ERC stands for “Ethereum Request for Comment.” This is Ethereum’s version of a Request for Comments (RFC), a concept devised by the Internet Engineering Task Force.
The number (like 20) refers to an issue number on code sharing platform Github.
See all [ERCs]https://eips.ethereum.org/erc) at Github.
Let's look at the most popular token standards - ERC-20, ERC-223 and ERC-721.
Introduced in 2015 by Vitalik Buterin and Fabian Vogelsteller, the ERC20 code outlines a specific list of rules that a given Ethereum based token has to deploy, simplifying the process of programming the functions of tokens on Ethereum’s blockchain. Basically, ERC20 tokens are special forms of smart contracts that utilize Ethereum’s blockchain.
So, what does a token need to have to be ERC20 compliant? It is basically a set of 6 functions that can be recognized and identified by other smart contracts, which in turn leads to seamless interactions. When executed, the following 4 basic activities are what all the ERC20 tokens required to do:
- Get the total token supply.
- Get the account balance.
- Transfer the token from one party to another.
- Approve the use of token as a monetary asset.
The ERC223 standard was proposed by user Dexaran
ERC223 is a token standard that allows token transfers to behave exactly as ether transactions. ERC223 utilizes event handling (considers a transaction an event) to prevent tokens from being lost in unhandled transactions. This improved standard resolves the ERC20 critical bug by making the transfer function throw an error on invalid transfers and canceling the transaction so no funds are lost. In short, ERC223 focuses on security.
From physical coins to Pokémon cards, people love collecting. It’s a hobby that forms as a result of a unique interest in scarce items.
ERC-721 is very different than ERC-20 and ERC-223.
It describes a non-fungible token. This means that each token is totally different and each one can have a different value to different users.
One way to think about this is to recall CryptoKittes.
ERC721 tokens can be used in any exchange, but their value is a result of the uniqueness and rareness associated with each token.
You are always welcome to contact us.
The Anatomy of ERC721 by Gerald Nash
The New ERC223 Token by Leonid Beder
ERC standards to move Ethereum forward? ERC-20, ERC-223, ERC-721 by Lucas K
Understanding ERC-20 Token Contracts by Jim McDonald
An Appeal to Token Developers by Dexaran
ERC827 on Github
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