Steemit Crypto Academy Season 2 Week4 | Homework Post for @pelon53 : TOKENS PART 2: ERC-20 and ERC-721
Hello to Everyone
First of all, I wish everyone a good day. Thank you to professor @pelon53 for this nice research assignment. My homework this week will be about ERC-1155 and TRC20. Before explaining the ERC-1155 token, I would like to give small and brief information about Ethereum. I would also like to show you the long spellings of ERC and EIP.
Ethereum
Ethereum was developed by Vitalik Buterin. It works on blockchain technology and has a smart contract function. It is a decentralized system.
ERC, Ethereum Requests for Comments
EIP, Ethereum Improvement Proposal
ERC-1155
The ERC-1155 token was developed by Enjin (game platform built on blockchain with "ethereum network") in 2018. ERC-1155 is a "multi token". To briefly describe ERC-1155, ERC-1155 is an improvement product. For this reason, it is also referred to as EIP-1155 (Ethereum Improvement Proposal). It is produced to be used in areas where ERC-20 and ERC-721 are insufficient. We can say that by taking the good sides of ERC-20 and ERC-721, they produced ERC-1155. Blockchain based game where ERC-20 and ERC-721 are insufficient, etc. We can say that it is a token produced for other platforms.
For example: Using the "Ethereum Network" on the ERC-1155 "Enjin" platform, they can be exchanged like ERC-20 and converted into non-exchangeable tokens such as Non-Fungible Token (NFT).
As we mentioned earlier, ERC-1155 is an enhancement token. Let's briefly talk about these improvements.
For example, in ERC-721, you can only send 1 NFT for each transaction. However, this situation changes in ERC-1155. In ERC-1155, we can send more than one NFT in a single transaction. The benefits of this are; for example, You want to send 3 NFT. In ERC-721, you have to make 3 transactions and you have to pay commission for each transaction. In ERC-1155, you can send it at once. This feature provides us convenience and saves you from additional commission fees. Also, since ERC-1155 is compatible with both tokens, it allows us to send both exchangeable and Non-Fungible Token in the same contract.
The advantage over ERC-20 is that in ERC-20, you cannot recover your tokens that you sent to the wrong address. The tokens you send to the wrong address are deleted. This is different for ERC-1155s. Tokens that you sent incorrectly can be returned to your wallet.
HOW TO DETERMINE EXISTING ERC-721 TOKENS?
Click https://etherscan.io/ first to go to the "Etherscan" website. Next, please follow the steps I showed with the screenshot.
Step 1
Hover the cursor over the box I show in the screenshot.
Step 2
In this step, we click on the "ERC-721 Top Tokens" option that I showed with the box.
Step 3
In this step, there is the total number of ERC-721 tokens generated in the area I show with the box. The total number of ERC-721 tokens is 11.118 at 02:12 on 07/05/2021 in Turkish time.
TRC20
TRC20 is based on the same logic and similar rules as ERC-20. While ERC-20 is based on "Ethereum Network", TRC20 is based on "Tron Network". Whatever we can do with the ERC-20, we can do it with the TRC20. It is a blockchain product on TRC20. They can be reproduced within certain rules. Its use is increasing very quickly. We can easily say that it is ahead of the ERC-20. Because most of the stock exchanges continue with TRC20. Because it allows us to do our transactions in a more secure way. It is cheaper and more useful than ERC-20. Another difference from ERC-20 is that the decimal number in ERC-20 is up to 6. In TRC20, it is up to 18. Thanks to this feature, they have a larger transaction volume.
TOKEN STRUCTURES TRC-20 | . |
---|---|
1.Token Name | The name of the token we will create |
2.Token Symbol | A symbol representing the token we created |
3.Total Supply | Total amount of tokens supplied |
4.Token Decimals | The number of units the token will be divided into |
5.Balance | Of a specific address. |
6.Transfer | It allows the token to be sent to another user, but determines which account it was sent from and from which it was received, as well as the ID. |
7. Transfer Form | Granting transfer permission to 3rd parties |
8. Authorize | Approval for token transfer |
HOW TO DETERMINE EXISTING TRC20 TOKENS?
To find out the number of TRC20 tokens available, we first go to the "Tronscan" website by clicking here https://tronscan.io/#/. We will then be able to see the current TRC20 token amount by following the steps I showed with screenshots.
Step 1
After entering the "Tronscan" site, we click on "TOKENS", where I show it with the box.
Step 2
Then, from the menu that opens, click on the "TOKEN TRACKER" section, which I show with a box.
Step 3
We choose the TRC type we want to see in this section. We click on TRC20.
Step 4
After clicking on TRC20, the current TRC20 token amount is written in the field I show with the box and arrows. The total amount of TRC20 tokens is 15,985 at 02:44 on 07/05/2021 in Turkey time.
Conclusion
In this lesson, we have covered ERC-20 and ERC-721. In this course, we learned by researching ERC-1155 and TRC20 tokens as per our research assignment given by professor @pelon53. Thanks to this homework, I got very good information about ERC-1155 and TRC20.
I realized how ERC-1155 is a "multi token". I've seen how much convenience ERC-1155 provides on NFT platforms. I saw that the TRC20, on the other hand, made up almost all of the shortcomings of the ERC-20. Since I usually use TRC20, I did not know that the difference between them was so great. I have learned a lot of useful information in this lesson.
Thanks again to professor @pelon53 who helped me learn this information and improve myself a little more.
CC:
@pelon53
Hola @adamsmoke
Gracias por participar en la Academia Cripto de Steemit.
Thanks professor @imagen
Hello professor @imagen. My submission is expiring and no votes have been received yet. Is there anything I need to do? Thank you in advance for your interest.