Greetings to everyone here on this great platform, I am much excited to share my homework post here given by our prof @pelon53. I would like to use this opportunity to thank him for such a wonderful lecture taught this week as a continues to the topic on tokens.

Introduction

This week is another great lecture from our own professor and I really enjoyed and learned a lot from this week's lesson. I will be making my research about ERC tokens.
ERC is an acronym that stands for Ethereum Request for Comment. They do not operate on their own but instead, they are issued on the Ethereum blockchain network.

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What is ERC-1155 Token?

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ERC-1155 token refers to a new type of standard token within ethereum blockchain that is developed to create both fungible and non-fungible tokens. It was developed in 2017 to eliminate the limitations of ERC-20 and ERC-721 tokens in the ethereum blockchain network.

Unlike the ERC-20 and ERC-721 which were created for individual functions, that is ERC-20 was developed for the creation of fungible tokens and ERC-721 for the creation of non-fungible tokens, the ERC-1155 tokens were generally developed to create both fungible and non-fungible tokens at the same time on the ethereum blockchain network.

The ERC-1155 tokens are very secured and tradable but they are also prone to fraud or hacking. They help to reduce the cost involved in creating tokens. ERC-1155 tokens is also a good token for multi-token economics. ERC-1155 tokens make it easier to create many tokens under one contract.
A gaming platform called Enjin Coin is one example of a platform that uses the ECR-1155 token on ethereum network.

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Why were ERC-1155s created?

ERC-1155 tokens were created to remove the following limitations;

The limitation of the ERC-20 Token

The limitations involved in ERC-20 was its system inability to react to ERC-20 transferred tokens history and as a results, it leads to the permanent trapped of ERC-20 tokens on contract when tokens are being sent to wrong addresses.
Meaning that, when one transfers an ERC-20 token to a wrong address, it can never be retrieved and that ends it, you've lost it forever and nothing can be done to that.

Another limitation which raised the awareness of the ERC-1155 creation was the limitation of the ERC-721 token.
For ERC-721 tokens, they also had many limitations and these limitations include the following,
Traversing of the ERC-721 tokens. This means that, before one provides response to the Decentralization Applications (DApp) and the user in questions, the contract needs to be traversed which is a very tediuos process. This is means that, before one checks the status of his/her tokens, transactions has to be sent to the networks and would pass through all available tokens where it would now match the transaction with the users address before giving any response.

Another limitation of the ERC-721 token is the inability to have easy access to token identifier directly. For instance, a user transferring 20 NFTs to a different person, would require you to make 20 different transactions.There is high cost of fees involved in this process and also a very tediuos process as well. As a result of all these limitations, came out with the creation of the ERC-1155 token.

Lastly, the limitation of both ERC-20 and ERC-721 also led to the creation of the ERC-1155 token, that is their incompatibility nature. ERC-20 and ERC-721 tokens are not compatible to each other and as a result of that, creating a different tool to link both would be of high potential failures, high commission cost and would be an overwhelming task all together.

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Features of ERC-1155 Token

Multiple Transactions: ERC-1155 allow multiple transactions to be done on the same contract and address at the same time.

Token Metadata: All information are stored of a token are stored in an external JSON file in ERC-1155.

Multiple Use: They can be used for creating both Fungible and Non-fungible tokens at the same time.

Reduction in Transfer Cost : ERC-1155 transaction is done once and this help reduce the cost involved in any transaction.

Security: ERC-1155 tokens are very secured and tradable on the Ethereum blockchain network.

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

How to verify amount of ERC-721 tokens available using Etherscan

STEP 1
Open the website https://etherscan.io/ from Google.

STEP 2
Click on tokens

STEP 3
From the drop down menu, click on "ERC-721 Top tokens"

STEP 4
Check to see the number of tokens available

total of 11,094 ERC-721 tokens contract was found.

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11,094 ERC-20 tokens contract found

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

What is TRC20 Token?

TRC is an acronym that stands for Tron Request Comments. TRC20 is a tron token standard that creates and launch TRC20 tokens using the tron blockcahin network by the implementation of smart contracts. These TRC20 tokens are created through the help of the Tron Virtual Machine (TVM).

TRC20 tokens provides their investors with secured token transactions. They also provide their users with low transaction fees and a high transaction speed. Tron is an example of TRC20 token which operates over the Tron blockchain network. The tokens and smart contracts issued on TRC20 are compatible with that of ERC20 and this is because the TVM uses same solidity programming language as that of ERC20.

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Features of TRC20 Token

1. It has a very high transaction speed of about 2000 transactions per seconds
2. They do not involve any third party in their transaction processes
3. One can get them from Decetralized Apps
4. Reduced cost of transaction
5. They operates on Smart Contracts.

Distinguishing between ERC20 and TRC 20

ERC20	TRC 20
They are issued based on Ethereum network	Issued based on Tron network
ETH address is the deposit address	Tron address is the deposit address
High transaction fee	Low transaction fee
30 transactions speed per seconds	2000 transactions speed per seconds
It uses the ERC20 protocol	Uses the TRC20 protocol
Uses gas fee transaction fee type	It consumes energy and bandwidth as its transaction fee type.

How to Check the amount of available TRC20 tokens Using Tronscan

STEP 1
Open the website https://tronscan.org/#/ from google

STEP 2
Select and click on Token to open a drop down menu

STEP 3
From the dropped down menu click on Token tracker

STEP 4
This displays all available tokens so to see that of TRC20 tokens, click on TRC20 to display

An amount of 15,939 TRC20 tokens were available.

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Conclusion

TRC20 provides equal benefits just as that of ERC20 tokens but due to hig fees and poor user experience in Ethereum network, this has made Tron network a more convenient platform in working.

ERC-1155 token has indeed bring to the end high cost of transactions as compared to that of ERC-20 and ERC- 721. The creation of ERC-1155 has led to multi token standard. This means that, ERC-1155 tokens has made it easier to create both fungible and non-fungible tokens at once. It has also make it easier to retrieve back transactions when sent to wrong address. ERC-1155 has also made it easy to transfer different nfts at once, rather than individual transactions that ERC-721 and ERC-20 does.

In summary, I would say that ERC-1155 has blend together the functions of both ERC-20 and ERC721 by making it compatible on the Ethereum blockchain network.
Special Appreciations and thanks to prof @pelon53 for such a wonderful lecture taught this week.