If you are a company owner or an entrepreneur worried about the future of your business and virtualization, and if you are asking yourself what Blockchain and the proper token can do for your business, you are reading the right article, then. This is, however, the second one of three articles exploring Blockchain technology, Ethereum Network and specially the first ERC777 cryptocurrency ever created on top of the Blockchain, CALL token, and the advantages that this modern digital cash can represent for your business.
The Global Crypto Alliance’s token provides more controllability of currency accounts to users and chooses a deflationary monetary model by locking its maximum amount of CALL to much less that 1 billion tokens. All these functions are clearly of extraordinary benefit for business developers. And they deserve to be reviewed in detail.
Before dismantling CALL’s characteristics and analyzing their potential, however, any cryptocurrency user will inevitably ask us one vital question.
If CALL’s contract uses the totally new ERC777 standard for deploying radically advanced tokens, is it even possible that regular exchanges can accept this token and can integrate it to their systems?
Moreover, is it possible for regular users to perform transactions from regular Ethereum wallets using CALL?
The answers to these two interrogations are yes and yes. Thanks to inherent properties of the ERC777 standard, CALL token is 100% backwards compatibility with the old ERC20 standard that all exchanges and all Ethereum wallets are programmed to manage.
This means, in general, that all exchanges and wallets who are working with ERC20 tokens will have no problem with our ERC777 token, CALL, and will not have to perform any adjustment to be able to store CALL or to transact with CALL
The backwards compatibility is a unique feature of this radically new Ethereum technology.
One pause. At this precise stage in this series, one thing would be unforgivable and also a terrible pity, not to make a valuable reference to the three outstanding Ethereum developers whose dedication of years to the sciences of Computation and Software, and whose concern on all the severe problems that previous token standards had had, became the powerful inspiration and motivation to create a modern futuristic new convention that enables the creation of truly intelligent currencies and contracts.
Blockchain developer, Ethereum fan, white hat hacker and Catalonia Freedom fighter.
Software engineer, blockchain dev
In July 2018, Baylina “stated that the token standard would soon enter the last call stage of development, and that he expected it to be finalized sometime in August”. GCA deployed CALL token simultaneously. Baylina, Dafflon and Shababi have insisted in their believe in decentralized currencies and in curing the illnesses of older tokens. They had the dream to create a token standard that helps tokens think by themselves and prevent more losses of millions of dollars like those that have happened in the past.
One concrete example of the new solutions CALL brings is the new level of control users will have over transactions. A holder of CALL token enjoys the option of “authorizing” or “revoking” a transaction, a feature that has never existed before. In ERC20, you are forced to receive money from anybody who wants to send tokens to your account. Even from an undesirable (or even evil) sender. In the case of CALL token, you can program CALL’s smart contract to reject transactions from specific addresses.
This will prove very important for any type of business. A business administrator might discover malicious pseudo-clients, and might want to create a black list of dangerous people with whom he/she does not want to conduct businesses. Nobody can be forced to conduct businesses with a second party that cannot be trusted. CALL token incorporates the possibility to exclude dubious addresses from one’s business processes. This is part of the increased security measures that CALL introduces to crypto-markets.
One more security innovation that we should mention is the functionality that prevents tokens from resulting irremediably locked up in decentralized exchanges or in smart contracts, as it used to happen in the past. So far, many popular tokens have reported millions of dollars in losses because of this kind of errors. ERC20 tokens are particularly weak in this respect. ERC777 solves this problem by improving the functions related to withdrawals whose target is a smart contract, and by analyzing the functions of the smart contract before the withdrawal is executed. CALL token, when being commanded to move funds towards an address that belongs to a smart contract (like the smart contract of an exchange, for example), before executing the transaction of transferring funds, analyzes the functionality of the contract to which it is expected to move the funds. If that contract is not equipped with the proper functions to manage the tokens, CALL recognizes the weakness of the contract and automatically rejects the transaction protecting the user and preventing fund losses. No other token standard includes this mechanism.
Security is the aspect that many business developers worry the most about. This is why, CALL token has invested a great deal of time improving it. One more example of security measures that business managers will appreciate is the property that no single person is capable to access the smart contract of CALL token and update it by him/her self; CALL’s smart contract is accessible only from a secure multi-signature account. This means a group of responsible developers would all have to agree about improvements and reach a decentralized consensus in order to update or expand the functionality of CALL token, in case that any changes were to be implemented. This represents a robust degree of security and transparency for the future.
We cannot mention in a couple of articles all the one thousand disruptive properties that ERC777 and CALL display. But, there is one that any company that plans to launch services from the Blockchain must know: CALL’s DApp-friendly features. As we mentioned in the first article, one thing is the computer programs that you have in the super cloud of the Blockchain, the smart contract; and a very different thing is the applications that you see and use in your computer or smart device that let you connect with the Blockchain and participate in a business. This difference is crucial. You can have an awesome code on the Blockchain capable of doing great stuff but incapable of interacting nicely with DApps on people’s devices. This is not the case for ERC777 and CALL. Functions of CALL token are easy to request from DApss. One single example is the inclusion of the same kind of function Ether uses when sending coins, that enables the sending of information about a transaction together with the data of destination and amount. With CALL token, you can receive or send money that includes details about the transaction. This might look like a very basic function for a business person, but it was not possible to integrate this function on the Blockchain for tokens until this year.