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Cryptocurrency analyst and influencer Tyler Swope is examining two altcoins he believes are poised to pop thanks to a revolutionary Ethereum standard.
In a recent episode of Chico Crypto, Swope introduces a new token standard in the Ethereum blockchain known as ERC-677. According to the crypto influencer, ERC-677 is the new and improved version of ERC-20, which is the technical standard for tokens running smart contracts on Ethereum.
ERC-677 works with ERC-20 tokens and has additional features such as transfer and call capabilities. These features can help expand the application of smart contracts by allowing tokens to be transferred to a contract, which will then trigger a set of guidelines outlining how to respond to tokens received within the transaction.
Swope says the new Ethereum standard could serve as a key catalyst for the growth of Chainlink (LINK).
“Chainlink knows. Steve (Ellis) said what Chainlink used it for, “LINK uses it and it’s great for minimizing transactions and / or contract interactions.” And it’s not vulnerable to indentation attacks … Chainlink is using it like crazy. We can look for the transfer and call function from Bloxy, which shows us how this functionality is used. As we can see, the number of times this has been used has grown more and more since June 2019. What happened in June? The launch of the Chainlink mainnet on Ethereum. ”
Swope says Chainlink is using the transfer and call function to save on gas by allowing price feed relays to pay and request off-chain data in a single transaction.
In addition to Chainlink, the crypto analyst says Dai (DAI) could also benefit from the additional features of ERC-677 by implementing a customized version of it on xDai.
“XDai is obviously using it and they are using it in many ways. Of course, for their bridges and token transfer … This customized version of ERC-677 and multi-token broker address created something special with xDai. And this is OmniBridge … So ERC-677 and its technology are revolutionizing bridges and moving them forever. ”
Swope also says the ERC-677 standard will make staking tokens a reality for Chainlink and xDai.
“So if I’m right, in the near future, staking will be allowed by other tokens on xDai’s sister chain. And guess what? Chainlink is doing something similar on the Ethereum mainnet, allowing tokens to become stakable. ”
The crypto influencer points out that ERC-677 tokens will be huge in the current boom cycle.
“I believe the 677 and the transfer and call facility will be the ERC-20 of this race. It will change the game as it already is. ”
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