Top Ethereum Token Protocols Which May Replace ERC20

Today, anyone can create a smart contract based on the Ethereum blockchain and release their own tokens.

More than a dozen major tokens are based on ERC20 standard, and around 400 new coins are issued every day.

While these figures may sound unreal, the Coinmarketcap rating and the Ethereum Tokens Chart demonstrate that the total market capitalization of such tokens is around $52.6 bln.

According to the ERC20 standard, token transmissions should be considered as an event, but the transfer function does not allow processing this transaction, because it simply increases the receiver's balance without any pre-check.

To solve the vulnerability of the first version of the Ethereum protocol, a user named Dexaran developed the ERC223 standard, which forced the ERC20 standard to behave in the same way as when transferring ETH to smart contracts.

Tokens created with the help of the ERC20 standard are interchangeable.

In other words, each token is the same as the other one.

If one is considering it as a currency, this property is simply necessary, but from the point of view of "Cryptocurrency collectibles" such a token does not fit at all.

This includes the requirement to identify and whitelist the owners of tokens as an integral part of the very token.

Every new Ethereum token standard offers a more advanced set of functions which excel the existing ones.