digital wallets</strong></a> securely.</p>\n<p>ERC-223 is one of many Ethereum-based token standards. Each standard offers <strong>different functionality and utility</strong>. Some of the most popular Ethereum tokens are ERC-20, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-721/">ERC-721, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-1155/">ERC-1155./nERC-20 is the most common type </strong>of Ethereum token. It is considered to be <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fungible/">fungible and has a lot of versatility. However, some of its design flaws can lead to tokens being lost if the users send them to a smart contract instead of an ordinary crypto wallet. According to some statistics, <strong>over $3 million ERC-20 tokens have been lost by accident</strong>.</p>\n<p>ERC-223 was developed to fix this issue. Users can opt to transfer tokens to smart contracts and wallets that function the same way. They are more efficient and <strong>faster</strong> than ERC-20 tokens.</p>\n<p>ERC-223 acts as an extension of the ERC-20 token as it maintains the original functionality and improves on some of the issues. This standard particularly improves transactions involving smart contracts.</p>\n<p>One of the transfer parameters confirms that <strong>the destination of the tokens is a smart contract</strong>. It operates using a Fallback function, allowing the tokens to be returned to the sender’s account and then transferred to the smart contract. This prevents the loss of tokens as it includes smart contracts in the transaction procedure.</p>\n<p>Some of the benefits of using ERC-223 over ERC-20 are:</p>\n<ul>\n<li>The use of <strong>automated smart contracts</strong> allows transactions to be completed smoothly and seamlessly;</li>\n<li>The transaction details remain transparent;</li>\n<li>The token is decentralized, so all transactions are completed without an <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-intermediary-middleman/">intermediary;/nThe <strong>wait times </strong>and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-gas-price/">gas fees</strong></a> of the transaction are reduced;</li>\n<li>Investors are able to receive instant <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-liquidity/">liquidity and high <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-roi/">return of investment (ROI)</strong></a> as means of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-passive-income/">passive income</strong></strong></a>;</li>\n<li>Tokens can be transferred into a smart contract with just one transaction, thus avoiding blockchain bloating;</li>\n<li>ERC-223 comes with multi-level security features which prevent hacking or malicious attacks. 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":323,"original_id":null,"author_id":41,"translator_id":null,"title":"What is ERC-827?","slug":"what-is-erc-827","section":"E","keyword":"ERC-827","status":"published","definition":"an Ethereum-based token standard that implements calls in transfers and approvals.","content":"<p><strong>ERC-827</strong> is an Ethereum-based token standard that provides updates to the older <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-20/">ERC-20 token. The ERC-20 standard only allows values to be exchanged. ERC-827 improves on these limitations by allowing <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum users to transmit both <strong>data</strong> and currency. Tokens can also be authorized to be spent on other third-party companies on the Ethereum blockchain.</p>\n<p>The ERC-827 token standard serves as an extension of ERC-20 and enables users to complete transactions by utilizing the success of a recipient contract mechanism. Alongside the standard functionalities of ERC-20, ERC-827 also offers transferAndCall, transferFromAndCall, and approveAndCall functions.</p>\n<p>The additional _data parameter functions similarly as ERC-677 while also using a fallback method. If the function provided in the _data parameter is returned as true, the transaction is initiated.</p>\n<p>The ERC-827 is used for the development of third-party apps on the Ethereum blockchain. One of its direct competitors for general adoption is another Ethereum-based standard, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-223/">ERC-223.
