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Glossary

ERC-827

November 21, 2023 - Around 2 mins mins to read

Understanding ERC-827

ERC-827 is a token standard developed on the Ethereum network to support various token contracts. It is an updated version of the existing stable token ERC20.

Unlike ERC20, which only allows for the exchange of values, ERC-827 enables Ethereum users to transmit both currency and data. It also permits tokens to be authorized for spending by third-party companies on the blockchain.

This unique token standard includes additional functions such as transferAndCall, transferFromAndCall, and approveAndCall, in addition to the regular ERC20 operations. These functions have an additional _data parameter, similar to ERC677, which allows for the execution of a function supplied in the _data parameter.

ERC-827 addresses similar issues as ERC223 and allows users to pass data and tokens to smart contracts for execution. It is gaining more attention and adoption compared to ERC223, as Zeppelin has incorporated it into its open-source contracts.

To understand how ERC-827 tokens are used, consider a fictional shopping cart on a merchant’s website. The cart cannot proceed to checkout unless the user has the necessary amount of tokens. When tokens are transferred to the cart’s owner, certain data is provided along with the cart, which calls another function in the contract to check if the owner has the adequate balance to checkout the products.

ERC-827 is an intriguing token standard that has the potential to revolutionize the existing perception of token standards. It addresses significant issues while maintaining compatibility with ERC20 tokens, making it popular among new projects. Users can benefit from the new standard while still utilizing the familiar ERC20 token standard.

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Author

Coincu

Glossary

ERC-827

Understanding ERC-827

ERC-827 is a token standard developed on the Ethereum network to support various token contracts. It is an updated version of the existing stable token ERC20.

Unlike ERC20, which only allows for the exchange of values, ERC-827 enables Ethereum users to transmit both currency and data. It also permits tokens to be authorized for spending by third-party companies on the blockchain.

This unique token standard includes additional functions such as transferAndCall, transferFromAndCall, and approveAndCall, in addition to the regular ERC20 operations. These functions have an additional _data parameter, similar to ERC677, which allows for the execution of a function supplied in the _data parameter.

ERC-827 addresses similar issues as ERC223 and allows users to pass data and tokens to smart contracts for execution. It is gaining more attention and adoption compared to ERC223, as Zeppelin has incorporated it into its open-source contracts.

To understand how ERC-827 tokens are used, consider a fictional shopping cart on a merchant’s website. The cart cannot proceed to checkout unless the user has the necessary amount of tokens. When tokens are transferred to the cart’s owner, certain data is provided along with the cart, which calls another function in the contract to check if the owner has the adequate balance to checkout the products.

ERC-827 is an intriguing token standard that has the potential to revolutionize the existing perception of token standards. It addresses significant issues while maintaining compatibility with ERC20 tokens, making it popular among new projects. Users can benefit from the new standard while still utilizing the familiar ERC20 token standard.

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