ORCA is upgrading its crypto token to a newer standard — the previously considered ERC-223 token is being replaced by a token created using the ERC-777 standard. This move will add further improvements to ORCA’s internal operations and safeguard our users from potential threats presented by older standard versions.
This decision has been made after carefully considering existing best practices, consulting with our blockchain and solidity advisors, as well as based on feedback received from the wider cryptocurrency community.
“We have been closely monitoring discussions within the Ethereum developer community and are confident that we made a wise decision by switching to ERC-777” - D. Radin, ORCA Chief Technical Officer
ERC stands for “Ethereum Request for Comment” and the number following the short name is referencing an issue number on Github – the code sharing platform. ERC standards are sets of rules and functions that can be used by the token smart contract and therefore have direct influence on how tokens can be handled.
Initially, with the most popular and widely used ERC-20 token standard having many associated shortcomings or outright bugs, ORCA was considering the ERC-223 standard for its tokens. The security-oriented ERC-223 makes it possible to stop invalid transfers such as sending tokens to smart contracts that don’t have proper functions of token deposition. This adds technical safeguards for token holders and ensures that undesired loss of tokens does not occur.
However, lately the Ethereum community has been heading towards a consensus that the ERC-777 standard poses a viable alternative to the previously mentioned versions, offering security improvements and additional advanced features.
On a technical level, ERC-777 provides a wide selection of choices on how to handle token transactions and various operations. For example, the new standard now clearly defines Mint and Burn functions which are often used by ICOs and various applications when utilizing tokens. Furthermore, tokens created using ERC-777 are backwards compatible with the ERC-20 standard. This means that any wallet, crypto exchange or service provider will be able to identify, accept and use ORCA tokens without major difficulties.
Due to the multiverse of potential applications, ERC-777 will most likely become the dominant Ethereum token standard in the near future with ORCA being one of the first major adopters.
More information and technical details about the ERC-777 standard can be found in this article.
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