Global Crypto Alliance (GCA) introduces the very first ERC777 token.
There are now over 200,000 coexisting ERC 20 tokens in the Ethereum blockchain that amounts to a staggering 25 billion dollar cumulative market cap. On top of that — we could find a list of other ERC standards such as ERC 721, ERC 223, and ERC 621 just to name a few.
With all these tokens, we can’t help but wonder what makes the ERC 777 stand-out among the rest?
In July 2018, Jordi Baylina, Jacques Dafflon, and Thomas Shababi led a proposal that seemed to definitively answer this question; and after a year of careful planning, the Global Crypto Alliance formally announced the implementation of its CALL token to be the first ERC 777 smart contract to be deployed in the ethereum blockchain network.
The ERC 777 standard on CALL token showcase the following:
- Introduction of operators.
- Higher level of control for holders.
- Compatibility with ANY ERC 20 wallet and Exchanges.
- Latest advanced Dapp-friendly features.
- Capacity to execute 255 payments in one transaction.
Let us go over each of these and find out why the ERC 777 standard could be an excellent choice over the ERC 20 standard.
Introduction of operators
Operators are accounts that provide permission to execute specific tasks. These operators are known as “Regular operators” and “Default operators”.
A Regular operator is an address that is allowed to send and burn tokens on behalf of another address. The default operator, on the other hand, is an address that is allowed to send and burn tokens on behalf of all the token holders.
Token holders are then given complete control to “authorize” or “revoke” authorization for a particular smart contract, which would lead us to our next point…
Higher level of control for holders
With the ERC 777 “Token receive hook”, codes are tied in both sender and receiver accounts; this makes it possible to control contracts as well as addresses in receiving tokens or to reject them if necessary.
This solves the inefficiency of the ERC 20 on instances that you accidentally send tokens to a Smart Contract address, as the “hook codes” automatically executes when a token arrives, therefore, returning your tokens preventing it from being lost.
Compatibility with ANY ERC 20 wallet and Exchanges
Compatibility issues of ERC 777 to existing ERC 20 Ethereum wallets and Exchanges have been a concern for many — but with the backward compatibility mechanism offered by ERC 777, it is possible to store this token in any of the industry’s trusted wallets such as MEW, MIST, MetaMask, etc.
It’s also possible for Exchanges supporting ERC 20 tokens to implement the use of ERC 777 tokens in their platform as in the case of the very first ERC 777 CALL token ever deployed in the Ethereum blockchain via P2PB2B exchange.
Latest advanced Dapp-friendly features
A user data field is a simple yet powerful feature of ERC 777 wherein a sender may include any relevant information for the recipient. This field may contain details such as KYC/AML (Know Your Customer / Anti-Money Laundering) information of the token sender or the purpose of the transaction.
This unique feature makes validation of transactions much convenient for both parties when used accordingly.
Capacity to execute 255 payments in one transaction
A feature called “Batch transfer” developed by the Global Crypto Alliance forensic security specialist Panos Papantoniou extends the capability of ERC 777 to new boundaries.
Panos has implemented Batch transfer to CALL’s smart contract that has “the capacity to execute up to 255 payments in one transaction, but only having to pay a network fee equivalent to just one transaction.”
Disclaimer: None of the information you read here should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article/blog.
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