Steemit Crypto Academy Season 2 Week 4 Homework Task By @abdulhalim100: Tokens Part 2

Greetings to everyone on this platform, it is another interesting week of the steemit crypto academy season 2, I am very glad to share my homework task on the lecture "tokens part 2" taught by our professor @pelon53.

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I Design This Image

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Question 1

Explain The ERC-1155 Token In Detail

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ERC is an acronym that stands for Ethereum Request For Comment, the ERC-1155 token is a new form of a standard token that belongs to the ethereum network and is built to enhance both fungible and non-fungible tokens. The ERC-1155 token was built 4 years ago to remove the limitations of both ERC-20 and ERC-721 tokens within the ethereum platform system. Both the ERC-20 and ERC-721 are individual functions, with the ERC-20 for creating fungible tokens and the ERC-721 for creating non-fungible tokens, but the ERC-1155 tokens were built to create both fungible and non-fungible tokens at the same time on the ethereum network.

The ERC-1155 tokens was created by a team of developers to bring together the effectiveness and efficiencies of the normally used tokens in the ethereum network by leveraging on their individual limitations and limiting the unnecessary manufacturing of tokens in network that has execution of contracts.

Trading is made secure with the ERC-1155 tokens and also help in reducing the cost involve in manufacturing a token. It is recommended for multi-token economics and is also prone to hacking. Creating several tokens under a single contract is made easy with the ERC-1155 tokens.

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Reasons For Creating The ERC-1155 Tokens

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The reason why the ERC-1155 tokens were created was to remove some limitations from the ERC-20 and ERC-721 tokens. With the ERC-20 tokens it is of no doubt that it is a nice token having several smart contracts built on the functionality of its work abilities.

It is interchangeable and not only built but has a major limitation of how it behaves to the ERC-20 transfers made within the system, which makes it a fungible token. If an investor do a wrong transfer with the ERC-20 it will be lost forever, Many assets has been lost through this way, which brought abought the manufacturing of the ERC-1155 tokens to fix this problems.

Again, the ERC-1155 token get its creation from the limitations seen between the ERC-20 and ERC-721 tokens in the area of its compatibility. There was an evidence in the ERC-721 token for being the only token to which made it quite impossible to move with the ERC-20 due to the several contracts. But with the ERC-1155 token smart contracts, it was seen to handle both functionalities in the ERC-20 and ERC-721 as a entity with the same address.

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Features Of The ERC-1155 Tokens

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1. Security: The ERC-1155 tokens are secured and tradable on the ethereum platform. This makes it more reliable.

2. Multiple Purpose: With the ERC-1155 token you can create both fungible and non-fungible tokens at the same time.

3. Multiple Transactions: It also allows several transactions to be made using the same contract and address at the same time.

4. Low Transfer Cost: It helps in reducing the transfer cost involved in a transaction and transactions are done once.

Question 2

Explain How You Verify The Amount Of ERC-721 Tokens Existing At The Time Of Doing Your Homework. Present screenshot (use etherscan)

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I used etherscan to verify the amount of ERC-721 tokens, below are the steps and respective screenshots that involves that process of verifying the amount of ERC-1155 tokens;

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Step 1. I visited the homepage of etherscan using the link (https://etherscan.io/).

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Step 2. I selected tokens from the homepage.

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Step 3. From the drop down menu i selected ERC-721 tokens.

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Step 4. I then checked to see the number of tokens available.

I found the number of ERC-721 tokens to be 11,115.

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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The TRC20 is a tron token that creates and publish TRC20 tokens using the tron blockchain by bringing up smart contracts. The TRC20 tokens gives secure token transaction to their customers and also charge less when carrying out a transaction. An example of a TRC20 token is the tron which operates over tron network.

The TRC20 tokens has its own features which makes it different from other tokens, the ability to enable its users to form the interface with access to the smart contracts is a feature of the TRC20 token. It has its native coin to be TRX.

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Difference Between ERC20 And TRC20 Tokens

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1. The ERC20 tokens are issued based on ethereum network while the TRC20 tokens are issued on tron network.

2. The transaction fees in ERC20 tokens are high but there is low transaction fees in TRC20 tokens.

3. The ERC20 uses the ERC20 protocol and TRC20 uses TRC20 protocol.

4. The transaction speed of ERC20 tokens is faster with 30 transaction speed per second whilst the transaction speed of TRC20 is low with 2000 transaction speed per second.

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How To Check The Amount Of Available TRC20 Tokens Using Tronscan

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Step 1. I visited the hompage of tronscan using the link (https://tronscan.org/#/).

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Step 2 From the homepage of troscan, i selected tokens.

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Step 3 From the drop down menu that appears after clicking on tokens, you select token tracker.

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Step 4 After clicking on token tracker, you then select the TRC20 token.

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Step 5 Check to see the amount of available tokens.

The amount of available TRC20 tokens 15,986.

Conclusion

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In conclusion, i would say ERC-1155 has combine the works of both ERC-20 and ERC-721 by making it compatible in the ethereum network. The creation of the ERC-1155 tokens has bring to the end of high transaction fees as compared to that of ERC-20 and ERC-721. Again, with the creation of ERC-1155 tokens it has combine both ERC-20 tokens and ERC-721 tokens to function as one.

@pelon53