Exciting ERC Upgrades in Ethereum

A few exciting ERC token standards that will revolutionize world of NFT and crypto.

ERC 5507, Refundable Tokens

ERC 5507, Refundable Tokens

Till now, cryptocurrency tokens (ERC-20, ETC-721, ERC 1155, and others) could only be used for one-way transactions. Users had to ask the receiver to return the tokens for a refund.

However, that will change with the ERC 5507 token standard. This token standard implements refund functionality to existing tokens such as the ERC 20, 721, and 1155.

Why Created? To comply with European Union’s standards which require 14 days refund period for goods purchased online.

Backward Compatibility: Yes, with ERC 20, ERC 721, and ERC 1155.

There is another ERC 5528 refund token standard for ERC 20 only.

How does it work?

Received funds are held in an escrow account for several days before the receiver can claim them. Until then, senders can claim and receive a refund for their tokens.

ERC 5606, Multiverse NFTs

ERC 5606, Multiverse NFTs

This token standard lets users create and transfer NFTs which are composed of several NFTs but act as one because they are embedded into a single package.

This token standard was created to satisfy the need for multiple interdependent NFTs, such as functional NFT game packages. This standard also allows for the bundling and unbundling of existing NFTs.

Backward Compatibility: Yes, with ERC 721 and ERC 1155

ERC 6105, Peer To Peer NFTs

ERC 6105, Peer To Peer NFTs

This ERC eliminates the need for a marketplace to exchange NFTs by adding a marketplace functionality to the existing ERC 721 NFT token standard.

Backward Compatibility: Yes, with ERC 721.

ERC-6220, Composable NFTs

ERC-6220, Composable NFTs

Composable NFTs are a set of NFTs that were created individually but are designated as a part of a catalog. If the individual NFTs are put together, they will represent a single NFT. However, they can be easily traded and distributed individually. NFTs can also be exchanged between two catalogs.

Backward Compatibility: Yes, with ERC 721.

Dhirendra Chandra Das
Dhirendra Chandra Das

Dhirendra is a professional with dual degree MBA specializations in Finance and Marketing. He has a keen interest in finance and crypto. Starting his investment journey in Finance since 2015, Dhirendra has more than 8 years experience in Traditional Finance and 3 years experience in Decentralized Finance.

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