What is ERC-223 Tokenization Standard?

ERC-223 is a tokenization standard that was proposed in 2017. It was designed to address some of the inefficiencies attributed to the ERC-20 Ethereum tokenization standard by developers building the Ethereum Classic blockchain, but for various reasons has not been implemented on a far-reaching scale. Notable for ERC-223 is a feature set designed to help prevent token losses that can occur with transfers of ERC-20 tokens.