ERC20 has been contributing more in the Ethereum blockchain since it arrived in the crypto space. Their applications and use cases keep them renowned among all types of investors and traders. It is the first and foremost smart contract-based utility token from the Ethereum blockchain. However, this token lacks managing incoming transactions in smart contracts. Due to this, approximately $3 million worth of ERC20 tokens have been lost since 2017. To address this issue, the Ethereum developer ‘Dexaran’ submitted a proposal to create ERC223 tokens.
ERC223 is the refined version of ERC20 tokens with premium features. This token standard was proposed in 2017 and now it has a lot of improvements. Because of its advantages and upgraded functionalities, many investors are interested in creating ERC223 tokens. However, very few leading crypto token development service providers like ICOCLONE, only offer ERC223 token development services.
If you are looking for an ERC223 token creation service, this blog would be a complete package for you. Here you can find the benefits, features, and procedures to create ERC223 tokens in a detailed manner. Now let us begin with the basics…
What is an ERC223 Token?
ERC223 token is the upgraded proposal for ERC20 tokens, mainly to avoid token losses. This token has a specific token-handling model similar to the Ethereum transaction model. Once the transaction is initiated, the smart contract will receive information about the upcoming transaction. If the transaction is valid, the smart contract executes the token transfer. Otherwise, the smart contract’s fallback functionality returns the token to the sender. So there is no possibility of token losses with these proposed ERC223 tokens.
In addition to that, the user needs to pay a gas fee for token transfer only. The token return does not have any gas fees. So startups who create ERC223 tokens can gain more user contributions due to these reduced gas fees. In addition to that, all token transactions are safely recorded in the blockchain. Thus, this token is capable of handling financial transactions safely. And investors who create ERC223 tokens can get faster transactions than ERC20 tokens. Apart from this, you will get a bunch of business benefits. So here, let us discuss…
Benefits of ERC223 Tokens
Creating and migrating to alternative tokens might be a peculiar process for startups and entrepreneurs using ERC20 tokens. However, ERC223 tokens take a lead role with the following benefits. They are,
As you know, the ERC223 tokens have similar characteristics and functions of the ERC20 tokens. Therefore the platforms that support ERC20 tokens also support these versatile tokens. As a result, you can use these utility tokens for numerous service offerings.
Gas Fee Advantage
In general, the token transfer requires a two-way gas fee. One is for token approval and another one is for transferring. However, this ERC223 token works with the push transaction model. So, the user only pays half of the gas fee for sending the token. And so, you can offer more services with this token at limited gas fees.
Efficient Token Operations
As stated earlier, the unique token transfer approach simplifies the token transfer. Additionally, the automated smart contract makes the token transfer faster. So overall, when you create ERC223 tokens, you can offer economical and efficient token operations.
Similar to ERC20 tokens, this token also has layers of security with a token handling feature. That includes standard encryption, HTTP authentication, smart contract compatibility, and more. So this graded security and fallback functionality helps you retain users’ contribution to your business.
The enhanced performance of this token results in increased token usage. Additionally, this token is capable of providing higher liquidity to your business. As a result, you can unlock more business operations with this token. Accordingly, you can expect a higher return on investment comprehensively with this token.
So when you create ERC223 tokens, you are enabled to meet your startup goals with these phenomenal benefits. On the other hand, by connecting your business with these innovative tokens, startups like you could reach newer heights. To get more clarity on this, let us explore…
Features of ERC223 Tokens
Generally, features are the elements that grab the attention of investors easily. Accordingly, the following are the technical features you should consider to create ERC223 tokens.
- With transaction handling capacity, this token prevents token losses due to technical data losses.
- The user can accept and decline the transaction coming to the smart contract.
- Failed token transfer will return to the sender with token fallback features.
- ‘ONE transferring method’ limits the gas fees significantly.
- ERC223 tokens are burnable and mintable similar to ERC20 tokens.
With the above-stated features, ERC223 tokens are comparatively better than other utility tokens. Since this token is in the proposal stage, future progress will bring inventive advancements. Hence as a business person, your intention to create an ERC223 token is a smart move. So get connected with the leading Ethereum token development company, ICOCLONE to begin your business endeavors. Our professional assistance and standard development procedures will help you meet your enterprise goals effectively. So now let us have a look at…
How do we Create ERC223 Tokens?
We at ICOCLONE follow excellence-driven development procedures for ERC223 token development. At every step, we ensure meeting your satisfaction with our technical fluency. Knowing our development procedure will give you confidence in ERC223 token development. Let us discuss the development procedure here.
This is the primary step, we gather your ideas to create ERC223 tokens. In this phase, our expert team proposes an outline that covers all prerequisites for ERC223 development.
Smart Contract Development
A smart contract is a self-executing program that should be developed with careful examination of technical experts. Hence in this stage, our expert team programs the smart contract to support advanced functionalities in ERC223.
In this stage, we first analyze your token requirements like token symbol, branding, and operational features. Then we create ERC223 tokens with the desired features like minting, burning, and more.
Once the token is developed, our expert team will test the ERC223 tokens completely. The testing process involves a series of steps that validate the token performance and security. Finally, the token is technically ready for deployment.
At this stage, our expert team will assist you in deploying the token at your convenient time.
So from idea gathering to deployment, our dedicated assistance is there to create ERC223 tokens. Hence your tokens would be technically fit for diverse business applications. Like you can use this token for fundraising through ICO and provide access to your business offerings. Through that, we help you fulfill your enterprise goals while keeping our morals in client satisfaction. So leave your worries away and get connected with us for your token development.
Why Choose Icoclone for ERC223 Token Development
ICOCLONE is a prominent ERC223 token development company in the crypto space. We also provide token creation services for popular blockchains like Ethereum, TRON, BNB chain, and many more. Our development landscape is further extended with ICO, STO, wallet, and Smart contract development. We have professional developers who are masters in utilizing trending technologies for token development. So your business connected with the ERC223 token will be future-ready and more innovative than your counterparts. So join your hands with us to create ERC223 tokens with cutting-edge technologies.