GeoDB. Technical discussion II

Alternatives analysis

Alternatives considered

Main vulnerabilities of ERC-20

Front-running approve/transferFrom

  • approve allows you to assign another entity (user or contract) a permission to manage a number of yours tokens, N. This doesn’t imply that the tokens are transferred, it simply allows a third party to make this transaction.
  • transferFrom allows the allowed entity to make the approve transaction effective.
  1. There are two users, Alice and Bob.
  2. Alice needs to authorize Bob to transfer 10,000 tokens.
  3. Alice uses the approve function but she made a mistake with the token units and instead of approving 10,000 tokens she has approved 100,000 tokens.
  4. It’s not a problem. Alice corrects her mistake by invoking again the approve function with the correct amount and, problem solved! Or isn’t the problem solved?

Transfer function

ERC-223

ERC-777

  • Implements the mint and burn functions, defined in ERC-20 but without functionality in it.
  • Implements an optional control to prevent funds from being blocked / lost due to user error.
  • Simplifies the use of the transferFrom function, requiring fewer operations and consuming less gas.
  • Allows users to reject incoming tokens from a blacklisted address.

And the winner is…

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