What are ERC-777 tokens?


Other than ERC-20, a standard that is being widely used in Ethereum blockchain network is ‌ERC-777. This token is mainly used to address the limitations faced in ERC20. Same as ERC-20, this token can be stored and managed from any regular Ethereum based wallet.

ERC-777 standard token functions based on the concept called operators. These operators have permission to execute specific tasks such as to send and burn tokens if required. This concept of operators are categorized into two types as follows,

i) Default Operators - allows to send and burn tokens on behalf of all other token holders.

ii) Regular Operators - allows to send and burn tokens on behalf of another address

 

Unique Features of ERC-777 Token

 

 Below mentioned are some of the features of ERC-777 token standard.

  1. ERC-777 has all the functionalities of ERC-20 and also can be customizable and expandable based on their needs.

  2. It enables the transaction of different cryptocurrencies on a single platform

  3. It allows several functions to be executed in a smart contract with just one transaction, thus reduces the load on the network.

  4. It can also recognizes unsuitable smart contracts where your tokens might get lost.

  5. As it enables to execute certain functions in one transaction, it also reduces the overall transaction fees.

If you are planning to launch your own token based on ERC-777 standard, then hire a professional token development company like Security Tokenizer. With our skilled developers, we can help you launch your own token as per your requirements.

 

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