20 September, AtoZ Markets – More than a month has elapsed today since the supposed date to launch the ready-made ERC-777 token, as per the pledge of Jordi Baylina- one of the developers of the product.
The latter had promised at the DappCon forum in Berlin on July-20th, that their new product would be made available in last August.
The developers- Ordi Baylina, Jacques Dafflon and Thomas Shababi, yet have not given any new statement to clarify the situation of their token today, however Baylina highlighted in a twitter the last week, some of the technical steps being taken during the development process of their token at the moment.
Observers, on the other hand, second that this silence might mean they have a surprise in progress, for the Ethereum space.
Why to Change the Cryptos that Revolutionised Digital Money?
After detecting many of them, it was concluded that the vulnerabilities of the ERC-20 are irremovable, in particularly with tens of thousands of tokens, exchanges and wallets closely interact with it.
As developers agreed on that, they have decided to issue a new standard, with a name inspired by the lucky number 777.
Before ERC-20 was created, Ethereum developers have created a single standard for all tokens —ERC stands for “Ethereum Request for Comment”, and 20 is the number of the community request, which in this case is arbitrary.
The ERC-777 standard is backward compatible with ERC-20, and any project based on the previous version of the standard can be migrated to the new one easily.
Having said that, the exchanges and wallets that used to work with the tokens of the previous standard, will react positively to the initiation of ERC-777- which finally closes the legendary gap in the Ethereum blockchain.
Practically, this will translate into simplifying the procedure for listing coins on the new standard. This could cause activity in the crypto industry to boost, in comparison to how enthusiasm toward it in 2016-2017 was.
While the disadvantages of ERC-777 are one so far, that it depends on a centralised register of smart contracts. Such a thing is not an ideal approach within the decentralised ideology of blockchain.
Additional measures by the Ethereum developers are yet to be taken, to ensure the security of its registry.
In an answer to how he sees the future of of ERC-777 in the light of more pros than cons, Marius Pareščius– IT counselor to the Lithuanian Parliament and Cryptocurrency enthusiast, told AtoZ Markets: “There will be faster and more intuitive interaction with smart contracts based on Ethereum”.
Pareščius predicted as well that the subscription based payments also will be good feature, confirming that he personally “likes it, and we will use it for future projects”.
“we like all new protocols and standards, but we, as most developers, like to have it now and use now. So, let the coders take do their job and finish it”, concluded Pareščius.
The Bottom Line
Ethereum- the second most popular cryptocurrency after Bitcoin, was noted to have led the blockchain to a boom in crypto markets during 2016-2017.
In this context, it is known that within a matter of months, the token turned cryptocurrency from entertainment for geeks to a new tool for classical investors and millions of ordinary people.
After all, and with the plus points more than the negative ones in this new Etherum product, Ethereum enthusiasts’ eyes are hanging on the news, waiting for updates regarding the release date of the token, as the developers have upped their hopes.
Read more about other derivations from ERC-20 here