Other than ERC-20, a standard that is being widely used in the Ethereum network is ERC-777. This ERC-777 token is mainly used to address the limitations of ERC20. Same as ERC-20, this token can be stored and managed from any regular Ethereum based wallet.
ERC-777 standard token resolves the above-mentioned problem by introducing operators. These operators have permission to execute specific tasks such as sending and burn tokens if required. This concept of operators are categorized into two types as follows,
i) Default, Operators
ii) Regular Operators
A default operator is nothing but an address that allows to send and burn tokens on behalf of all other token holders. Whereas the regular operator allows to send and burn tokens on behalf of another address. Another benefit in using these operators is that the user is no longer required to worry about transaction fees, as it is now being assigned to these operators.
In the blockchain network, a transaction is considered completed only if the funds are transferred successfully. If in case of any errors, then the transaction of funds will be rejected. This is what happens in transferring ETH. But when it comes to ERC-20, the smart contract that doesn’t support a particular standard, won't reject the transaction, which leads to the transaction token being lost.
This happens because of the two functions that are being used in order to transfer ERC-20. One is the transfer function and the other one approves the transfer form. The transfer function enables you to send tokens to a specific address and the second function is used to deposit tokens into the smart contract.
In order to solve these ERC-20’s transaction problems, ERC-777 has been given a set of features as follows,
i) Single Send Function is used instead of the transfer function1
ii) authorize Operator instead of approving function
These functions do not interfere with the functions of other token standards. It provides a central registry that contains the information about the contracts in the Ethereum network, thus allows the users a chance to check whether the specific address supports the particular standard that the user wishes to transfer.
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