The Very First Token Powered by ERC777
We promised to tell you about the ERC777 token standard. This is a new, more powerful standard — let’s look into how it is different from the more familiar ERC20.
ERC stands for Ethereum Request for Comments and provides a set of standards that can be implemented for Ethereum developers. ERC777 is fully backwards-compatible with ERC20. This means that any application that supports ERC20 will also support the new standard. The 777 inherits all the strong points of its predecessor, but improves on the issues it had. Here’s the list:
• When working with ERC20 tokens, the user is often required to make two transactions to invoke certain smart contract features. To ease the load on the network and reduce transaction fees, ERC777 allows the same processes to execute within a smart contract with just one transaction.
• ERC777 can send transaction data the same way Ethereum currently does. This feature simplifies the interoperability between all kinds of crypto-oriented applications.
• The new standard helps in preventing accidental loss of coins. 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, making the token compliant with KYC (know your customer) and AML (anti-money laundering) laws and regulations that certain government agencies require to follow.
• It is backwards-compatible with all applications supporting ERC20.
• ERC777 allows different cryptocurrencies within Ethereum to cross-transact on a single platform.
The ERC777 standard token is the first of its kind to be capable of almost everything that Ethereum is capable of, in addition to being fully customizable and expandable: companies can fine-tune its features to serve their needs.
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