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ERC-777

The ERC-777 token standard improves upon the ERC-20 token standard by implementing advanced features that allow operators to send tokens on the behalf of another address. In addition, contracts that adhere to this standard provide options for receiving hooks. A hook in this context is simply a function in the smart contract that is invoked when tokens are sent to it, thus becoming reactive to received tokens. ERC-777 is fully backwards compatible with ERC-20. The full ERC-777 standard can be found here: https://eips.ethereum.org/EIPS/eip-777

Note: These are non-technical definitions meant for a general audience and should not be used as legal definition
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