New Standard of Ethereum Tokens ERC777 Will Be Presented in August

The new standard of tokens on the Ethereum blockchain ERC777 is almost at the final stage of development and will be presented to a wide audience in August. This was stated by its developers Jordy Beilina, Jacques Dafflon and Thomas Shababi, writes ETHNews.

The ERC777 standard is positioned as a more flexible alternative to the ERC20. The developers also say that it will allow to make faster and debugged transactions.

As noted, users and developers will be able to implement new tokens at their discretion, while the new standard will support backward compatibility with ERC20.

According to developers, one of the advantages of the new model is optimized interaction with contracts.
Another advantage of ERC777 over ERC20 is the ability to use so-called hooks that define parameters of a transaction. Among other things, it may require you to send a notification to a sender or a recipient before or after transaction is completed.

Another major difference between ERC777 and ERC20 is the possibility of using operators, that is, an address that is allowed to transfer and burn tokens on behalf of another address.

Open source of ERC777standard can be found on GitHub.

Recall, the proposal for the implementation of ERC777 was published on November 20, 2017. The new standard allowed not only to reduce transaction time, but also to mark unreliable or incompatible addresses. Additionally, the backward compatibility made ERC777 a cross-platform standard for Ethereum.