Cryptoacademy week 12 Homework task by Crypto-Prof @Pelon53. Topic: Tokens, Part 2: ERC-20 and ERC-721. Written by @chinma

Ques 1. Explain ERC-1155 in detail

ERC-20 was created for fungible tokens while ERC-721 tokens were created for Non-fungible tokens. An easier token that could cater to the former was sought for and later created by Enjin in the form of ERC-1155 in June, 2018.

This digital token also known as a multi-token standard using the Ethereum network can be used to create both fungible i.e the same product or Non-fungible i.e one of a kind product.

In the ERC-20 and ERC-721 tokens, a new smart contract is required each time a new class of token is created but for the ERC-1155 token, a single smart contract can be used for different classes of tokens which makes the process faster with less cost.

In addition, the ERC-1155 tokens can perform a smart contract by sending a token directly to an address. With the ERC-1155 standard, Fungible tokens and Non-fungible can be sent at once.
The ERC-1155 standard is also secure verifying transactions made and reverting transactions sent to the wrong address.

The ERC-1155 has a wide range of uses from gaming to buying beauty products.

To explain it in simple terms, the ERC-1155 tokens is like entering into a supermarket here in Nigeria with a dollar bill but being able to use it to buy products whose prices are in the local currency, Naira. The 'smart contract' is able to give the dollar equivalent of your desired products so you do not need to go looking for where to get Naira in exchange for your dollar.
In addition, you can buy many classes of goods at the same time(ERC-1155) instead of buying and paying for each individual purchase.

Furthermore, if by some means, you intend paying with your credit card and mistakenly send to the wrong address, the system verifies that the transaction has been carried out and reverses it when it's noticed it's a wrong address.

RULES FOR USING ERC-1155

1. Name: No more necessary since all metadata are now contained in an external JSON file.
2. Symbol: also not necessary since we are dealing with more general items.
3. It now uses the substitution string {id}. This helps reduce overhead costs.
4. ERC-1155 allows for the use of multiple languages
5. Using ERC-1155 assures the users of an accurate account of all token balances.

Ques 2. Find the amount of ERC-721 in supply as at the date of doing your homework.

✓Step 1. Go to etherscan and click on the three dashes on the top right hand.

✓Step 2. On the Dropbox, click tokens

✓Step 3. Again click ERC-721 top token

Step 4. You can see the supply of ERC-721 is 11,045.

Ques.3 Explain TRC-20 and check the amount of TRC-20 tokens existing as at the time of doing your homework.

TRC-20
Just like the ERC-20 on the Ethereum network, the TRC-20 created on the TRON network is a technical standard token used for smart contracts. It is implemented using the TRON virtual machine (TVM) which uses the same solidity programming language Ethereum uses.

This makes the TRC-20 compatible with ERC-20.
The TRC-20 is becoming a more preferred choice for users because it uses the Delegated Proof of Stake (DPoS) Consensus which is comparatively faster allowing for more volume of work to be done on the network at lower cost as against the ERC-20 which uses the Proof of Work Consensus model known to be relatively slow coupled with increased traffic on the Ethereum network making the average processing fee high.

The TRC-20 is also known as the USDT-TRON which is Tether's USDT issued on TRON.

There are developers who use TRC-20 tokens including:
✓Revain who uses TRC-20 tokens to reward users who gives honest reviews of their product.
✓JUST where users can collaterize their TRX tokens and borrow USDJ, a stable coin.

RULES FOR USING TRC-20.

1. Name: the full name of the token. It is not compulsory.
2. Abbreviation: it is also not compulsory
3. Precision: this refers to the least divisible unit of the TRC-20 tokens. For example, a precision of 1 means that the least it can have is 0.1. this rule is also not compulsory.
4. Total Supply: maximum number of tokens available. Compulsory
5. Balance of:
6. Transfer: this refers to tokens that are to be moved from the smart contract to users accounts. Compulsory
7. Approve: this gives a third party right to transfer tokens. Compulsory
8. Transfer from: gives a third party right to transfer tokens from user A to user B. Compulsory.
9. Allowance: this questions the number of tokens a third party can transfer. Compulsory.

To know the amount of TRC-20 in circulation,
✓Step 1. Go to tronscan and click on the three horizontal dashes on the top right hand corner.

✓Step 2. Click on tokens

✓ Step 3. Click on token tracker

✓Step 4. Click on TRC-20

✓Step 5. The total number of TRC-20 in supply is 15,985.

Special thanks to @pelon53 for this lecture. It has made me more knowledgeable about these tokens.

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