Summer Is Ending: Will Ethereum's ERC-20 Pass the Governance to ERC-777?

The end of summer is a great time to set personal goals, to soak in the final days of sunshine and to reminisce about the summer's major events, like the promise made by Jordi Baylina, Jacques Dafflon and Thomas Shababi to introduce the ready-made ERC-777 token community standard, which is intended to replace the world's most popular token standard, the ERC-20.

The main merits of the Ethereum blockchain include that the process of developing an application is extremely simple and the procedure for issuing a token using a smart contract goes off without the slightest hitch.

Prior to standardization, Ethereum developers had to create a separate Solidity-based smart contract for each token.

Before ERC-20 was created, Ethereum developers have created a single standard for all tokens - the ERC-20, where ERC means "Ethereum Request for Comment" and 20 is the number of the community request, which in this case is arbitrary.

Transfer - a function that moves tokens from the primary address to the address of the new owner following the results of an ICO."TransferFrom" - a function that moves tokens between users.

Since tens of thousands of tokens, exchanges and wallets closely interact with ERC-20, its vulnerability is irremovable, - so the Ethereum developers have decided to issue a new standard with a name inspired by the lucky number 777.

The new ERC-777 standard will fix the problem of a recipient's tokens being lost when sent to a contract that doesn't support the receiving or managing such assets.

We can assume that the exchanges and wallets, which work with the tokens of the previous standard, will react positively to the initiation of ERC-777 - which finally closes the legendary 'hole' in the Ethereum blockchain.

Finally, the ERC-777 standard contains completely redesigned functions and logic, which will avoid crosses with other tokens standards and confusion when executing smart contracts.

Perhaps, a new, promising token standard will give a fresh impetus to the development of the Ethereum network - and ETH, in particular, which has hit a new low since July: $194. Until then, while GitHub is keeping silent, there seems to be nothing better to do than just letting the Ethereum team finish their work - we know that they are good at it.