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What is the purpose of token standards in blockchain development?

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Token standards in blockchain development serve as a set of rules and guidelines that define how tokens can be created, transferred, and managed on a blockchain network. These standards ensure interoperability between different tokens and allow developers to create applications that can work with various tokens without the need for custom integration. Popular token standards include ERC-20, ERC-721, and ERC-1155 in the Ethereum ecosystem.
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