Topic: Deedcoin Integrates Cutting-Edge ERC223 Protocol (Read 111 times)

Evolving and adapting to change are key factors in the long-term success of any business. The blockchain platform follows this same creed. Acknowledgement and acceptance of new technology that will strengthen product and customer usability is how companies control their future growth. Deedcoin is a company that embraces change for the better in all aspects of their company.

One of the potential changes in blockchain is the type of token being used. The ERC20 token has been the most utilized and accepted cryptocurrency up to this point. It has supplanted itself in the market and become the standard for tokens. ERC20 is not without flaws, however.

One main drawback to using ERC20 is the loss of money that is occurring due to locations where tokens can be sent from it’s platform. It allows users to send ERC20 tokens to non-ERC20 token addresses. When a user sends the ERC20 tokens to an Ethereum contract that doesn’t recognize ERC20 tokens, the user loses access to their tokens forever. The tokens aren’t rejected, they are just entirely ignored by the receiving contract.

ERC223 allows users to send their tokens to either wallet, or contract with the same function transfer, thus eliminating the potential for confusion and lost tokens. The ERC223 token also allows developers to handle incoming token transactions and reject non-supported tokens which ERC20 cannot do.

Cost analysis is always a concern with new technology and ERC223 reduces the amount of gas consumed. Gas is the internal pricing for running a transaction or contract in Ethereum. ERC223 reduces it to a one-step process instead of the two steps with ERC20. The result is two times less gas used and no extra blockchain bloating.

Deedcoin completed a smooth transition from ERC20 to ERC223 this week in preparation for the launch of their sales phase on April 30th. This places Deedcoin in an elite group in the top 2% that have tokens running on the ERC223 protocol. Deedcoin has focused on maintaining its goal of always being a front-runner in the blockchain world.

“Staying current with the latest technology is a key factor in our business strategy,” Deedcoin Co-Founder Charles Wismer said. “Implementing ERC223 was an easy decision for us knowing the added benefits it will provide both for us and our users. This will be a very effective solution moving forward.”

Deedcoin realizes the importance of user confidence when making transfers, especially for people new to the technology. Knowing the risk of losing tokens forever is now eliminated will put users at ease when making transfers.

ERC223 tokens are backwards compatible with ERC20 tokens. The simply means that ERC223 supports every ERC20 functionality. As a result, contracts or services working with ERC20 tokens will work with ERC223 tokens correctly.

With adaptation like the ERC223 transition, Deedcoin is committed and dedicated to providing innovation that is second to none. The company continues to be an industry leader and sets the pace that other companies are looking to emulate.


https://medium.com/@TeamDeedCoin/deedcoin-integrates-cutting-edge-erc223-protocol-b5cf8030a8d6