The repo is created to coordinate the efforts of pushing ERC-223 adoption. We believe that Ethereum needs secure token standards and ERC-20 is not the best candidate for this role.
ERC-20 is designed in a way that it's direct transactions can not be handled by the recipient - which means there is no way to handle user mistakes or any transaction errors. Error handling is a critical part for a secure digital asset standard and ERC-223 solves this problem.
The main idea of ERC-223 is to make token simple and transaction execution straightforward. There is already one asset in the Ethereum network that meets all security requirements and has existed since the very foundation of the network - ether, the native currency of Ethereum chain. ERC-223 makes tokens behave similar to ethere.
We can compare existing tokens and crypto assets. There are three types of transactions:
It should be noted that if your standard implements one way of transaction handling (either push or pull transactions) then there is no reason to support another. Credit cards are good example of pull transactions - they do work, but definitely not in trustless decentralized systems. Pull transactions are not suitable for a class of decentralized assets like tokens and these are potentially risky. Unhandled transactions are straight up insecure.
A good, secure token standard must implement push transactions and remove pull & unhandled transactions for the safety of users in a decentralized trustless environment.
| Transaction type | ERC-223 | Ether | ERC-20 | ERC-721 (NFT) | ERC-777 | ERC-1155 | ERC-1363 | EOS C++ token |
|---|---|---|---|---|---|---|---|---|
| Push tx | + | + | - | + | + | + | + | + |
| Pull tx (risky) | - | - | + | + | + | + | + | - |
| Unhandled (insecure) | - | - | + | - | - | - | + | - |
There are classes of assets that behave properly and are not prone to the problems of ERC-20 standard: most notably native currencies (ether, EOS and EOS tokens). Our goal is to make Ethereum tokens similarly secure and ERC-223 does exactly this.
Standard development is a rather cumbersome task, but there are also many related tasks that must be solved:
We all know the importance of "being the first" in our new industry. The first crypto is still the largest by market cap. This is a chance to be "the first" in a new area that will emerge in the future: the area of newer tokens.
We are building a ERC-223 compatible decentralized exchange. We have already built this one but we plan to construct an exchange with margin trading support for Ethereum mainnet - and it will support ERC-223 tokens.
More info on 11th August 2023. Stay tuned.
Ask yourself a question which standard is more likely to survive in a longterm: one that is burning token holders funds or the one that doesn't?
You can contribute by posting any of the above (1) articles, (2) code samples, (3) tutorials, (4) videos, etc. We are eager to spread the word about your content if it is related to ERC-223.
Feel free to open a new issue in this repo and describe what you are going to do or what you already did. It will be announced and referenced.
You can also contact the author and current champion of the ERC-223 directly: