Crypto Academy Week 12 | Homework Post for @pelon53 | Tokens, Part 2. |

Hello Steemians, it is my kind pleasure to come up with this weeks homework presented and posted by Prof @pelon53 which holistically talked on Tokens (Part-2).

HOMEWORK TASK

Explain the ERC-1155 Token in detail

This is one the recent protocols launched on the Ethereum platform which to me i see as a great innovation in the crypto space launched in 2017. This was a great enhancement on the existing ERC-20 and ERC-721 tokens which also represents an integration between the fungible and Non-fungible tokens controlled by the both ERC-20 and ERC-721 tokens. in this case the ERC-1155 is seen to be multi-purpose as it concerns the functionality seen in all activities relating to the ERC-20 and ERC-721, both as an individual token or as a combo.

The essence of the team of developers which includes; James Therien, Andrew Cooke, Phillippe Castonguay, Ronan Sandford, Eric Binet and Witek Radomski was to make up for the limitations envisaged in the workings of the ERC-20 and ERC-721 which are seen to be deficient in some of its functionalities. And this limitations from the ERC-20 and ERC-721 that necessitated to the creation of the ERC-1155 was seen as an individual entity token, collectively as tokens, compatibility and effect on the blockchain.

LIMITATIONS FROM ERC-20 TOKEN THAT PROMPTED ERC-1155 LAUNCH
The ERC-20 token is a fantastic token that has since seen the existence of other newly created protocols and smart contracts on it. But the ERC-20 which is seen as an utility token is still bedeviled with one limitation which is having the "REACT feature" . This feature which is seen is lacking in the ERC-20 has continued to increase the percentage loss of tokens due to its non-retrievability of tokens sent to wrongly inputted addresses during transaction. This continued to be a major concern to users, hence the development of the ERC-1155 which came to eliminate this anomaly.

LIMITATIONS FROM ERC-721 THAT PROMPTED ERC-1155 LAUNCH

The ERC-721 was also great innovation from the Non-fungible Token space which allows a lot of more innovation come into the digital world. Owners of original assets have the opportunity to tokenized their assets on the Ethereum platform. And the art world has been seen to make a successful mile stone in this line. Artworks or art-piece are digitally tokenized with the help of the ERC-721 token with ability to token to trace the original owner of the asset (artworks).

But the Limitation to this great innovation was the cumbersome nature to move token from User-A to User-B. This does not only impact on the blockchain by its overload burden but also inflict more transaction fees on senders. Just for a example, if User A want s to send 10-NFTs to another user, it will take 10 times transaction to complete this tash , which is not just cumbersome but unnecessary and cost intensive. Hence the creation and launch of the ERC-1155.

LIMITATIONS FROM BOTH ERC-20 & ERC-1155 THAT PROMPTED ERC-1155 LAUNCH

For this duo (The ERC-20 & ERC-721). they have continued to suffer integration and compatibility issues in the blockchain since they are launched on different smart contracts. The ERC has has absorbed the interconnectivity issue and compatibility limitations in them, hence work as one with same transaction address. This has really helped in the limitation of more newly created individual tokens on the blockchian.

SOME OF THE BENEFITS OF THE ERC-1155

• Increases Mass transfers during transaction. This was one of the limitations seen in the ERC-721 token which was enhanced in the ERC-1155 token by ensuring Senders/Users can now send their NFTs in bulk. This has also reduce the cost of transaction fee charge and also reduced the burden on the network created by this individual and cumbersome transactions.
• Multi Purpose Use of Token at ease. This is the act of using the Fungible and Non-fungible tokens at once and with same address. This was ordinarily impossible before the creation of the ERC-1155.
• Less cost of transaction seen in the network compared to what was originally seen especially in the ERC-721 token where users needed to pay for each individual transaction made which could have been tackled by the ERC-1155

EXPLAIN HOW YOU VERIFY THE AMOUNT OF ERC-721 TOKENS AT THE TIME OF DOING YOUR HOMEWORK. PRESENT SCREENSHOTS (USE ETHERSCAN)

• Before initiating this task, we have to have to login here using the etherscan.Io
• Click on the line on your upper screen top right
• Click on Token
• then click on the ERC-721 Top Tokens
• the next landing page displays the amount of ERC-721 tokens.

From the screenshot above, the amount of ERC-721 as at the time of this post is 11,142

EXPLAIN THE TRC20 TOKEN AND CHECK THE AMOUNT OF TRC20 TOKENS EXISTING AT THE TIME OF DOING YOUR HOMEWORK. PRESENT SCREENSHOT(USE TRONSCAN).

The TRC20 is a native token on the TRON blockchain created via the smart contracts protocols which uses the TRON VIRTUAL MACHINE. They are seen to be investors favorite with its high similarities with the ERC20 token. It has continued to navigate free risk transactions which has since seen the confidence and trust of its teaming investors in the blockchain. IN the Tron Blockchain, the TRC20 token is seen to be more enhanced compared to the TRC10 token which doesn't the capacity to execute extra logical transactions in the Network.

Other features include the high energy level and bandwidth capacity which has continually drawn the attention of investors who through its smart contracts has created more secured TRC20 tokens via it. In other hand, it has capacity to enhance interface customization, duplicate names , with decimal value of up to 18 and high amount of resources seen in it. It has made huge entry in the real estate, supply chain and the financial sectors. It is also widely known for its high throughput of 2000/secs. As at the time of the report, the TRX which is native coin of thr TRON Blockchain is valued at $0.1503. Some of other friendly features are its compatibility with smart contracts and with low tee charges.

For me to know the amount of TRC
20 available at this time, I will have to use the Tronscan.io

• log in with tronscan link here
• click on the line on the top right of the screen
• click on the token
• click on token tracker
• click on TRC20
• then the amount displays ...

From the screenshot above, the amount of TRC20 available as at the time of this post is 16.072.

In conclusion, the creation of ERC-1155 was a timely one which came salvage what the sender's/users and investors undergo in loosing their when transactions go wrong by ameliorating those limitations seen in the ERC-20. While it also went further to reduce the transaction charges fees and cumbersome nature of executing transactions with the ERC-722 tokens.

This is my submission Prof @pelon53