ERC 777 To Replace ERC 20 Tokens ?
Ethereum has been one of the biggest token distriubutors outbeating any other cryptocurrency token system by ten fold. This is because of the amount of capital behind the ethereum token, developers working on ethereum and token based projects and number of large cap dapps using the system currently.
One of the most recent upgrades is the ERC777 token which most likely will replace the ERC20 token we are all so use to. However the good thing is the ERC777 token is backward compatible with the ERC20 token making upgrading to it easy for current dapps and token holders.
So what is new with the ERC777 token standard ?
Token like ether transfer
The token now has 3 fields a amount field, data bit field and a similar operatorData field. This allows the token operator to be able to use the token as the original ether.
Contact Operators EIn
Instead of allowance mechanisms the ERC777 token will introduce Operators. These are trustworthy smart contracts which can move amounts in the name of the user. These can be authorized or canceled by the users of the ERC777 token.
Generally what this will do is pave the way for items such as membership payment manager, recovery services or check processor.
Hook Prevents Lock-up
For example if you where to send a contract to someone you can now reject it thus if you accidentally send someone the contract you can reject it and have the tokens returned back to you. The old ERC20 system required a approve / transferForm to send tokens to a contract.
#Small Increase to Gas Cost
With the new features the gas cost will rise however it is a very minor and small increase for the amount of new features you are getting with the ERC777 over the ERC20 token.
I would expect to see dapps and systems start picking up this new token within the next few months.
The real question is if we are going to truly see ETH getting adoption. I mean ETH dapps have virtually no users compared to STEEM dapps.
HOWEVER, the Truffle Suite (a Consensys project) was just accepted and put into the Microsoft Azure toolbox, so things get easier every day in Crypto Land.
Thays what I’m thinking and increasing costs of gas makes micro transactions even less of a priority! I’ve yet to find a ETH dapp that really impressed me and I’d be willing to use, I could be bias towards steem
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Ethereum actually has market cap behind their dapps instead of just a full flush of smaller dapps. Its pretty easy to get a ton of users on a dice type game compared to something business type related. But a business type dapp would pay 1,000x higher in market cap.
That is true, but you see the big difference is that one is a handful of users and the other is many magnitudes more, and in adaptation, it's a no-brainer who the king is and who can't compare, except for how many "businesses" are in it, without any kind of "actually has market cap behind" it, it kills ETH at everything, effortlessly, and as it was pointed I'll reiterate that it's fatal flaw of fees will make sure that it cannot compete. Let's say this is geared to professionals who pay membership for it, how much nonsense will be shoved in people's face all over the net and TV for something that is no more than an expensive gimmick compared the actual working system?
You need to also realize how the current world works. and why 95% of people still do the same crap and care nothing about their finances and wonder why they never get ahead. People mindlessly pay fees left and right where they don't need to be. It's a sad truth and people only have themselves to blame. There is a free version of Microsoft office called open office that works better then Microsoft yet more people pay huge fees to Microsoft. That is just one of many MANY examples.
You can I think differently and see the bigger picture unfortunately not many others think this way.
Brand name is a very powerful thing.
They aren't mindlessly paying, they have come to expect that if you want product support you have to pay for the people giving you the support, and that's what they pay for. That and also that they don't even know that there are alternatives, though, I'm sure some are not willing to trade what they've come to expect for something that is new and free as the cost to maintain support themselves for the software might be costlier. Like I've said, this will be shoved in everyone's face because it's all about the Name and not at all about the product.
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