The ERC-827 is an Ethereum token standard that is introduced to mitigate the limitations of the existing ERC-20 token standard. While the ERC-20 protocol allows the exchange of values, ERC-827 facilitates the transfer of currency and data.
It also authorizes the tokens to be spent by any on-chain third-party company. The ERC-827 tokens enable transactions with a recipient contract mechanism. Along with the regular ERC-20 operations, ERC-827 allows transferAndCall, approveAndCall, and transferFromAndCall functions.
Users can seamlessly use the new ERC-827 token standard due to its backward compatibility. That means they can still keep on using the ERC-20 protocols they have become accustomed to.