Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
ERC vs ERC223
#1
As if ERC20 was not enough, the cryptoland has just seen the introduction of ERC223.

The purpose of this post is to tell you about this newly introduced token standard and explore its pros and cons whatever they are.
But before I jump straight to the explanation of ERC223, I want to give you to understand what ‘ERC’ stands for? 
ERC stands for Ethereum Request For Comments while the suffix is the unique ID number to distinguish this standard from others. Similar to the HTTP protocol for internet, the crypto world has a standard protocol for tokens to be issued on Ethereum i.e. ERC20, ERC223 or ERC721 etc.
ERC223 Token Standard
ERC223 is much like ERC20, only newer and better than the ERC20. In a nutshell, ERC223 is an improved and modified version of the ERC20.
Just like a token on Ethereum which is deemed to be called as ERC20, has to incorporate certain standards and functions in its code on Ethereum’s network, ERC223 also has certain mandatory functions that it must include while its implementation to satisfy the ERC223 standard.
I am not going into details about these functions because of its technicallity,

Just like ERC20, the ERC223 tokens also don’t have a dedicated blockchain and thus live on Ethereum’s blockchain. So in transferring ERC223 tokens, you will be required to have some Ethereum as GAS.
[b]Motivation To Make A New Token Standard[/b]
The motivation is, of course, to make continuous improvements. Below are the listed goals for the same:
  • To stop loss of tokens

So far ERC20 tokens worth in bold below have been lost (27 Dec 2017):
QTUM, [b]$1,204,273[/b] lost.
EOS, [b]$1,015,131[/b] lost.
GNT, [b]$249,627[/b] lost.
STORJ, [b]$217,477[/b] lost.
Tronix , [b]$201,232[/b] lost.
DGD, [b]$151,826[/b] lost.
OMG, [b]$149,941[/b] lost.

  • To make token transfer mechanism similar to Ether transfer.

  • To rectify the inability of handling incoming token transactions for non-supported tokens

  • To remove one step out of the two-step process of transactions that happens in a token transfer.

[b]Advantages of ERC223 Token Standard[/b]
Following are the 3 key advantages of upgrading to ERC223 standard:
  1. [b]Eliminates the problem of lost tokens[/b] which happens during the transfer of ERC20 tokens to a contract (when people mistakenly use the instructions for sending tokens to a wallet). ERC223 allows users to send their tokens to either wallet or contract with the same function transfer, thereby eliminating the potential for confusion and lost tokens.
  2. [b]Allows developers to handle incoming token transactions[/b], and reject non-supported tokens. In this case, you won’t lose the tokens as it will be refunded back to you minus the Gas, something that is not possible with ERC20.
  3. [b]Energy savings:[/b] The transfer of ERC223 tokens to a contract is a one-step process rather than 2 step process (for ERC20), and this means two times less Gas and no extra blockchain bloating. This, as a result, also lowers the transaction fees one pays for the transfer of tokens.
So you see how beneficial it is to update to an ERC223 standard from a point of view of paying fewer transaction fees and prevention of losses due to human or code errors. This is an excellent overview video of ERC223 EIP.





[b]Conclusion[/b]
ERC223 tokens are backward compatible with ERC20 tokens. It means that ERC223 supports every ERC20 functionality and contracts or services working with ERC20 tokens will work with ERC223 tokens correctly.
So far, the adoption of ERC223 has not really taken off, which may be because of lack of awareness and lack of enough infrastructure to store them safely. In another situation, there is no reason why ERC223 wouldn’t be implemented in place of ERC20.
The trend, however, will change soon with the growing awareness and the infrastructure to store ERC223 develops.
So far, not a lot of wallets support ERC223 directly but Trust Wallet is one you can use. We are still far from hardware wallets such as Ledger Nano S supporting ERC223 directly.

What is this thing that builds our dreams, yet slips away from us?

Reply
#2
There is also ERC-721 which mainly differs in being able differentiate one token from another.

ERC-721 is harder to trade on a regular exchange because one unit may be more valuable than another.

https://medium.com/wepower/erc-standards...712456449d


The original use case of the ERC-721 standard was Cryptokitties.

https://coincentral.com/future-of-erc-72...ue-assets/
Reply
#3
I still can’t read Klingon... Smile Smile
Reply
#4
(2018-07-26, 02:05 PM)Cell Wrote: I still can’t read Klingon... Smile Smile

Never to old to learn Big Grin
What is this thing that builds our dreams, yet slips away from us?

Reply
#5
(2018-07-26, 08:46 PM)Hugues Wrote:
(2018-07-26, 02:05 PM)Cell Wrote: I still can’t read Klingon... Smile Smile

Never to old to learn Big Grin

not ngo' ghoj!

Try yourself: https://www.translator.eu/english/klingon/translation/
Cardano is the most promising 3 gen. crypto right now.


Reply
#6
(2018-07-27, 10:33 AM)Carsten Wrote:
(2018-07-26, 08:46 PM)Hugues Wrote:
(2018-07-26, 02:05 PM)Cell Wrote: I still can’t read Klingon... Smile Smile

Never to old to learn Big Grin

not ngo' ghoj!

Try yourself: https://www.translator.eu/english/klingon/translation/
Jeg bliver aldrig gammel lærer!
What is this thing that builds our dreams, yet slips away from us?

Reply
#7
(2018-07-27, 04:52 PM)Hugues Wrote:
(2018-07-27, 10:33 AM)Carsten Wrote:
(2018-07-26, 08:46 PM)Hugues Wrote:
(2018-07-26, 02:05 PM)Cell Wrote: I still can’t read Klingon... Smile Smile

Never to old to learn Big Grin

not ngo' ghoj!

Try yourself: https://www.translator.eu/english/klingon/translation/
Jeg bliver aldrig gammel lærer!

haha...it means "I will never be an old teacher!!" not sure it's what you wanted to say! Big Grin
Cardano is the most promising 3 gen. crypto right now.


Reply
#8
(2018-07-27, 11:09 PM)Carsten Wrote:
(2018-07-27, 04:52 PM)Hugues Wrote:
(2018-07-27, 10:33 AM)Carsten Wrote:
(2018-07-26, 08:46 PM)Hugues Wrote:
(2018-07-26, 02:05 PM)Cell Wrote: I still can’t read Klingon... Smile Smile

Never to old to learn Big Grin

not ngo' ghoj!

Try yourself: https://www.translator.eu/english/klingon/translation/
Jeg bliver aldrig gammel lærer!

haha...it means "I will never be an old teacher!!" not sure it's what you wanted to say! Big Grin
Sorry to say but "Jeg bliver aldrig gammel lærer!" Means "I will never be old teacher!" Not what you wrote Tongue
If you wanna donate in any cryptocurrency just send me a message and i will set it up(If i haven't) Smile All donations is appreciated  
Reply
#9
AH...Junior same same except for "an". Technically you are right. Grammatically I'm right.
Cardano is the most promising 3 gen. crypto right now.


Reply
#10
(2018-07-28, 05:02 PM)Carsten Wrote: AH...Junior same same except for "an". Technically you are right. Grammatically I'm right.

No it has two different meanings. "I will never be old teacher" Means you will never be old. "I will never be an old teacher" Means you will never be an old teacher, as if you where the teacher. You see two different things Big Grin
If you wanna donate in any cryptocurrency just send me a message and i will set it up(If i haven't) Smile All donations is appreciated  
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)