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Deploy a smart contract
Usually, once the smart contract is deployed it cannot be modified. Being a developer, if your smart contract needs to be tweaked or changed, you can consider
upgradable smart contract. It allows you to alter the existing smart contracts using proxy patterns. After deployment, this proxy contract becomes a point of reference for all transactions instead of the old logic contract. You can use this concept if you wish to plug in new functionalities or bug fixes as a part of new logic.
ERC is short for Ethereum Request for Comment and the number 20 is denoted as the proposal identifier. ERC-20 is a standard template used to create tokens based on Ethereum.
ERC-20 contract was developed by taking uniformity across all platforms into consideration. Initially, tokens were different from one another and this difference gave developers a tough time. Because, if a developer had to create or add a token, he first had to decode (understand) the smart contract before implementing any changes to the code or even creating a new token. Since, there was no standard template, structure, or set guidelines, it became a challenge to introduce those on various platforms and wallets. As a solution to this vast disparity, standardised templates were developed including ERC-20.
A wide range of standardised tokens can be incorporated into wallets and exchanges today using the ERC-20 standard, and you can easily exchange ERC-20 tokens with other crypto tokens as well.