Today, any individual developer can create a smart contract powered by the Ethereum Blockchain and release their tokens. Before now, the implementation of a coin was left entirely to the coin’s developer. It had an experimental nature often involving a number of problems like the freezing of investor funds, unpredictable network operation or hacking of contracts. The new Ethereum protocols are set to correct the mistakes of previous versions. Maybe one of these options will replace ERC20 by year-end hence making working with Blockchain more reliable and straightforward for users.
ERC223: Correction of ERC20 errors
The ERC223 standard primarily forces ERC20 to behave in a similar way as when ETH is being transferred to smart contracts. In case of an error during the transfer function, or when the smart contract doesn’t support the digital currency, the transaction is ultimately canceled. For this purpose, two new functions were launched:
– The transfer function to replace the previous transfer and transferFrom.
– TokenFallBack function which determines the kind of coin sent for the destination smart contract.
Thanks to the ERC721 standard each token becomes unique. In collaboration with Layer 2 scaling functions (sharding, state channels, and Plasma) we can get the ultimate means to put every important asset on a hybrid or public Blockchain with 100% security and immutability. “Ethereum’s killer” online game developers behind the famed CryptoKitties were among the first developers to adopt this standard. The standard is based on using unique attributes such as age, color, and breed. Some combination of attributes can be incredibly rare, thus making a kitten expensive in the game.
ERC827: New ERC20
ERC827 is a recent version of the Ethereum protocol. Unlike its predecessors, this standard has the ability to transfer cost and transaction data. This functionality allows for moving data around the world within seconds. It also allows the verification of a transaction by third parties. The reliability and safety of the Blockchain are unchanged.