COSS Token Upgrades to ERC223

The COSS token will go through an upgrade on March 4, 2018, eliminating the problem of lost tokens, allowing developers to handle incoming token transactions and save energy
02 March 2018   2392

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.

Coss erc223 standartCOSS Announcement

Improvements:

  • 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.

P. Durov Called to Testify in SEC vs Telegram Case

To testify, Durov will choose the date of January 7 or 8, 2020 and the address agreed by the participants in the process
26 November 2019   253

Telegram founder Pavel Durov and two company employees must come to testify during the current trial with the US Securities and Exchange Commission (SEC), CoinDesk writes referring to a document signed on November 25 by Judge Peter Kevin Castel of the New York Southern District Court. .

According to the document, to testify, Durov will choose the date of January 7 or 8, 2020 and the address agreed by the participants in the process. The main meeting at which the legal status of the Gram token will be decided is still scheduled for late February.

Also on December 16 in London, testimony should be given by Telegram Vice President Ilya Perekopsky, presumably responsible for contacts with investors during tokensales. The third person called to pre-testify on December 10 in London is Syam Pareh, a Telegram employee, whose name is indicated in the documents for investors.