ERC-20, 223, 827…Tons Of Tokens!
ZIX, the native token of the Zeex Protocol, has a lot of jobs to do. It functions as everything from a login to the protocol to a staking mechanism to ensure you get the products you want.
To do all that, ZIX tokens are ERC-20 but support functions from ERC-223 and ERC-827. That’s a bit of a mouthful, but it’s simpler than it seems.
ERC-20
ERC-20 is the most common token on the Ethereum network. These are tokens you know, like GNT, BNT or BNB. They can be distributed among any address on the Ethereum network and sent back and forth between them. While there can be many functions for an ERC-20 token, there are also some shortcomings.
ERC-223
For instance, when a token is transferred to a smart contract without the correct functions, that token can be lost forever. ERC-223 solves that issue; an ERC-223 token can’t be lost in such a way. If and when someone tries to, the transaction will fail, sending everything back to the beginning, including the tokens returning to the originating wallet. ERC-223 also shortens the process of the transaction because it combines two functions together (approve and ‘transferfrom’), reducing gas fees.
ERC-827
Even with ERC-223 it’s not a perfect system. Considering that the Zeex protocol has 2 separate smart contracts in it, it could be a gas-heavy process, and because there are two transactions, tokens could still be lost in theory. To remove that possibility, ZIX incorporates aspects of the ERC-827 designation, specifically the ability to perform multiple transactions as one, so in the case of a mistaken address or other issue, we go straight back to square one.
ZIX
By incorporating these functions in ZIX, we ensure that users of the Zeex Protocol will have a seamless and risk-free experience without the possibility of lost tokens or value. The immutable nature of the blockchain should work FOR the user, not against them, and that’s what we’ve accomplished with our token and protocol.
Our Whitelist is now Live for a limited time, apply here (https://kyc.zeex.me/Form/Form), and talk to us on Telegram to see our working beta in action! t.me/zeexme
