Ethereum Tokens Standards
ERC, or Ethereum Request for Comment - Ethereum token standard. It implies technical requirements for a token and a smart contract. Actively working and supported standards are just a few but the difference between them is significant. Namely:
ERC20 Ethereum Token Standard
As you probably know, the ERC20 standard token is now the most popular, and it is no wonder after all because it was suggested in late 2015. To comply with this standard, you need to have the functionality such as the token name, supply available for circulation, the ability to get a wallet balance, the functionality of transferring tokens funds between wallets.
An important feature of tokens upon Ethereum is the inability to mine them. If you require a token, or rather the cryptocurrency that miners can mine, you should refer to a slightly different type of development. Like cryptocurrency forks or creation upon ready-made blockchain such as a Hyperledger with modular architecture for example.
To successfully create cryptocurrency tokens, they must first be tested. There is not any usual test functionality, because actions occur with money. However, there are 2 types of blockchain testnet and mainnet. Testing should be done on the first, and the second serves as the main Ethereum blockchain.
ERC223 Ethereum Token Standard
If there is a very popular standard ERC20, then why the heck do we have others? In particular, ERC223: what is it and how does it differ from ERC20? Functionality or the requirements for ERC20 token compatible and for the most part are the same for ERC223. With the exception of one small caveat, which was once suggested a very well-known developer in narrow circles - Dexaran. Its essence is simple and implies a return of funds. One of the biggest dangers that can be met not only by a novice but also even by a very experienced investor is the incautious money transfer and their incompatibility with other wallets. You can send coins from your Monero wallet to Litecoin and your money will go away but will not be converted. This is exactly the problem that the ERC223 token solves. Absolutely compatible with all previous wallets and software and gives a little protection.
ERC621 Ethereum Token Standard
This standard will definitely appeal to financial managers. After all, it is associated with the issue and supply of additional tokens, as well as their decrease. Let us just consider typical situation. You suddenly underestimated the market, and realized that you can release another 1 million tokens that investors are going to buy with enthusiasm during the ICO. Or vice versa, in your white paper you indicated that all unreleased tokens will be burned. ERC621 token rather provides additional functions to ERC20 or ERC223 tokens and is not an independent.
ERC721 Ethereum Token Standard
Unlike previous tokens, ERC721 token is a unique non-replaceable element. Remember the famous Cryptokitties which raised $20 million in round A? So they work on the ERC721 standard of the Ethereum token. Which makes each token to be unique, individual, and not interchangeable.
ERC827 Ethereum Token Standard
Add-on for ERC20 and ERC223 tokens allowing you to provide access to the transfers of your tokens on behalf of an external service. For example, it can be used in centralized cryptocurrency exchangers that don't have an internal wallet in the system but simply request permission to your account. Something like how Google's or Facebook authorizations work. They share some of your data with an external platform. It can be a monthly subscription to your telecom's services or a magazine subscription.
What Ethereum Token Standard to Choose?
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