[ERC20] What is ERC20?
ERC20 is a specification for a standard interface for transferable tokens on the Ethereum network. The specification allows tokens to be more discoverable as the token will have the necessary methods to interact with the contract for token properties like its name, supply and decimals, and functions like querying and maintaining balance. The specification also exposes methods for allowing 3rd party's to do transactions on the wallet owner's behalf.
This allows custom tokens with custom functionality to be laced together with the ERC20 interface to become fully discoverable like any other token on the blockchain in a standard manner.
The ERC20 specification was introduced through EIP-20: ERC-20 Token Standard
BEP20 is synonymous to and an extension of the ERC20 token for the Binance Smart Chain.
These tokens can be used for creating stable coins, peggy tokens, company shares and more.