ERC-777 is an advanced fungible token standard on Ethereum that was introduced as an upgrade to the ERC-20 token standard by adding new security features and functionality.
ERC-777 was first proposed by Jordi Baylina, Jacques Dafflon, and Thomas Shababi in November 2017 as a proposed new token standard on Ethereum. The goal is to improve the ERC-20 standard with more features and backward compatibility for existing ERC-20 applications.
Some key features added by ERC-777 over ERC-20:
- More secure from transfer failures and attacks
- Native support for token escrow, hold, and cancellation
- Custom logic and advanced functionality via the tokenRecipient function
- Optional data operators that enable a more flexible token business model
Examples of ERC-777 usage in a sentence:
“ERC-777 supports a more complex token business model than ERC-20 thanks to additional capabilities such as data operators and token recipients.”
“With the adoption of the ERC-777 standard, the transfer and approval of our tokens become more gas-efficient and secure from attacks.”
“Our decentralized exchange application is ready to upgrade to support new tokens based on the ERC-777 standard.”
Apart from the ERC-777 terms that have been explained here, there are many other crypto terms that you can learn more about. You can find information about these terms in the most complete crypto dictionary from Indodax Academy.
Source:
https://ethereum.org/developers/docs/standards/tokens/erc-777
