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.