What Crypto Investors Need to Know About Ethereum ERC777

Many in the cryptocurrency space are already familiar with the original token standard launched for the Ethereum blockchain - ERC20 - but very few know about the new and improved, more powerful ERC777 standard.

ERC is short for Ethereum Request for Comments and describes a certain set of standards created for implementation on the Ethereum blockchain.

Some contracts don't support every kind of token, so if you send an ERC20 token to a contract which doesn't support that underlying protocol, your token would be locked forever.

The ERC777 standard is fully backward compatible with the ERC20 standard, meaning that any application that supports ERC20, also inherently supports ERC777.

To paint a clearer picture, here are four benefits to the ERC777 token compared to ERC20.

So using ERC777 mitigates traffic issues and transaction settlements on the Ethereum blockchain, helping to solve some of the latency issues with blockchains.

These types of functionalities enable new tokens to begin addressing Know Your Customer and Anti-Money Laundering laws and regulations which might come into play.

ERC777 is backward compatible The ERC777 is compatible with all applications that are compatible with ERC20, as mentioned earlier in the introduction.

ERC777 Is Here.The ERC777 is already here to improve the cryptocurrency experience for everyone and to facilitate the mass adoption of cryptocurrencies.

While there are currently few ERC777 implementation use cases for us to look to, we look forward to leading the way for others in adopting this expanded token capability.