ERC 23 is a new token standard that’s poised to replace ERC 20. Developers find it easier to use, and investors are protected by improved security features. ERC 20 is the most common type of tokens currently available on the market. It was first proposed in November 2015. As a result of the overall level of proficiency increasing in the Ethereum community, Github user, Dexeran, proposed an ERC 23 token standard in March 2018, which is easier to program for the developer. But what does it mean for the consumer? Through handling incoming transactions in smart contracts, ERC 23 token provides improved security. Improved security The ERC token protects consumers from sending tokens to a smart contract that doesn’t support them because developers must handle incoming transactions explicitly. Prior to ERC 23, this issue has resulted in more than $400,00 in various tokens irredeemably lost. With the ERC 23 token, this problem is gone. Lower fees ERC 20 prescribes a pull mechanism for retrieving the funds, especially when it comes to dealing with smart contracts. As a result, you have to pay the gas fee twice: first time to approve the transaction, and the second time to actually receive the funds. ERC 23 manages to handles transactions in a more efficient way so that the fee is only paid once. ERC 20 is actually a standard that tokens on the Ethereal network can meet, and tokens that check all the necessary boxes are deemed “ERC 20 Tokens”. These tokens are blockchain assets that have value and can be sent and received, like Bitcoin, Litecoin, Ethereum, or any other cryptocurrency. ERC 23 1.-Eliminates the problem of lost tokens which happens during the transfer of ERC 20 tokens to a contract (when people mistakenly use the instructions for sending tokens to a wallet). ERC 23 allows users to send their tokens to either a wallet or contract with the same function transfer, thereby eliminating the potential for confusion and lost tokens. 2.-Allows developers to handle incoming token transactions and reject non-supported tokens (not possible with ERC 20) 3.-The transfer of ERC 23 tokens to a contract provides energy savings because it is a one-step process rather than a two-step process (for ERC 20), which results in half the gas and no extra blockchain bloating.