ERC777 is the new kid on the block as far as the blockchain technology is concerned. It is a new token that was created by Thomas Shababi, Jacques Dafflon, and Jordi Baylina and is one that is currently in the final stages of development.
Its EIP was initially posted in November of 2017 and has during this time been open to the blockchain community to provide criticism and feedback. In the past week, the team behind its development has been giving talks on how the token will be used, and how they expect it to work.
In their talks, they have come out clearly to explain to the public on how the standard will function, as well as the benefits that will come from using it. Baylina, while completing his presentation went on record to state that they expect the token standard to be completed soon. The token is in the last stage in the development phase and should be complete by mid-August.
However, its completion will also be dependent on the kind of feedback provided by the community. Once the new ERC777 standard is complete, the team behind it is expectant that developers will be able to make implementations based on how they view it.
It is a standard that is being promoted as being more customizable than the current standard in use. In addition, it also makes it possible to execute transactions in a manner that is not only smoother but faster as well. Apparently, the standard has also been designed to be backward compatible with the current standard.
The compatibility mechanism is meant to make sure that more developers get to adopt it. Although there has been no shortage when it comes to token standards, the ERC777 seems to have greater support among the blockchain fraternity as compared to all the other standards that have come before it.
For people who would like to take a sneak peek at its code, they can do so by checking it out at GitHub. The code itself is open-sourced, and developers should have a field day with it. For those who are not conversant with programming or development in a generation, they can expect the following once the standard is completed.
Intuitive Functions With Smart Contracts
The ERC777 EIP (Ethereum improvement proposal) goes into detail to explain how the new standard will make use of a send function. It is the same function that is currently being used by Ether operators. The function makes it easier to execute direct exchanges and transactions with smart contracts.
It is a wide variation from the ERC token which only makes it possible for one to use the transfer function. In addition, it has also placed a requirement that requires each token transfer to have two transactions. The first transaction conducted under the ERC20 is always considered to be the standard transactions.
It is normally a request for approval. The following transaction now provides permission to the token contract to carry out the transaction on the behalf. And this is what the ERC777 hopes to do away with by introducing the send functionality.