ERC20 is one of the most common token standards used on the Ethereum network. It is utilized by a myriad of ICO projects worldwide. But what is ERC827? In this short article, we look over the key facts of the new development in the industry.
7 February, AtoZForex – If you are familiar with cryptocurrency and ICO markets, you also might have a general idea about how the tokens function. As a matter of fact, there are a number of various token standards on the Ethereum network. They are required to support numerous token contracts.
What is ERC20?
You also might already be familiar with one of the most popular token standards –ERC20. This is a stable standard that makes it easy to create new tokens, while it also enables a significant level of customization. The majority of ICO project utilize ERC20 as their token standard.
Yet, this standard also has its drawbacks. The creators of ERC20 have been already working on the improvement of the standard. One of the newest updates for the ERC20 is so called ERC827.
What is ERC827?
ERC827 is one of the latest token standards and advancements to the ERC20 on the Ethereum network. The key aim of the project is to serve as a simple solution to some of the drawbacks of the ERC20. One of such shortcomings lies in the execution of calls in transfers and approvals. In fact, the GitHub abstract claims to use less than 100 lines of code to execute these extensions to the original standard.
The ERC827 still holds the easy-to-use nature of ERC20 standard. Yet, it additionally improves it just in the way as ERC223 attempted to do. The section “motivations” describes that within the current ERC20 model, only value can be transferred. Yet, Ethereum users can now transfer data and value both thanks to the ERC827. Moreover, ERC827 enables tokens to be approved to be spent by other on-chain third parties.
What is the future of ERC827?
The ERC827 has the potential to change the way we see the ERC20 token, according to some of the industry insiders. Its GitHub page indicates that many of the tried and true functions of ERC20 remain within the system. As an extra point, ERC827 also addresses transferFrom, transfer and approve.
Following on this, the ERC827 has quite a bright future, based on experts’ opinions. The fact that ERC827 not only improves on the drawbacks of the ERC20, but also keeps the compatibility of the previous version could play a big role in making ERC827 one of the most popular token standards.
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