ERC-777 Definition
The ERC-777 is a token standard on the Ethereum blockchain that represents a significant improvement over its predecessor, the ERC-20. It’s designed to broaden the possibilities of what can be done with tokens embedded in smart contracts, allowing tokens to be controlled with a much greater degree of complexity.
ERC-777 Key Points
- ERC-777 is an upgrade to the famous ERC-20 token standard.
- It provides a richer set of features, including the ability to receive and process information alongside transactions.
- The standard allows for more complex functionality in smart contracts used on the Ethereum blockchain.
- ERC-777 also includes measures that can help to prevent common mistakes, such as sending tokens to unused addresses.
What is ERC-777
ERC-777 is an Ethereum token standard that incorporates functionalities allowing contract-based accounts (like smart contracts) to interact and accept incoming tokens. This improvement over the basic ERC-20 standard opens the door to a wider range of more advanced features.
Why is ERC-777 important
The importance of the ERC-777 lies in its expanded feature set compared to other token standards. It brings a new level of usability to Ethereum-based dApps and projects by incorporating features such as sending data alongside tokens, more complex functionality in smart contracts, and measures to prevent the common mistakes associated with the ERC-20 and ERC-223 token standards.
How does ERC-777 work
ERC-777 operates through a system of ‘operators’ – chosen third parties who are given permission to send or burn a token holder’s tokens. This operator-centric model allows for greater complexity in the sending and receipt of tokens, for example enabling automated transactions or possible interactions with other smart contracts.
Where is ERC-777 used
ERC-777 is used on the Ethereum blockchain for creating programmable tokens with advanced features. Developers across a wide range of projects leverage this standard to embedding more complex functionality into their smart contracts.
Who uses ERC-777
Developers designing and implementing blockchain-based solutions, often those within the DeFi (Decentralized Finance) sector, tend to use the ERC-777. Also, projects that require more advanced tokens or more complex interactions between smart contracts may benefit from using this standard.
When was ERC-777 introduced
ERC-777 was introduced in July 2018 as an upgrade to the existing ERC-20 and ERC-223 token standards on the Ethereum blockchain. It was devised as a new advanced standard that increases the functionality and usability of Ethereum’s programmable tokens.
