As you’re likely already aware, thanks to the versatility and popularity of their blockchain technology, Ethereum are one of those digital currency companies for whom the trading of their proprietary coin takes up the least of their time and interest. They would rather charge other companies a fee (and likely a percentage of the income from their own altcoins) to utilise the Ethereum network for their own products.
Several differing token standards already exist on the network, enabling the company to support the numerous token contracts they have in place. Of these, ERC20 is likely to be the most familiar, with it being their most stable variation, and one that makes new and usable tokens a relatively simple proposition. It’s this simplicity, combined with a moderate capacity for customisation that makes it so attractive to many new enterprises and projects.
ERC827, by comparison, is among the most recent token standards, being built to address some of the issues that users on the network have encountered with ERC20. The modification is quite simple – indeed, its fewer than 100 lines of code that has been added to the original template – yet it has the potential to revolutionise the performance capabilities of Ethereum at a stroke.
By permitting the unfettered transfer of data, as well as value. To the layman this could sound like a non-event, but it means that the Ethereum Network can be used by governments and academics to transfer data across the globe in seconds, securely and with all the back-up and security of the existing blockchain. With the right software steering it, the possibilities for all industry sectors are immense.
Another addition to the token standard brought in by ERC827 is that third parties also on the blockchain can approve spending. This means that transactions can be made through an approved third party or broker without them needing access to your private key to do so, meaning greater functionality and scalability for larger businesses wishing to get on board with cryptocurrency.
Perhaps the most appealing aspect of the new standard is that it is fully compatible with the old standard. Companies already utilising the EC20 model for their altcoins can upgrade without having to relearn a new set of currency protocols and effectively start from scratch.