What Is ERC-827?
ERC-827 is one of the many token standards developed on the Ethereum network to facilitate the network’s various token contracts.
ERC-827 is an updated version of the Ethereum network’s currently existing stable token ERC20.
Beyond Value Exchange
Under the present ERC20 paradigm, only values may be exchanged. ERC827, on the other hand, allows Ethereum users to transmit currency and data.
It also allows tokens to be authorized for spending by other on-chain third-party companies.
Enabling Data and Token Transmission
It will mostly be used for third-party apps built on the Ethereum blockchain and competes with ERC223 for general adoption.
It addresses the same problems as ERC223 and allows users to pass data and tokens to smart contracts and execute them.
This means it may be used to tackle problems other than tokens becoming stuck in smart contracts.
Illustrating ERC-827 Token Use
To better understand how ERC827 tokens are used, consider a fictional shopping cart on a merchant’s website. Items waiting to be purchased are stored in a shopping cart.
However, it cannot proceed to checkout unless the user has the necessary token amount.
When someone transfers tokens to the cart’s owner, certain data is provided along with the cart, which calls another function included within the contract that checks if the cart owner has the adequate balance to check out the products saved in the cart.
Exploring ERC827
This new ERC20 superset is intriguing and has the potential to revolutionize our perception of the token standard, as it addresses some of the most serious issues while maintaining its compatibility with ERC20 tokens.
ERC827 is more likely to be popular among new projects.
The Best of Both Worlds
Users will not only be able to reap the benefits of the new standard, but they will also be able to continue utilizing the ERC20 token standard that they have become accustomed to.
It’s a win-win situation. Its usefulness and efficiency are also significant advantages for this new standard.