The fact that sgn is multiplicative implies that products and inverses of even permutations are even. This gives rise to the following definition.
Definition

By An we denote the set of even permutations in Sn. This set is closed with respect to taking products and inverse elements. We call An the alternating group on n letters.

There are just as many even as odd permutations in Sn.


Theorem

For n > 1, the alternating group An contains precisely n!/2 elements.