Increased security through recognition of unsuitable smart contracts

It has been a well known security issue in the ERC20 standard that if tokens are sent to a smart contract that aren’t suited to receive or administer them properly, they end up stuck in the smart contract forever. To date, millions of dollars worth of tokens have been reported lost because of these wretched transactions. ERC777 solves this problem!

The new standard helps in preventing accidental loss of tokens. This is done through an ERC777 feature that allows to reject certain types of incoming transactions. For instance, it can block transactions from certain addresses — even helping make the token compliant with KYC (know your customer) and AML (anti-money laundering) laws and regulations that certain government agencies require to follow.

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