In this digitization of business, most of the business holders are started to taking its secret platform for creating tokens similar to bitcoin out for a business purpose. The start-up to large businesses, which was among to create and start to accept crypto tokens for payment, has created an ERC standard-based tokens for listing their tokens into a wide range of crypto exchange platforms. Several companies including a video game outfit and a virtual reality platform, have already started to create tokens while others like media and entertainment industry based business peoples are waiting to launch their own token that transforming their regular users into investors.
Called ERC standards-based Tokens, the crypto-assets token lets enterprises, start-up or individual really, design, issue and manage a wide ranges of purposes token, which like bitcoin, can proved to exist only in one place at a time, making them much more difficult but compare to bitcoin, creating a ERC standards-based tokens is easiest process. Whereas bitcoin is similar to fungible assets like money or gold, Ethereum tokens will come in many flavors, including fungible, non-fungible bonds, documents, and tickets too.
The Startup to large enterprises using the technology is mostly building on an approved version of the Ethereum blockchain that uses cloud computing to reach a consensus on transactions. But in the future token developers will be able to use ERC standards Tokens on the public Ethereum blockchain or even at distributed ledgers created by other blockchain networks.
A basic understanding of how Ethereum platforms works can actually make it simpler to understand cryptocurrencies in common. Ethereum is a decentralized platform upon which smart contracts can be encoded in the Solidity programming language and completed. It is the base layer that supports 100+ decentralized applications in the trending of the crypto market.
Whenever a new application for immutable blockchain technology and smart contracts is developed on top of Ethereum, a new Ethereum token can be developed. The analyzing aspect of this process is that Ethereum has set standards for tokenization. Various types of applications will be tokenized according to various ERC standards, depending on what the application is meant to do.
As a result of these Ethereum standards, it is much more honest for smart contracts and tokens to interact and, so, for developers to create dapps on Ethereum. The common similarity you’ll hear to explain this benefit is that Ethereum is like the iOS or Android for dapps – an operating system that supports the apps and created them much easier to build.
The most common standard for Ethereum tokens is currently the ERC-20 standard, but there are also ERC-223, ERC-721, and ERC-777 standards. In this article, we will explain the ERC223 standard and how it is being used in the decentralized ecosystem.
Introduction to ERC223 Standard:
ERC223 is much like ERC20, only advanced and better than the ERC20. In a short, ERC223 is an improved and modified version of the ERC20.
We are very well-known about ERC-20 standard, While the ERC-20 standard is very useful, but it comes with some issues. Don't confuse yourself, here I will explain with a simple example, Transferring ERC20 standard tokens to a non-supported address such as a contract address can make them useless. ERC223 tries to solve this problem by recommending some changes to the existing standard.
ERC223 allowing users to transfer tokens to smart contracts and wallets with the same function. Also, ERC-223 tokens improve on the adaptability of ERC-20s by making transfers require only 1 step rather than 2. That means that ERC-223 token transfers need only half the Gas (i.e. cheaper) as compared to ERC-20 token transfers.
And on top of that, ERC-223 tokens are backward suitable with ERC-20 tokens, meaning that they handle all the original functionality while solving those bugs specified above.
Some Interesting Facts about ERC223 in simple points:
Pros and Cons of ERC223 Token Standard:
Differences between ERC20, ERC223 & ERC721
Image Ref - 101 Blockchains
Benefits of Token Development:
If you are planning to create your token for your business you may think that, what can I do with created ERC20 & ERC223 tokens? First of all, Tokens can be used for just about any application. They can be used as money, shares in a company, proof of ownership, for ICOs, access to a dapp, voting, charity, as points in a loyalty program and more…
ERC223 Token Examples:
ERC223 tokens are very popular and thousands of different tokens have already been deployed to the Ethereum network. Some of the largest tokens in use today are:
Creating Your Own ERC223 Token
Creating your own Ethereum tokens consist of implementing an ERC223-compliant smart contract and deploying it on the Ethereum network. There are numerous guides that cover token creation, however, they require programming skills with a deep understanding of how Ethereum blockchain works.
If you want to create your own ERC223 token, Developcoins - the team of token developers have followed a new strategy that will allow you to create your own token effectively. Using the simple and easiest way, you can define the name and icon of the token, as well as initial supply.
Developcoins - Leading Ethereum Token Development Company
As a leading token development company, Developcoins is the easiest and fastest way to create your own ERC-20 or ERC-223 tokens on the Ethereum network. We will help you develop a powerful and impenetrable ERC223 token based on your specific requirements. We write our own customized source code based on the ETH open source code available on the internet. You will be able to sell tokens, transfer to other users or trade on popular exchange platforms.
Our token developers come from different backgrounds with different levels of experience and expertise to ensure the development of extraordinary Ethereum standards-based token projects like ERC20, ERC223, ERC721, ERC1400 & more.
Why Choose Developcoins for Token Development Solutions?
Experienced Developers: Our team of experts in this field has unrivaled technical expertise in token development and can act as an advisor whenever needed.
Fast & Quick responders: We understand that time is very precious and put out the best effort to accurately integrate with your resources to develop quick solutions to reach your goals.
Proper management: Once you offer your token development project to us, you will be assigned a project manager who will keep you updated about the proceedings of the projects at regular intervals.
Customized services: We work with you to find the best token development solution that fits your exact business needs so that you can not only stay in the race but also remain ahead of your competitors.
Security experts: Our team members are familiar with the latest security threats and can develop Smart and secured codes in general.
So if you want to create your ERC223 token or want to start your crypto token-based business in the crypto market? Or want to discuss your token project with our experts? Get a free consultation here because Our customer service team is available 24X7 to serve you with solutions to your queries and listen to your issues with the response time of only a few minutes.