ERC Protocol refers to a set of standards for creating tokens on the Ethereum blockchain. The acronym stands for “Ethereum Request for Comments,” and these standards help ensure compatibility and interoperability between various tokens and decentralized applications.The most common ERC standard is ERC-20, which outlines a framework for token creation with specific functions, such as transferring tokens and retrieving account balances. This standard has enabled a wide variety of tokens, from utility tokens to stablecoins, to be built on Ethereum.Another notable standard is ERC-721, which governs non-fungible tokens (NFTs). Unlike ERC-20 tokens, NFTs represent unique assets and cannot be exchanged on a one-to-one basis. These protocols are essential for developers, as they streamline the process of creating new tokens and ensure that they can easily interact with existing services and applications on the Ethereum network. Overall, ERC standards have played a significant role in the growth and popularity of Ethereum-based projects.