ERC-827 Definition
ERC-827 is an Ethereum token standard that extends the functionality of the widely used ERC-20 standard, allowing tokens to be transferred during the execution of a call function in a smart contract. This added functionality opens up a new realm of possibilities for token interactions within the Ethereum ecosystem.
ERC-827 Key Points
- ERC-827 extends the functionality of the ERC-20 standard token.
- It allows tokens to be transferred during the execution of a call function.
- This functionality allows more complex interactions within the Ethereum ecosystem.
What is ERC-827?
ERC-827 is a token standard developed on the Ethereum blockchain that extends functionalities of the popular ERC-20 standard. While keeping the original functions of ERC-20, it introduces three additional methods that allow tokens to be transferred from the sender to another address when a call function is executed.
Why was ERC-827 created?
ERC-827 was designed to address the limitations of ERC-20. While ERC-20 tokens have revolutionized the crypto space and catalyzed the ICO boom by providing a standard interface for tokens on Ethereum, they have certain limitations. One of them is the inability to handle certain types of transactions during the execution of a smart contract. ERC-827 was therefore created to add more flexibility and possibilities to token interactions.
Who uses ERC-827?
ERC-827 is used by developers and programmers who are interested in creating a new breed of smart contracts and decentralized applications (dApps) on the Ethereum platform. It can be used to develop complex systems involving token transfers within the function execution.
Where is ERC-827 used?
ERC-827 is implemented within the Ethereum blockchain, making it a part of the larger Ethereum cryptographic ecosystem, of smart contracts and dApps. It is used anywhere within this ecosystem where more advanced token functionality is desired.
When was ERC-827 introduced?
ERC-827 was introduced in the first quarter of 2018 by its author, Jorge Izquierdo. It was quickly recognized for enhancing Ethereum’s token capabilities and accepted by the Ethereum community.
How does ERC-827 work?
ERC-827 works by extending the ERC-20 token standard’s functionalities while maintaining compatibility with existing infrastructure. It introduces new functionalities like the ability to allow a token transfer call from another contract, enabling more complex token transactions. It does this by adding three new functions to the standard: `approveAndCall`, `transferAndCall`, and `transferFromAndCall`, thus enhancing the standard token capabilities on the Ethereum blockchain.
