COSS aims to resolve usability issues, related to virtual currencies, in an innovative way. The platform gathers cryptocurrency services and products into one portal allowing users to gain control over their finances, to manage transactions, to integrate merchants’ payments, to deposit funds.
At the end of February, COSS has reported that it is upgrading to ERC223 standart.
The COSS token will go through an upgrade on March 4, 2018. During the change, withdrawals and deposits of COSS token will be disabled for 24 hours prior to the swap and 24 hours after the swap. The COSS token will temporarily be removed from EtherDelta during this process, and also HitBTC will be informed to halt deposits and withdrawals while this is ongoing, but it will not impact ongoing trading.
- Eliminates the problem of lost tokens which happens during the transfer of ERC20 tokens to a contract (when people mistakenly use the instructions for sending tokens to a wallet). ERC223 allows users to send their tokens to either wallet or contract with the same function transfer, thereby eliminating the potential for confusion and lost tokens.
- Allows developers to handle incoming token transactions, and reject non-supported tokens (not possible with ERC20).
- Energy savings. The transfer of ERC223 tokens to a contract is a one step process rather than a 2-step process (for ERC20), and this means 2 times less gas and no extra blockchain bloating.
The swap of the tokens will happen automatically and the users do not have to send the “old” COSS anywhere.