What is ERC used for?

What exactly is ERC used for?" I inquire with a curious tone. It seems to be a crucial component in the cryptocurrency world, yet its specific applications are still somewhat mysterious to me. I'm eager to understand the role it plays in the broader financial ecosystem. Does ERC stand for a particular technology, or is it associated with a specific type of cryptocurrency? I'm guessing it might have something to do with smart contracts or decentralized applications, but I'm not entirely sure. Could you please elaborate on the functions and benefits of ERC? How does it fit into the larger picture of blockchain technology and digital currencies? I'm interested in understanding its practical applications and how it's being utilized in the real world.