Blockchain | Types of ERC Tokens Standards and strengths

ERC Tokens are tokens that are built using the Ethereum platform, many of you may only know standard ERC 20 tokens, but ERC Tokens have many types and advantages. Here are the Standard ERC Token Types that you should know.

ERC 20 Standard
It is the most common type of tokens and the most widely used. almost 99% of ICO tokens use this standard. The advantage of this standard is the interaction between smart contracts and tokens by default without the need to know other details about tokens.

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So the essence of making tokens using this standard is very easy and fun because everything is done by default. Another advantage is that crypto wallet developers can avoid development and special integration to add new tokens.

ERC 223
Development of ERC20, the advantage of this standard is that it can minimize the loss of tokens in the contract that are not designed to work with sent tokens and require less gas to transfer contract.

Even so, this standard is not widely used for making ICO tokens because it is not a standard token. Exchanges who want to add this token must make some modifications.

Tokens made with this standard cannot be exchanged. This will make it easier to trade because all the supply of tokens can be treated in the same way.

However, there are cases when you need to have an unknown token, which is used in the platform, and add some additional parameters and price differently. Examples of cases such as WePower, where electricity tokens cannot be treated equally, because each of them may represent a different time, amount or even type of energy.

ERC 621
It is one of the developments of ERC20. has two additional functions, additional and less supply. So the token that has been made can be added to and reduced by the inventory of tokens.

The difference between ERC20 and ERC 621 tokens is that ERC-20 only allows single publishing, while ERC 621 provides an option to modify supply quantities.

ERC 827
other development of ERC-20. Allows transfer of tokens and allows tokens to be approved by holders to be traded by third parties. This is very useful for spending dynamic amounts on third parties based on several criteria agreed upon by both parties.

ERC 827 is also compatible with ERC-20 because it is a development of the standard ERC-20.

ERC 1155
The advantage of this standard is that it can manage several types of tokens, ie a single contract can include matching combinations of tokens, non-commensurate tokens, or other configurations.

There are still many other ERC standards that are spread among the Ethereum community. It only takes time to approve and adapt it so that it can be used like the ERC-20.

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Blockchain | Types of ERC Tokens Standards and strengths Blockchain | Types of ERC Tokens Standards and strengths Reviewed by sheffter on July 05, 2019 Rating: 5

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