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The year 2015 witnessed a true revolution in the blockchain industry when Ethereum (ETH) pioneered the concept of decentralized apps (DApps). Along with the smart contracts they’re based on, DApps introduced the capability to execute programming logic directly on the blockchain. Over the following few years, Ethereum’s platform continued to drive innovation by unveiling a succession of crypto token standards.
The foundational ERC-20 standard, which underpins DApp functionality, was formally endorsed in 2017. That same year, the platform announced another game-changing innovation — the ERC-721 non-fungible token (NFT) standard. Two years later, the ERC-1155 multi-token standard was introduced on the blockchain by the Enjin (ENJ) gaming platform. These advancements in token standards and their underlying technologies continue to support the functionality of the world's largest smart contract chain.
Ethereum’s dedication to token standard innovations hasn’t diminished. In 2023, a new standard — ERC-5169 — was adopted specifically to support smart tokens. The ERC-5169 token has executable scripts and programming logic embedded within it. Its potential to completely change the way Ethereum tokens and DApps are used could lead it to emerge as a key bridge between the worlds of web3 and Web 2.0.
Key Takeaways:
ERC-5169 is an Ethereum token standard that facilitates the creation of tokens with embedded scripts that contain executable programming logic.
First proposed in May 2022, the ERC-519 token standard was formally adopted in mid-2023, with more public discussions surrounding it appearing in late 2023.
The ERC-5169 standard, along with two accompanying technologies — the TokenScript code framework and the Smart Layer distributed network of nodes — is a major step toward the integration of the web3 and Web 2.0 digital universes.