New Ethereum Token ERC-223 Added to ETH Documentation, Here's What to Know

The ERC-20 token standard suffers from some known issues, such as inadvertent token loss in contracts that are not designed to interact with sent tokens.overcomes this issue by allowing users to transfer tokens to smart contracts and wallets that serve the same purpose.ERC-223 is a superset of ERC-20 that allows tokens to be used as first-class value transfer assets in the development of smart contracts. It is a step forward toward economic abstraction at the application/contract level.

ERC-223 tokens are backward compatible with ERC-20 tokens, which means that ERC-223 supports all ERC-20 functionalities and that contracts and services that use ERC-20 tokens will also work with ERC-223 tokens.Ethereum developers continue their preparations for the upcoming Deneb upgrade.

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