ERC Token Standards

25/04/2019
ERC STANDARDS: ERC-23
Creator: Dexaran

Type: Standard Token

To solve the vulnerability of the first version of the Ethereum protocol by the user under the nickname Dexaran, the ERC223 standard was developed, which made the ERC20 tokens behave in the same way as when transferring the broadcast to smart contracts. Now, in case of the mistake in the transfer function, when the smart contract does not support this cryptocurrency, the transaction will be canceled. For this two new functions were introduced:

The transfer function replaces the old transfer and transferFrom.
The tokenFallBack function is used in order to receive smart contract that determines the type of sent coins.
ERC STANDARDS: ERC-721
The ERC-721 standard appeared due to the popular game Cryptokitties. It is completely different from the above models and is the standard for collecting. Thanks to him, in the game Cryptokitties it was possible to create unique characters that could be owned by only one user.

Creator: Dieter Shirley

Type: Collection Token

Tokens created using ERC-20 are interchangeable. In other words, each token matches the other. If we consider it as a currency, then this property is simply necessary, but from the point of view of “cryptocurrency collectibles” such a token will not work at all. Thanks to the ERC-721, each token becomes unique. The first to use this standard was the developers of the acclaimed online game CryptoKitties. It is based on the use of unique attributes: age, color, breed. Some blend of attributes can be incredibly rare, and such a kitten will become very expensive. After this idea, CryptoPuppies, CryptoPets and even CryptoPunks picked up.

ERC-948: made for B2C businessmens
Creator: Kevin Oukoki

Type: Subscription Token

The “subscription” model has become extremely popular and in demand in the digital world, only last year more than 11 million customers were attracted. A study by the international consulting company McKinsey showed that most of all customers signed up for e-commerce in the last year. But today the model is often difficult for the final user. The ERC-948 protocol is designed to connect an enterprise using a “subscription” model with consumers.

Conclusion

Today, ERC standards can be divided into two large groups. The first one includes standards that offer various improvements for the ERC-20. The second is mutually non-exchangeable collectible tokens. Both groups of standards are very important for the crypto industry and make it more flexible for business.
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