ERC20 vs ERC223 Is It Complex? The Answer Is Yes

ERC20

Why does it have to be so complex? We at SteemThat.com are trying to simplify things somewhat. The answer is that we are working in a complex space. Ultimately we do want the end user experience to be as smooth as silk. Over the last few months you have noticed many changes. During our Token Event Phase And Beyond, This Or A Similar Design will be used to help manage the flow of data from users and members to the world.

Some have raised concern about the ERC-20 Protocol used to create Stish which is the most recognized protocol and a trade-able protocol verses ERC-223 that our exchange partner Radex uses for their ZERO fee exchange. Their article goes into great detail and does a great job of explaining this even better than I can. Read Their ERC223 Guide here. One thing to keep in mind is that Stish is an ERC-20 token. Radex and the ERC-223 protocol adds an additional layer of security to the exchange process while trading on the Exchange. Once you withdraw your Stish from the Radex Exchange they will still be ERC-20 Stish Tokens. The Stish Token contract cannot change unless we were to do a hard fork and actually change the contract and then do an airdrop to all existing token holders to replace their tokens.

ERC20

Doing this is not out of the question would would take a consensus vote of holders and advisors to do so or technology advanced and a major security issue arised at which point we would do as little as possible to change the token structure but address the security concern without broadcasting the issue util after the correction was made to protect the interest of the holders of Stish.

Why Zero Decimals? My original thoughts on this though possibly Naive was that someone maliciously could buy a ton of small amounts of Stish on the exchange and cause us to incur a ton of fees to transfer those funds. With each transaction there are minimum fees and as a new start-up learning some of the nuances like many others in the space we opted to go with zero decimals during the Token Event Phase at least and possibly through out the life cycle. Part of the value of Stish is ease of use and store of value and the things it can purchase.  Were we wrong? Time will tell on this. When we first started I envision using Radex the secure Zero fee exchange for all of the Token event. What seemed easy to me, wasn’t so easy to many others so we have adjusted our Token Event Strategy To Go More Main Stream.

To help people buy Stish and delay a ton of trading activity while the Token Event transpires, we have built a way to be KYC compliant and also make it easier to purchase Stish. The plan is to sell the Stish in 4 Phases. We have experienced some pre-ICO sales and have decided to distribute the Stish at the close of the Event. At which time Radex will still be the preferred exchange of Choice as they have Zero exchange fees and the ERC223 The translator cleverly delegates all the operations that deal with balances and transfers to the existing ERC20 token and makes interacting with it more secure. Additionally we will include a small amount of Stish on the Radex Exchange for sell during the Token event so the anonymous buyers can still participate at a comparable level of pricing. 

Some tokens are created purely ERC223 Tokens such as the Saturn Token and many others. This protocol is more secure than ERC223 though it is not widely accepted and there are few exchanges that currently support the protocol. SteemThat.com believes in fair open exchanges and our support of Radex is just one way we can advance that cause. Fair Open Exchanges Like Radex Reduce Fees And Centralized Control Of Ethereum and Ethereum Based Tokens.

Is It Super Complicated? Yes. How does it impact the end user? It adds greater security and the ability to trade P2P without a central authority holding hostage your funds.(This happens a lot with centralized exchanges) Is it worth it? Yes, long term it is worth it to advance the security protocols of tokens built on top of the Ethererum Block Chain. If you are just getting into crypto currency security should be your biggest concern and knowing that SteemThat.com and Stish are looking out for you should be reassuring. We care about our Token’s success and are making attempts to even secure that future.

About the author: binkley

Founder of Stish crypto and Stish.io and the up and coming StishStash.com and Stish Stash crypto for gamers. I have worked on many projects over the last few years and none bring more joy than helping others here at Stish.io. Stish is now traded on https://www.saturn.network/

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Comments

dylen

It is not easy to understand how it works it need a lot or research and learn to understand about it...I tried to buy the token but it seem I don't know where it gone haha just using a little amount of ETH to buy...0.009ETH.

9 months ago