ERC20 alternative: the new standard of Ethereum-tokens prepares for start

Ethereum developers, and in particular, Geordie Baylin, Jacques Dafflon and Thomas Shababi declared that in August the new standard of tokens which will become more convenient alternative to good old ERC20 will be submitted to community. By the way, it is possible to get acquainted with his open code on GitHub.

As writes ETHNews, now the ERC777 standard is on a home straight of a stage of development, and in several weeks he will prove to be in operation. Developers promise that ERC777 will make transactions faster and debugged.

Developers can introduce such tokens on the discretion, and if desired there is always an opportunity to address the ERC20 model as will support the new standard with her the return compatibility. His creators consider important plus of ERC777 the optimized interaction with contracts.

"ERC777 token addresses the universal entrusted contract which doesn't have the owner – ERC820. If the contract isn't compatible or registered, transaction will be declined. In this case the sender will be able to address the ERC20 tokens model and to request approval. The contract or the address is enough to be registered in ERC820 contract only once – after that it will be available to all users of system" — developers have told.

And some more advantages of ERC777 before ERC20:

Possibility of use of huk, that is the functions determining parameters of transaction or as Baylina says, "functions which can be caused during a transfer". For example, Hook can keep track of behavior of a token in certain conditions and even to allow the sender or the recipient to interfere with transaction process;
ERC777 maintains all functionality of ERC20 therefore it can be used even at limited distribution;
Possibility of use of operators — the address, it is authorized to them to translate and burn tokens on behalf of other address. Creators of the standard consider that it will help to realize important functions, for example, automatic payments.
Also the new standard has an opportunity to set "operators by default". In EIP it is specified that "such operators are established for all holders of tokens". Here what is written about them by Geordie Baylin's developer:

"The operators by default established for all holders of tokens can be used, for example, for an automatic deduction of cost of gas that will simplify process of sending transaction. Though the operator is by default applied to all users at the time of the creation, the holder of a token can withdraw authorization at any time".

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