Glossary - ChicksX

ERC-223 is an Ethereum token standard improving upon ERC-20 with safer, more efficient token transfers.

ERC-223 is a token standard on the Ethereum blockchain designed to enhance the ERC-20 standard. It allows for safer token transfers by preventing accidental token losses when sent to incompatible contracts. This is achieved through the use of a single function, `transfer`, which checks the recipient's compatibility before completing a transaction. Additionally, ERC-223 improves efficiency by requiring only one transaction instead of two. This reduces gas costs. Overall, ERC-223 aims to provide a more secure and cost-effective way to handle token transfers on the Ethereum network.