On July 3rd, Dexaran, co-founder of the Callisto network and creator of a new token standard on the Ethereum network, announced that ERC-223 has officially been added to the Ethereum documentation and has become the new token standard for the network.
Currently, Ethereum has three token standards: ERC-20, ERC-777, and ERC-223. Among them, ERC-20 is one of the most important token standards in Ethereum, and the technical specifications of ERC-20 have evolved into the current industry standard.
However, ERC-20 has faced certain issues, such as inadvertently losing tokens in contracts that were not designed to interact with the tokens sent to them. Therefore, to address this problem, ERC-223 was introduced.
ERC-223 is considered a “safer standard as it does not allow token transfers to contracts and wallets that do not explicitly support token reception.” Additionally, ERC-223 is a superset of ERC-20, enabling the use of tokens as the first-class value transfer asset in smart contract development.
Notably, transferring ERC-223 tokens consumes less than half the gas compared to approving ERC-20 and transferring it to a receiving contract.
The emergence of the ERC-223 standard deals a significant blow to the “Ethereum competitors” – the protocols that have gained traction due to Ethereum’s limitations in certain key areas of blockchain operations.
Earlier, Ethereum transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS) through the event known as The Merge, which took place last year.