In this techy world, Ethereum got a special place because of its uniqueness and outstanding features. Ethereum has various types of unique standards especially ERC20. The ERC20 is the most widely used standard for tokens on the Ethereum blockchain. It is the most common and well-known standard in the crypto community. One of the recent updates for the ERC20 is known as ERC827 and it is the latest standard of Ethereum network.
ERC stands for Ethereum Request for Comments(ERC). It is a high-secure protocol and it’s running on the immutable Ethereum blockchain platform, ERC tokens are developed via blockchain peer to peer networks that can help to traded or exchanged like Bitcoin and other altcoins.
In this article, we will explain exactly What is ERC827 Token and it’s use case benefits.
Before getting into the ERC827 Token we will see about ERC20 Token
An ERC20 token is the digital tokens that can be used on the Ethereum Platform. Ethereum is a decentralized network that is able to support decentralized applications such as DApps. It can be easily integrated with wallets and exchange platforms and also easily exchanged with another ERC20 Token. This token is also called Fungible Token.
Explore here to know more about - What Is ERC20 Token? And How To Create Your Token Using The ERC20 Standard?
ERC827 is basically an extension of ERC20 Token and it allows execution of calls inside the transfer and approvals.
For example :
This ERC827 Standard token provides basic functionality to transfer the tokens. ERC827 aims to improve the workings of ERC20 tokens with its execution in exchanges. ERC827 is built on the original standard of ERC20 framework through transferring data and value, It could play a big role in making its new standard tokens.
ERC827 will able to transfer both value and date into the new standard tokens that can be spent by an on-chain transactions. On-chain transactions is type of transactions which can be run on the public ledger. It helps everyone on the network to see all transaction that has take places.
ERC827 offers flexibility to transfer data along with tokens to smart contracts and execute them.
ERC20 token requires under 100 lines of code to execute the function, By using ERC827 Token it will reduce the significant amount of code.
ERC87 enables the token transfer for a third party to spend it.
ERC827 can be used to solve specific problems on tokens which can be getting stuck in smart contracts.
It allows approving the transfer of value with the data in the function call.
ERC827 is going to be rather popular among new projects and upgrades to current or past projects.
It executes the more complex functions in tokens transfers and approvals
It can be store data on the blockchain network during token transfer and approvals
In ERC827 token all transfers and allowances will be granted by the holder of tokens.
The ERC827 still holds the easy to use nature of ERC20 standard. It can be not only improved on the drawbacks of the ERC20 token but also keeps the compatibility of the previous version of ERC20 standards. It can be built more complex apps over tokens
Some of the Crypto experts predict that ERC827 will shape the potential benefits on ERC20. ERC827 can increase the token usages. ERC827 token is going to be one of the most popular token standard at the end of 2020.
We hope that this article will help you to understand what is ERC827 Token and how it's going to be a popular standard token in 2020.
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If you still have any queries about ERC827 Token? Or want to launch an ERC827 token?