Too Long; Didn't Read
There is a long list of proposed ERC standards, but these 5 standards are ones that are most popular among the all. ERC-20 is the most common and well-known standard within all crypto community. 99% (if not all) issued ICO tokens on top of the Ethereum implements this standard. The key benefit we get here is that any application or other smart contracts can interact with a token in a standard manner without a need of knowing other details about the token. There are many more proposals that should make the whole standardization for the community better.
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