What is an ERC-827?
The meaning of ERC-827 refers to a type of Ethereum token standard that extends the functionality of the ERC-20 token standard. ERC-827 is designed to allow the transfer of tokens between addresses while also allowing the transfer of data or additional information along with the tokens.
This standard provides a way for tokens to interact with smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The ERC-827 standard allows for smart contracts to receive both tokens and additional data in a single transaction, which can be used for various purposes, such as for voting or for triggering certain events.
Additionally, ERC-827 enables the creation of tokens with more advanced functionality, such as the ability to approve or deny token transfers and the ability to control the transfer of tokens based on certain conditions. This allows for greater control and security for token holders, making ERC-827 a more versatile and secure standard compared to ERC-20.
It's important to note that while ERC-827 offers several benefits over ERC-20, it is not as widely used as the ERC-20 standard and may not be supported by all Ethereum wallets and decentralized exchanges.
Simplified Example
ERC-827 is like a key that opens up different doors to different things. Just like how you have a key to open your house, school or your toy box, ERC-827 is a special type of key that opens up special doors on the internet called "smart contracts." These smart contracts allow you to access different digital things, like trading digital collectibles, using digital money, and many others. And just like how you have different keys for different locks, there are different types of ERC-827 keys for different smart contracts.
The History of ERC-827
ERC-827 is an Ethereum token standard that aims to address the limitations of the ERC-20 standard, the most widely used token standard on Ethereum. ERC-827 was first proposed in 2020 with the goal of enhancing the functionality, security, and scalability of ERC-20 tokens.
While still under development, ERC-827 holds promise as a significant improvement over ERC-20. It could simplify dApp development on Ethereum and contribute to a more secure, scalable Ethereum ecosystem.
Examples
Tokenmom Token (TM8): Tokenmom Token is an ERC-827 standard token that is used to access various services and functions on the Tokenmom platform, including token trading, airdrops, and community voting.
XYO Network (XYO): XYO Network is a decentralized location data platform that uses ERC-827 tokens as its native currency. The token is used to access the platform's various location-based services, including data collection and analysis, location-based advertising, and data exchange.
Ocean Protocol (OCEAN): Ocean Protocol is a decentralized data exchange platform that leverages blockchain technology to allow for secure and transparent data sharing. The platform uses ERC-827 tokens to access its various services, including data storage and sharing, data analysis and modeling, and data marketplace.