ERC 20 is the most commonly used ERC standard in Ethereum, the data communication rules commonly used on the platform. Ninety percent of the ICO crypto tokens issued in 2017 implemented this standard. Roughly speaking, there are two transfer methods for ERC 20. One is to receive a contract, in which the user must use the approve+transferFrom function to transfer tokens. The other is when the recipient is an out-of-contract account (for example, wallet address), and the user needs to transfer the token out through the transfer function.
If the user does not select the appropriate function according to the rules, the crypto token will become “stuck” in the contract (i.e. the contract cannot recognize the transaction) and cannot be withdrawn and used. It is understood that Golem tokens in the Ethereum ecosystem, there are still 93644.51 dollars of tokens lost to the contract address due to the unintentional operation of investors, resulting in the permanent loss of these tokens.
Compared with ERC 20, ERC 223 focuses more on contract protection and protection against loss of digital tokens. According to the developers, using ERC 223 will reduce Gas consumption during contract execution; At the same time, the standard also has the function of “not allowing tokens to be transferred to contracts that do not support token acceptance and processing”, so as to avoid the risk of token loss. Due to its focus on safety, many believe that the standard may replace ERC 20 in the future.
In addition to ERC 20 and ERC 223, there is a standard called ERC 721, which can be used for the creation of non-convertible digital currencies. It applies to blockchain online games, such as Crypto Kitties, and energy companies.
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