ERC-827 is a fungible token standard on Ethereum that introduces a number of improvements and new functionality for ERC-20 standard tokens to allow smart contracts to have better integration and interaction.
ERC-827 was proposed by Moritz Neto, Jordi Baylina, and Ori Pomerantz in April 2018 as a proposed expansion of the ERC-20 token standard on Ethereum. The goal is for Ethereum smart contracts to better interact with each other using ERC-20 tokens.
Some of the main features the ERC-827 adds are:
- Set approval and transfer of ERC20 tokens in one transaction -> save gas
- Addition of additional data during transfer and approval -> advanced functionality
- Full compatibility with ERC20
- Optional tokenFallback function -> destination contract can process the token
Examples of ERC-827 usage in a sentence
“With ERC-827, our decentralized token exchange supports swapping ERC20 tokens between smart contracts with lower gas fees and advanced features.”
“The tokenFallback function in the lending smart contract allows automation of the distribution of ERC827 token rewards to lenders.”
“The additional data of the ERC827 standard expands the use cases and business models of tokens in the Ethereum ecosystem.”
Apart from the ERC827 terms that have been explained here, there are many other crypto terms that you can learn more about. You can find information about these terms in the most complete crypto dictionary from Indodax Academy.
Source:
https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-erc-827
