Differences in token standards across top 10 blockchains and what they do

Token standards are rules and protocols that dictate how tokens function on a blockchain. Different blockchains have their own token standards to ensure interoperability, security, and efficiency. Here are some of the key token standards across the top 10 blockchains with Turing complete environments Ethereum, Solana, BNB, and XRP:

Ethereum Token Standards

Ethereum has developed many token standards to facilitate the creation and management of digital assets. These standards ensure that tokens are interoperable with various decentralized applications and services within the Ethereum ecosystem.

1. ERC-20: The ERC-20 standard is the most widely used for creating fungible tokens on the Ethereum blockchain. These tokens are interchangeable with one another, making them suitable for currencies, staking tokens, and utility tokens. ERC-20 tokens follow a set of rules that include how tokens can be transferred, how transactions are approved, and how users can access data about a token.
2. ERC-721: This standard is used for creating unique and non-interchangeable NFTs. ERC-721 tokens are commonly used for digital art, collectibles, and other unique assets. Each token has a unique identifier, making it distinct from other tokens.
3. ERC-777: The ERC-777 standard improves upon ERC-20 by allowing more complex interactions, such as sending tokens to a contract and notifying the contract in a single transaction. It also includes features for enhanced privacy and security, addressing some of ERC-20’s limitations.
4. ERC-1155: This multi-token standard allows for creating fungible and non-fungible tokens within a single contract. ERC-1155 supports batch transfers, which can reduce transaction costs and network congestion. This standard is beneficial for applications that require the management of multiple token types.
5. ERC-4626: Designed for tokenized vaults, ERC-4626 optimizes and unifies the technical parameters of yield-bearing vaults. This standard aims to streamline the creation and…