Update the platform to support ERC-223 Standard

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The discussion focused on Dexaran's proposal to replace the ERC-20 token standard with the ERC-223 standard to prevent token loss, a problem that has reportedly led to over $20,000,000 in losses. The proposed ERC-223 standard addresses this issue, and Dexaran is working on an ERC-20-to-223 Wrapper contract to facilitate the transition, with the community generally agreeing on the need for this change.

The discussion primarily revolved around the proposal by Dexaran to support the ERC-223 token standard in place of the ERC-20 standard. The main issue with the ERC-20 tokens, as pointed out by Dexaran, is the lack of a "transaction handling model", leading to tokens getting lost in contracts that fail to recognize incoming transactions. This problem has reportedly resulted in a loss of over $20,000,000. While there has been a campaign to rescue ERC-20 tokens, Dexaran argued that it is merely a temporary solution and that the ERC-20 standard is outdated.

Dexaran further elaborated that the ERC-223 token standard effectively addresses the issue of stuck tokens and introduces a "communication model". He also revealed his ongoing work on an ERC-20-to-223 Wrapper contract. This would allow holders of ERC-20 tokens to exchange their tokens for ERC-223 tokens at any moment, with the ERC-223 tokens being backed 1:1 by the original ERC-20 tokens. He also underscored the benefits of ERC-223 tokens, such as not requiring approvals and being more GAS efficient in some cases than the approve+transferFrom pattern.

The proposal was met with agreement from Donovan71, who expressed hope for more industry traction for ERC-223 and emphasized the need to avoid lost money. The discussion thus concluded with a general consensus on the need to transition from the ERC-20 to the ERC-223 token standard to prevent further loss of tokens and money.

Posted 9 months ago

Last reply 9 months ago

Summary updated 2 months ago

Last updated 06/12 00:43