blockchain networks</strong></a>, <strong>an epoch describes a specific period of time</strong>. It determines the schedule of certain events on the blockchain network. Some of these events may include the distribution of incentives or the term of assigning new <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">validators./nAn epoch may also refer to the time it takes to complete a specified amount of blocks on the blockchain. Epochs may vary depending on the specific blockchain protocol.</p>\n<p>The <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum (ETH)</strong></a> protocol has determined an epoch as the time to add 30,000 blocks to the chain. The overall length depends on the pace of transaction processing and agreements. The pace of an epoch averages at about 100 hours.</p>\n<p>In the Cardano (ADA) blockchain system, an epoch is defined as a time unit. Cardano relies on a customized <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)</strong></a> consensus algorithm known as <strong>Ouroboros Praos</strong>. The algorithm segments the blockchain into epochs of five days. The epochs are divided into separate slots of 20-second intervals. Every epoch has 432,000 slots, the equivalent of five days, available.</p>","level":"medium","meta_title":"What is Epoch? Definition & Meaning | Crypto Wiki","meta_description":"Epoch meaning: Epoch - in computer science, a run of algorithmic training of a dataset; in crypto, a specific period of time.","meta_keywords":null,"language":"en","created_at":"2022-03-14T06:28:57.000000Z","updated_at":"2022-11-16T05:34:09.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-epoch"},"prevSection":{"id":317,"original_id":null,"author_id":40,"translator_id":null,"title":"What is ERC-721?","slug":"what-is-erc-721","section":"E","keyword":"ERC-721","status":"published","definition":"a token standard for non-fungible tokens based on Ethereum.","content":"<p>ERC-721 is different from <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-20/">ERC-20 in the sense that <strong>ERC-721 tokens are</strong> <strong>non-fungible</strong>. <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-non-fungible-token-nft/">NFTs, or non-fungible tokens, are tokens that have different features setting them apart from one another.</p>\n<p>For example, a $20 banknote is fungible. This is the case because you can give one of these banknotes to someone, and there is no need for you to get the same one back, because they are all the same. A non-fungible example might be a concert ticket. Even though the two tickets appear to be identical, the places they provide might be completely different. As a result, they cannot be switched.</p>\n<p>In the Ethereum community, there is a strong belief that ERC-721 might have a variety of intriguing use cases that go far beyond collecting <strong>CryptoKitties</strong>, which made this asset class popular.</p>\n<p>A number of competing blockchains, including Binance Smart Chain, have also established <strong>token specifications that are comparable to ERC-721</strong>. These tokens aid in bringing the idea to the blockchain, making sure that sensitive information about the asset can be immortalized.</p>\n<p>Furthermore, NFTs can also be used to provide a <strong>digital version of one-of-a-kind masterpieces</strong>. Ownership of these pieces can easily be proven via blockchain records. Thus, this can become a great tool to reduce counterfeiting.</p>","level":"easy","meta_title":"What is ERC-721? Definition & Meaning | Crypto Wiki","meta_description":"ERC-721 meaning: ERC-721 - is a token standard for non-fungible tokens based on Ethereum.","meta_keywords":null,"language":"en","created_at":"2022-03-10T14:33:23.000000Z","updated_at":"2022-10-03T14:17:21.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-erc-721"},"currentChapter":"E","currentSection":"what-is-erc-777","chapterTitle":"E","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-erc-777","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter E
What is ERC-777?
ERC-777 MEANING:
ERC-777 -
a token standard for producing fungible tokens on the Ethereum network, which allows a novel token contract interaction method that is backward compatible.
Let's find out ERC-777 meaning, definition in crypto,
what is ERC-777,
and all other detailed facts.
ERC-777 is a token standard that allows producing tokens on the Ethereum blockchain, similar to the ERC-20 token standard. However, it makes complex token trading possible and helps clear up any confusion over various processes like minting and burning. This standard transforms current fungible token models and offers a safer and more effective approach to carry out the token exchange.
Even though ERC-777 ontracts interact in the same manner ERC-20 contracts do, the distinctive feature of the former is a hook mechanism. It simplifies the exchange of tokens between accounts and contracts. The hook mechanism is enabled once the tokens get sent to a computer-based analytical contract.
Besides that, the ERC-777 token standard has many more advantages. For starters, it allows anyone to add new capabilities to tokens. For example, you can add an emergency recovery mechanism that would assist you if you were to misplace your private keys.
Another advantage of ERC-777 is the "tokensReceived" code, which is included in a contract. It is activated when tokens are received. The code helps to avoid the duplicate call that occurs with the ERC-20 token standard when only the ERC-20 token owner is changed during the asset transfer from one smart contract to another.
Additionally, the ERC-777 uses the brand-new ERC-820 standard. It makes it possible to register meta-data for contracts, facilitating a fundamental type of introspection. In addition to expanding capabilities, this makes it possible for backward compatibility.
Moving further, the token standard has a new transfer function. Any identification info can be added to the transfer in a field called "bytes." It is then used to instantly alert the recipient contract when a transfer gets completed.
Now, even though the early security issues of ERC-777 have been fixed, it can still have some limitations like any other token.
For instance, since it is possible to send ERC-777 tokens to any Ethereum address, you can essentially transfer them to contracts that do not support them, completely locking them in. And, even if the tokens can be mannualy moved, it is very hard to identify who sent the tokens back and from where.
If you're curious where to get tokens based on the ERC-777 standard, you can acquire them on most popular exchanges like Binance or Bybit. For instance, Bancor (BNT), MakerDAO (MKR), or Loopring (LRC) are all based on this standard.
