PROVOCO for operations will use Ethereum blockchain, and its key function is to deploy Smart Contracts with the locked value inside. ERC223 standard VOCO tokens used as the main challenge currency — for rewards, transaction fees, and daily social activities, such as liking, voting, sharing, content creation. Let’s familiarize with ERC223 token a little bit more!
Why we have chosen ERC223 instead on popular ERC20?
First of all, Provoco is not just one more ICO project. Our aim is to deliver unique idea with unique solutions!
At the moment, there are about 100,000 ERC20 compatible token smart contracts deployed to the public Ethereum main-net.
ERC223 is a new token standard that was proposed a not so long ago and in the process of formalizing into an official EIP (Ethereum Improvement Protocol).It’s important to remember that ERC223 tokens are backwards compatible with ERC20 tokens. It means that ERC223 supports every ERC20 function and contract or service working with ERC20 tokens, and will work with ERC223 tokens correctly.
ERC223 allows users to send their tokens to either wallet or contract with the same transfer function, thereby eliminating the potential for confusion and lost tokens. There are a lot of lost ERC20 token which were transferred by mistake.. We do care about our community and possible mistakes!
ERC20 prescribes a pull mechanism for retrieving the funds, especially when it comes to dealing with smart contracts. This means you have to pay the gas fee twice: first time to approve the transaction, and the second time to actually receive the funds. ERC223 manages to handle transactions without going through this lovely puzzle, so you only have to pay the fee once.InnovationsERC223 provides a consistent way to handle incoming token transactions in smart contracts, empowering developers to create more innovative protocols.
ERC223 provides a consistent way to handle incoming token transactions in smart contracts, empowering developers to create more innovative protocols.
To sum up, ERC-223 Smart Contract Deployment Architecture will ensure, that network transaction costs are minimal and the speed of code execution is optimal. Mainstream adoption of Ethereum blockchain means that VOCO token is technically enabled to be transferable between most popular and user-friendly. ERC223 token have several advantages against ERC20 and we want to be sure that our solutions will be the best for our community!
