ERC-777 is a smart contract standard on the Ethereum blockchain that aims to improve upon the functionality of the well-known ERC-20 token standard. One key feature of ERC-777 is the introduction of “hooks,” which are customizable functions that allow for more complex interactions with tokens. This means that tokens built using the ERC-777 standard can implement additional features such as sending tokens with data, tokens approvals, and token subscriptions.
Another advantage of ERC-777 is its backward compatibility with ERC-20 tokens, which means that ERC-777 tokens can be used in any application that supports ERC-20 tokens. Additionally, ERC-777 tokens can be sent directly to smart contracts, making it easier for decentralized applications to interact with tokens in a more seamless manner.
Overall, ERC-777 provides a more flexible and efficient token standard that allows for enhanced functionality and compatibility within the Ethereum ecosystem.
