Hello everyone,

Hope we are all fine? I wish us all a wonderful and a glorious week ahead. Two weeks ago Professor @Pelon53 gave an assignment based on 3 different types of tokens which are;

• Utility Tokens
• Security Tokens
• Equity Tokens

I read it and I really enjoyed the lesson but I was not able to do it. So now, am so happy to participate in this week homework by Professor @Pelon53. Here is my homework;

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Question 1.

Explain the ERC-1155 Token in detail.

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Source

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Firstly, I would like to briefly define "Token". It may be difficult to give an exact definition but to give a wide and non generalized definition. Token is a virtual currency that represent a particular thing in it's ecosystem. It may be an asset or utility of a company etc.. Token is not limited to a particular role; it could play many role in it ecosystem. We can also define it as a representation that constitue value issued by a company. It is tradable.

Before we go further into what ERC-1155 Token is let pinpoint on "ERC". ERC stands for "Ethereum Request for Comment". We have different types of ERCs but some are ERC-20, ERC-721, ERC-1155 etc. As at 2019, we have over 200,000 ERC-20 that exist on Ethereum blockchain and is one of the most popular and significant token. It is a Fungible token. ERC-20 is a token that is used for all smart contract built on Ethereum blockchain for token implementation. While ERC-721 is a newer standard version of ERC-20. It is also a token that exist on Ethereum blockchain. ERC-721 is Non - Fungible token which is unique. ERC-721 standard was approved 2017.

ERC-1155 is a Multi Token standard and also the first and only digital standard token that allow users to create Fungible (identical) and Non Fungible (unique) asset on Ethereum Blockchain. It was created by Enjin. ERC-1155 is tradable and also a secure contract.

ERC-1155 is a new pattern of creating token. It allow the creation of many different token under the same contract. Existing standard like ERC-20 does not require or allow different asset to be created per token but separate contract per token. ERC-1155 is not specific to just gaming but many other applications can benefit from it. It gives room for efficient tradings and plenty of transaction.

ERC-1155 include the action of making the most effective use of situation or resource that allow more than enough of tradings and safer transactions. It allow bundles of transaction and it reduce cost.

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Question 2.

Explain how you verify the amount of ERC-721 token existing at the time of doing your home work. Present screenshot (use etherscan)

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I will be showing us how to verify the amount of ERC-721 using Etherscan.
Go to your browser search for etherscan,

Click on Etherscan.

Normally token and other things should display at the upper part of your desktop or laptop but am making use of an Android phone.

So, click on the 3lines at the upper part of the home page on the right side. Click on Token and select ERC-721

You can see the screenshot above it shows the total of ERC-721 token. The total of ERC-721 existing during screenshots/homework was 11,601 tokens.

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Question 3

Explain the TRC20 Token and check the amount of TRC20 tokens existing at the time of doing your homework. Present screenshot (use tronscan)

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TRC20 token is also a digital standard token built on Tron blockchain for implementation of tokens with the TVM - Tron Vitual machine.
It is similar to ERC-20.

TRC20 has an implementation rules/ Structure. The first three are optional items and the last six on the list are required items. They are;

3 Optional Items

• Token name:
  The functionof a token name is a token public constant name like = "TRONEUR

• Token precision: This one is talking about public constant Decimal. Which may be =6

• Token abbreviation: This is the public constant symbol. Like "TERC"

6 Required Items.

• TotalSupply()
  This function refers to the total token supplied.

• Transfer()
  It function is the amount of token sent from a smart contract to a specific account.

• BalanceOf()
  It is about the total balance of a particular account.

• TransferFrom()
  This is to allow the third party to transfer token from an owner account to a receiver account.

• Approve()
  It is used to authorize the third party when performing a transaction. (Example, a DAPP smart contract) When you want to transfer token from the token owner’s account.

• Allowance()
  It is used to ask the remaining amount of tokens in which the third party can transfer.

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I will be showing us the TRC20 that exist during my homework using Tronscan.

Go to your browser and search for Tronscan.

Click on Tronscan,

At the upper part of your home page you will see 3lines but if you are using a desktop or laptop for your assignment, things like "Token" will be on the home page. click on the three lines,

Click on "Token". Under token you will see a list

Click on "Token Tracker" . After clicking on it, it will display a new page where you will find different token like TRC20

Click on TRC20, it will display different information about TRC20; the total Tron tokens of which is given to me as part of my homework.

The total Tron Token of TRC20 existing when I was doing my homework is 36,494. It's in the screenshot above.

Thank you!