ERC-223 is a fungible token standard on Ethereum that was proposed as an improvement over the previous ERC-20 token standard.
ERC-223 was first proposed by Dexaran in April 2017 to address existing issues with the ERC-20 standard, primarily the risk of token loss due to failed transfers and efficiency.
Some features of ERC-223 improvements from ERC-20:
Avoid token transfers to smart contracts that are not compatible with this standard.
Combines transfer and approve functions into one smart contract call, making it more efficient.
Backward compatibility with ERC-20.
Added additional data and fallback functions to smart contracts to better handle tokens.
Examples of ERC-223 usage in a sentence
“The ERC-223 standard was born to improve the ERC-20 fungible token standard to make token transfers more secure by preventing token loss.”
“With the fallback function, the smart contract intended for transferring ERC-223 tokens can receive tokens and process them properly.”
“The advantage of the ERC-223 standard is cheaper token transfer gas fees because it combines approve and transfer into one smart contract call.”
Apart from the ERC-223 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.
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