How does ERC777 address the limitations of previous digital currency standards?

3 answers

• Malaika ImranApr 24, 2022 · 3 years ago
  Previous digital currency standards had limitations such as lack of backward compatibility and inability to reject transactions. ERC777 addresses these limitations by introducing a new token standard that is backward compatible with ERC20 and allows tokens to reject transactions based on predefined conditions. This enhances the flexibility and functionality of digital currencies.
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• Hasitha WanasingheJul 21, 2023 · 2 years ago
  The limitations of previous digital currency standards include lack of flexibility in token transfers and the inability to provide more detailed transaction information. ERC777 addresses these limitations by introducing hooks that allow tokens to perform additional actions during transfers, such as updating balances or triggering events. This enables more advanced functionality and customization in digital currencies.
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• Rinka_58Apr 08, 2021 · 4 years ago
  ERC777 is a token standard that addresses the limitations of previous digital currency standards by providing a more robust and flexible framework for token transfers. It introduces the concept of operators, which allows token holders to authorize third parties to perform certain actions on their behalf. This enhances the usability and convenience of digital currencies, making them more user-friendly and accessible.
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