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Tokens are a subset of Distributed Ledger Technology (DLT) Layer 2 Digital Assets, built on top of an existing blockchain system. “Ethereum Request for Comments 20,” more commonly known as ERC-20 tokens, are a type of Token. ERC-20 tokens represent a technical standard used to implement smart contracts that create the API for tokens on the Ethereum blockchain. Adhering to this standard allows tokens on Ethereum to be re-used by other applications (e.g., wallets or decentralized exchanges.) The full ERC-20 standard can be found here:

Note: These are non-technical definitions meant for a general audience and should not be used as legal definition
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