed that inside their eco-system dozens of people were creating their own tokens. But there was a problem: it was becoming increasingly complicated for those tokens to interact with each other.