All terms
A shared interface so wallets and apps can handle any token.
Standards define the functions a token contract must expose. ERC-20 covers fungible tokens, ERC-721 covers NFTs, and ERC-1155 handles both in one contract.
Because everyone follows the same interface, a wallet written before a token existed can still display and transfer it.
Every stablecoin you use on Ethereum is an ERC-20, which is why they all behave identically in your wallet.
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