Do you want to learn about the amazing innovations of Ethereum’s token standard, ERC777? It’ll take you 3 minutes!
WHAT IS ERC777?
ERC777, just like its older brother, the famous ERC20, is an Ethereum standard. This means it is a set of rules that determines how the basic code and functions of a token must be. ERC777 is the latest, most modern standard for Ethereum tokens.
IS ERC777 AN ADVANCED VERSION OF ERC20?
Short answer: Yes! Long answer: Not exactly! ERC777 is actually so much more. It includes ERC20 inside of it and also contains a number of amazing innovations and functions that previous standards never had, what will make them so antiquated that eventually they may go obsolete. ERC777 is to ERC20 what digital images are to old analog photographs.
IS ERC777 COMPATIBLE WITH ERC20?
Absolutely! A properly developed ERC777 token can be stored and managed completely from any regular, common Ethereum wallet, just like ERC20 tokens. Exchanges will also not experience problems when supporting and listing ERC777 tokens in regular Ethereum accounts.
TELL ME IN ONE MINUTE WHY ERC777 IS SUPERIOR!
Examples usually help with this. You can implement operators to manage recurring payments automatically (think subscriptions). It can recognize unsuitable smart contracts where your tokens could get locked. ERC777 brings totally new Dapp-friendly features to tokens. For instance, similar to data that is present when transacting with Ether, now such information like destination and amount data plus more can be included when transacting with ERC777 tokens and be much more cost-effective to request from DApps by using less gas. Last, but certainly not least, you can choose with whom you want to transact; you could actually reject incoming transactions, if so desired.
WHERE CAN I LEARN MORE?
There are two places where you could take a look. For highly technical and reliable details, the best place is GitHub’s official site “EIP 777: ERC777 Token Standard”, where you see the actual code and documentation by the authors (Jacques Dafflon, Jordi Baylina, Thomas Shababi). For further reading, we also recommend our articles “NEW ETHEREUM TOKEN STANDARD ERC777 IS HERE: BEYOND ERC20!” and “FIRST EVER ERC777, CALL TOKEN IS LIVE!”.