/nBoth ERC-827 and ERC-223 deal with the same functionality issue of ERC-20 and allow users to transfer tokens and data to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>. This helps prevent the loss of tokens that are accidentally transferred to smart contracts instead of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">cryptocurrency wallets</strong></a>.</p>\n<p>ERC-827 was utilized by Zeppelin in its <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-open-source/">open-source contracts, giving it more exposure than ERC-223.</p>\n<p>The ERC-827 standard can be explained via the concept of a digital shopping cart. The customer places any desired items in the shopping cart. However, they cannot pay for the items without a sufficient amount of tokens in their wallet. </p>\n<p>If someone transfers the customer tokens, the transaction data triggers a function within the smart contracts that checks whether the customer has enough balance in their wallet to pay for the items in the cart.</p>\n<p>ERC-827 improves some of the flaws of ERC-20 while maintaining full compatibility with the older standard. It is likely that ERC-827 will be more widely adopted due to its advantages over ERC-20 and ERC-223. The adoption of ERC-827 would allow users to retain their ERC-20 tokens while also utilizing the improved functionalities of the new standard.</p>","level":"medium","meta_title":"What is ERC-827? Definition & Meaning | Crypto Wiki","meta_description":"ERC-827 meaning: ERC-827 - an Ethereum-based token standard that implements calls in transfers and approvals.","meta_keywords":null,"language":"en","created_at":"2022-03-14T07:00:06.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-erc-827"},"prevSection":{"id":321,"original_id":null,"author_id":41,"translator_id":null,"title":"What is ERC-20?","slug":"what-is-erc-20","section":"E","keyword":"ERC-20","status":"published","definition":"a token standard developed and used in the Ethereum ecosystem.","content":"<p><strong>ERC-20 is a</strong> <strong>token standard based on the Ethereum blockchain.</strong> These tokens can be used in a similar manner as cryptocurrency coins – for online transactions or trades between <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat currencies</strong></a> and crypto. ERC stands for <em>Ethereum Request for Comment</em>.</p>\n<p>ERC-20 tokens typically have a fixed supply and can be stored in crypto wallets that accept Ethereum. They rose to prominence around 2017 and 2018, during the large wave of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-initial-coin-offering-ico/">initial coin offering (ICO)</strong></a> projects. They are often used in the development of decentralized apps (dApps).</p>\n<p><strong>ERC-20 tokens are fungible</strong>, therefore, they are interchangeable. Thus, ERC-20 tokens differ from <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-721/">ERC-721 tokens, which are non-fungible tokens (NFTs) that possess unique characteristics.</p>\n<p>Besides, note that there are certain conditions that all ERC-20 standard tokens must adhere to. The lack of compliance can make these tokens unusable.</p>\n<p>Overall, ERC-20 tokens offer a lot of versatility and liquidity. They can be purchased or traded on a huge variety of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-exchange/">crypto exchange platforms</strong></a>.</p>","level":"easy","meta_title":"What is ERC-20? Definition & Meaning | Crypto Wiki","meta_description":"ERC-20 meaning: ERC-20 - a token standard developed and used in the Ethereum ecosystem.","meta_keywords":null,"language":"en","created_at":"2022-03-14T06:44:36.000000Z","updated_at":"2022-09-13T12:09:59.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-erc-20"},"currentChapter":"E","currentSection":"what-is-erc-223","chapterTitle":"E","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-erc-223","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter E
What is ERC-223?
ERC-223 MEANING:
ERC-223 -
an Ethereum-based token powered by smart contracts. It allows secure transfer of tokens into a digital wallet.
Let's find out ERC-223 meaning, definition in crypto,
what is ERC-223,
and all other detailed facts.
ERC-223 token is the expansion of the ERC-20 protocol. It was developed by an Ethereum community member known by the Reddit username “Dexaran” to fix a bug in ERC-20 tokens. ERC-223 tokens are powered by smart contracts. They allow users to transfer their tokens into digital wallets securely.
ERC-223 is one of many Ethereum-based token standards. Each standard offers different functionality and utility. Some of the most popular Ethereum tokens are ERC-20, ERC-721, and ERC-1155.
ERC-20 is the most common type of Ethereum token. It is considered to be fungible and has a lot of versatility. However, some of its design flaws can lead to tokens being lost if the users send them to a smart contract instead of an ordinary crypto wallet. According to some statistics, over $3 million ERC-20 tokens have been lost by accident.
ERC-223 was developed to fix this issue. Users can opt to transfer tokens to smart contracts and wallets that function the same way. They are more efficient and faster than ERC-20 tokens.
ERC-223 acts as an extension of the ERC-20 token as it maintains the original functionality and improves on some of the issues. This standard particularly improves transactions involving smart contracts.
One of the transfer parameters confirms that the destination of the tokens is a smart contract. It operates using a Fallback function, allowing the tokens to be returned to the sender’s account and then transferred to the smart contract. This prevents the loss of tokens as it includes smart contracts in the transaction procedure.
Some of the benefits of using ERC-223 over ERC-20 are:
- The use of automated smart contracts allows transactions to be completed smoothly and seamlessly;
- The transaction details remain transparent;
- The token is decentralized, so all transactions are completed without an intermediary;
- The wait times and gas fees of the transaction are reduced;
- Investors are able to receive instant liquidity and high return of investment (ROI) as means of passive income;
- Tokens can be transferred into a smart contract with just one transaction, thus avoiding blockchain bloating;
- ERC-223 comes with multi-level security features which prevent hacking or malicious attacks. The security features include HTTP authentication, end-to-end encryption, and escrow protection;
- Token transactions proceed similarly to Ether transactions, so there is no confusion within the Ethereum ecosystem.
