DeFi 10114 September 2021

ERC-223 Explained

ERC-223

Summary

· ERC stands for Ethereum Request for Comments

· ERCs enables developers to use tried and tested code

· ERC223 uses event handling

· ERC-223 focuses on security

ERC stands for Ethereum Request for Comments. These are standards on Ethereum on the application level that include name library standards, registries, token standards, etc.

Any person can create an ERC. It is the responsibility of the author to explain their standard and get support within the community. ERCs enables developers to use tried and tested code instead of writing code from scratch.

The ERC-223 is a token standard that allows token transfers to be similar to ether transactions. ERC-223 uses event handling, which terms a transaction as an event.

This standard makes the transfer function display an error on any invalid transfers. The transaction is canceled, meaning no funds are lost. It prevents accidental token transfers and focuses more on token security.

Kibet Elikana
Write a comment