So far, the most popular and widely used coin standard or protocol has been ERC20. This is because this particular protocol provided developers liberty to create multiple coins and also eliminate if they are not to be used, as it happened in many ICO campaigns. It has given various benefits to entrepreneurs as a technology and expounded many facets of cryptocurrency, as an altcoin, it is secure as well as reliable for transactions.
What makes it different?
However, Ethereum has a vast ecosystem and it has propounded many other protocols or coin standards which have equal chances of adaptation. ERC223 is one of the token standards of Ethereum which solves many other problems that ERC20 fails to. Loss of tokens has been persistent issue in all the standards which the former resolves easily. It also gives some other advantages which are now getting popularized gradually.
The other benefits include hassle-free influx of tokens and rejection of non-supported tokens which is not possible with ERC20. This particular feature solves many such issues that bothered token developers for a very long time. There have been times when developers failed to address this particular issue with several tricks and techniques. With the advent of ERC223 protocol, this problem gets fixed once and for all.
Solves all the problems
Another benefit of using ERC223 is it saves significant amount of energy. This is achieved by the induction of one step process of transferring the token instead of the two step process which is followed in ERC20. The former consumes two times lesser gas units and it also gets rid of extra blockchain bloating. This particular merit makes the protocol more likely to be used by the developers other than any other token standard.
ERC223 is actually an upgraded version which could be understood by the fact that it is backwards compatible with ERC20. It means that all the functionality, contracts and services that worked with the latter will work with the former as well. It has been tried and tested by many developers, and it would soon be replacing the other standards in the market, it would truly bring a new level of functionality in crypto transactions.
Better than ERC20
Issues that were unresolved by ERC20 have been rectified by ERC223. The beginning of incoming transactions is an answer to many problems that faced earlier by developers. Less consumption of gas is another trailblazing solution which makes the production of tokens very easy and affordable. The handling of tokens also gets simplified and it would save a huge quantum of resources that have been lost with transactions of other tokens.
Enterprises and startups that want to adapt this new token can do it easily as there are developers who are developing this new standard as well among others. You need to contact a proficient developer or team who have delivered tokens for professional use before. Coin Developer India is one of the IT solutions providers that also offer ERC223 token development services at a very affordable price for startups and enterprises.