Maya Preferred (MAYP) is U. K. Financial Ltd.’s state-of-the-art ERC 23 token built on the Ethereum Classic blockchain and is positioned to become the first cryptocurrency to be successfully used as a monetary instrument for individuals to transfer money worldwide.

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Cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.

The main difference is that the transaction costs of ERC 23 tokens is less than ERC 20 tokens and in the future, will become the primary source of these transactions. Actually, ERC 23 tokens have been developed because of issues with ERC 20 tokens and therefore have an advantage over Bitcoin and many other tokens.

ERC-20 is a new token standard that’s poised to replace ERC-23. 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-20 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.

Smart contracts are applications that execute on decentralized infrastructure, such as a blockchain. They are tamperproof, in the sense that no party (even their creator) can alter their code or interfere with their execution. Historically, contracts embodied in code have run in a centralized manner that leaves them subject to alteration, termination, and even deletion by a privileged party. In contrast, the execution of smart contracts binds all parties to an agreement as written, creates a new and powerful type of trust relationship that does not rely on trust in any one party. Because they are self-verifying and self-executing,smart contracts thus offer a superior vehicle for realizing and administering digital agreements. The powerful new trust model that smart contracts embody, though, introduces a new technical challenge: connectivity. The vast majority of smart contract applications rely on data about the real world that comes from key resources, specifically data feeds and APIs, that are external to the blockchain. Because of the mechanics of the consensus mechanisms underpinning blockchains, a blockchain cannot directly fetch such critical data. Read our whitepaper for further detail