The Ethereum Ecosystem allows for the verifiable execution of programs in a trusted manner thanks to smart contracts. One of the most common contracts is the implementation of a token---the digital representation of an asset---and the vast majority of implementations follow the ERC20 Token Standard. However, the ERC20 Token Standard is loosely defined and flawed. Various implementations which follow the ERC20 standard, have unclear and unexpected behaviours. Developers also tend to combat the limitation of ERC20 by supplementing their token implementation with non-standard and more complex features which often leads to severe bugs. In this thesis, we analyse the shortcomings and flaws of ERC20 and submit two new standard proposals: ERC777 and ERC820 aimed at not only solving the drawbacks of ERC20 but at offering new exciting features as well. The goal is to provide a better alternative to ERC20 which improves the safety, security and ease of use of tokens for the end user, as well as facilitate the work of blockchain developers by providing a modular and reusable reference implementation of a token. Developers can readily use this implementation to create their own tokens without relying on incorrect, unsafe, and non-standard features or implementations. Furthermore, we discuss the time spent interacting with and gathering feedback from the community which is critical to have our proposals officially accepted and adopted by the Ethereum community. Subsequently, we provide an analysis of competing proposals which take a different approach with the same aim of addressing some of the issues of ERC20. Finally, we elaborate on the future steps of ERC777, such as further research on some of its new features, the formal verification of the reference implementation and even external tools which can assist with the design of more efficient implementations of both ERC777 tokens and other programs in general.