Thoughts upon ERC223

Greetings everyone!

In a few weeks I will continue the phase two of our projects. Nonetheless, it has been brought to my attention the ERC223 Token and its benefits. See https://github.com/Dexaran/ERC223-token-standard

I am seriously considering adapting this Token Smart Contract to replace the previous one. Could anyone in Zeppelin or within this community share their perspective or thoughts regarding this new up-and-coming standard?

Looking forward to reading all your contributions on this subject.

Cheers and all the best!

g.a.

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Hi @jaureguino

If a fungible token is going to be used in dApps, then I believe it needs some form of approve and call mechanism so that you can pay for actions using tokens in a single transaction. I recently created some mini-dApps for the Party burner wallet and the wallet used an ERC223 token for precisely this purpose, the user experience would have been worse without it.

The other big consideration (depending on your use case) is whether the token standard is supported by the ecosystem, e.g. wallets and blockchain explorers. Given the widespread adoption of ERC20, then a token standard that is ERC20 compatible would be very useful.

I would look at what projects are using the token standard and for what purpose, including audited implementations of the standard.

Finally I would ideally want to use an implementation by OpenZeppelin. (I am biased, but this has been my opinion since 2017 when I first started building proof of concepts using tokens).

For an overview of ERC20, ERC223 and ERC777, you could look at the following article:

I suggest having a look at ERC777 to see if this meets your needs. (I haven’t used ERC777 in anger yet, I have only deployed to a testnet).

As part of OpenZeppelin 2.3 there is an implementation of ERC777, though as per the release notes for RC3 it has not been audited yet.

ERC777

The long awaited sequel to ERC20 is here. The EIP is almost finalized, and OpenZeppelin has an implementation of it. Please note that this code has not been audited yet . An audit will be performed soon, but for now we need you all to look at it and review it from top to bottom . The main source file is here at ERC777.sol :new::sparkles:. Anything you see, drop us a line in the forum or via email at security@openzeppelin.org. Letting us know that you’ve looked at it and found nothing is also valuable!

I look forward to seeing what the rest of the community think.

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There has not been much usage of ERC223, mainly because of its incompatibility with ERC20.

By reusing the ERC20 function calls but having a different event it confused etherscan for quite some time - but was not a major issue due to the lack of adoption.

Several times it WAS adopted, we found the Transfer event was modified back to the ERC20 version.

As AB has replied, there has been a lot of community interest in ERC777.

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Thanks for sharing @DaveAppleton!

Welcome to the community, why don’t you introdouce yourself at the intros topic? :slight_smile:

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