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New Ethereum Token ERC-223 Added to ETH Documentation, Here's What to Know

Mon, 07/03/2023 - 17:30
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Tomiwabold Olajide
New milestone achieved by ERC-223
New Ethereum Token ERC-223 Added to ETH Documentation, Here's What to Know
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Dexaran, the co-founder of the Callisto network and the creator of ERC-223, shares an exciting milestone on Twitter. Dexaran stated that ERC-223 is now officially added to Ethereum documentation and token standards.

Ethereum has three token standards: ERC-20, ERC-777 and ERC-223; the ERC-20 token is one of the most significant Ethereum tokens. The ERC-20 specification has evolved into the industry's current standard.

The ERC-20 token standard suffers from some known issues, such as inadvertent token loss in contracts that are not designed to interact with sent tokens.

The architecture of ERC-223 overcomes this issue by allowing users to transfer tokens to smart contracts and wallets that serve the same purpose.

ERC-223 is a superset of ERC-20 that allows tokens to be used as first-class value transfer assets in the development of smart contracts. It is a step forward toward economic abstraction at the application/contract level.

ERC-223 tokens are backward compatible with ERC-20 tokens, which means that ERC-223 supports all ERC-20 functionalities and that contracts and services that use ERC-20 tokens will also work with ERC-223 tokens.

Ethereum developers prepare for Deneb upgrade

Ethereum developers continue their preparations for the upcoming Deneb upgrade.

In the past week, Ethereum developers discussed the inclusion of a builder override flag in the Engine API, an increase to the target and maximum blob limits to 3/6 from 2/4 and ongoing research around changing the maximum effective balance of validators.

Ethereum Developers Advance With Big Data Experiment Ahead of ETH Upgrade

Two changes to the Engine API, an internal API used for facilitating communication between the CL and EL software clients within an Ethereum node, were discussed in relation to the Deneb upgrade.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.