The new standard of tokens Ethereum 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 Jordi Baylina, Jacques Dufflon and Thomas Shababi.The ERC777 standard is positioned as a more flexible alternative to the ERC20. Also, developers say that it will allow faster and more efficient transactions.
Users and developers will be able to implement new tokens at their discretion, while the new standard will support backward compatibility with the ERC20.
Another serious difference ERC777 from ERC20 is the possibility of using operators, that is, some address that is allowed to translate and burn tokens on behalf of another address.
“Default operators that are installed for all tokens holders can be used, for example, to automatically deduct the cost of gas, which will simplify the process of sending the transaction. Although the default operator applies to all users at the time of its creation, the token holder can at any time revoke authorization, “explained Jordi Baylina.
Also among the advantages of the new model, developers call optimized interaction with contracts.
“ERC777-token refers to a universal trusted contract that does not have an owner, ERC820. If the contract is not compatible or registered, the transaction will be rejected. In this case, the sender will be able to access the ERC20-token model and request approval. The contract or the address is enough to register only once in the ERC820 contract – after that it will be available to all users of the system, “the developers explain.
Another advantage of ERC777 over ERC20 is the possibility of using so-called hooks that define transaction parameters. Among other things, he may require you to send a notification to the sender or recipient before or after the transaction is completed.