If you have been to crypto trading for more than 5 minutes, you must have heard about these terms: “ERC 20”, “ERC223” or “the Ethereum Token Standard”.
But honestly, most articles on the Internet are a little bit complicated, especially for crypto beginners. Let's have a simpler explanation about ERC-223 in this post below.
1. What is ERC-223?
- ERC-223 is a token standard that allows token transfers to behave exactly as ether transactions. ERC-223 is the upgraded version of ERC-20.
2. What is the difference between ERC-20 and ERC-223?
- In ERC-223, when tokens are transferred to a smart contract, a special function of that contract is tokenFallback. This allows the receiving contract to decline the tokens or trigger further actions. This can be used in place of the approve function in most cases.
To understand what is the Smart contract, what is Ethereum & the visual graphic on how ERC-223 works, simply look at https://medium.com/zerobank-cash/infographic-introduction-to-erc-223-a88200176c5a
3. What are ERC-223's advantages?
- Improved security, no more lost tokens
- A consistent way for developers to handle incoming token transactions, reject non-supported tokens
- Low gas fees & energy savings.
Looking forward to your comments!
Topic: [ INFOGRAPHIC ] What a beginner should know about ERC-223 but afraid to search (Read 120 times)
August 13, 2018, 04:39:11 AM
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