[Repost] / Crypto Academy Week 12 Homework Post for [@pelon53] / TOKENS PART 2: ERC-20 and ERC-721

diegopreman (58)in SteemitCryptoAcademy • 3 years ago (edited)

On this occasion, I will complete the homework given by professor @pelon53 which is discussing tokens.

Describe the ERC-1155 Token in detail

ERC-1155 is a token created by Ronan Sandford, Eric Binet, James Therien, Witek Radomski, Andrew Cooke, and Philippe Castonguay. ERC-1155 is a newly created token with a different idea and this token uses the same system as other tokens such as ERC-20 and ERC-721.

This token is known as multi-token because it uses one smart contract to display multiple tokens at once, the tokens that can be shown are ERC-20 or ERC-721 or both simultaneously at the same address. Instead of using a new contract for each token type, the ERC-1155 token uses only one contract to accommodate the entire system thus saving gas and implementation costs.

The ERC-1155 token was created to enhance the existing features of the ERC-20 and ERC-721 tokens. The ERC-20 token is very lacking in serving transfer transactions and if you experience a transfer error, the token cannot be overcome anymore. Meanwhile, ERC-721 has transaction problems which make having complicated and impractical transactions.

With the ERC-1155, it will solve all the problems that exist in the ERC-20 and ERC-721 tokens so that it will reduce complaints given by its users and can provide a friendly facility to its users.

The uniqueness of ERC-1155 Token

Transfer in large quantity
ERC-1155 allows users to make large transfers which make users have a new experience in making transfers on ERC-1155 tokens.
Many tokens
ERC-1155 can also expose multiple tokens on the Ethereum blockchain simultaneously in the same contract.
Good security
This token has very good security, ERC-1155 has a system to verify transaction security processes so as to reduce errors when making transactions.
Creating Multiple NFTs
ERC-1155 has the ability to create multiple NFTs and tokens at the same time.

Describe how you verified the number of ERC-721 tokens present when doing your job. Show screenshot (use etherscan)

To verify the current number of ERC-721 we will view it directly on the official website of Etherscan.

The first step is to visit the official website of Etherscan, then when the start page opens, click on the token option on the top right of the page and select "ERC-721 Top Tokens".

Then we will be taken to a new page and if we pay close attention it will show the current number of ERC-721 tokens on the left of the page.

At the time of this article made, the total number of ERC-721 tokens was 11,111. This is a unique number where all the numbers add up to 1 (LOL).

Describe the TRC20 Tokens and check the number of TRC20 tokens you have while you do your homework. Show screenshot (use tronscan)

TRC-20

TRC20 is a token made based on the Tron blockchain, TRC-20 token is a TRON platform token that has the same function as the token produced on the Ethereum blockchain, namely ERC-20.

TRC-20 is also useful for creating new tokens, platforms, or software that are designed and it should be underlined that the ethereum network or Tron network can be used to create new tokens. Apart from that, they are also mutually compatible and transactions can be extended to both ethereum blockchain network addresses on TRON. TRC-20 has the same characteristics as ERC-20 tokens so that TRC-20 tokens are compatible with ERC-20 tokens.

Initially, the TRC-20 token was created based on the Tron blockchain, it was created as opposed to the ERC-20 token which is a token made on the Ethereum blockchain network system. TRC-20 is often called the ERC-20 killer because it is compatible to rely on the Ethereum Network to generate tokens easily.

The advantages of the TRC-20

Versatility
The TRC-20 token features a Tron wallet that can be used on various devices, and this makes it easier for all smartphone users from various smartphone brands such as iPhone, Android, etc.
Transactions Per Second
TRC-20 is one of the tokens on the Tron blockchain which has a transaction capacity of 2000 transactions per second which makes TRC has a very fast transaction speed.
Transaction Fees
The transaction fees charged to the TRC-20 token are very cheap, which is as much as 0.000005 cents per transaction.
High Security
TRC-20 token has very strong security, this is because TRC-20 uses a peer-to-peer system that is very safe from hacking.
Flexibility
TRC20 tokens have entered almost all markets in all DApp based on the TRON blockchain, so it is very easy to buy and sell TRC-20 tokens.

Check the number of TRC-20 tokens

Checking the amount of TRC-20 tokens is now very easy.

The first step is to visit the official page of Tronscan, then select the "Tokens" option at the top of the website's home page, then after that various options will appear, then select the "Token Tracker" option.

After that we will be taken to another page, the next step is that we select the "TRC20" option on the right side of the page, this is done so that the number of tokens shown is only TRC-20 tokens.

The total number of TRC-20 tokens will be shown on the left. At the time of this article, the total number of TRC-20 tokens is 15,991.

Conclusion

The ERC-1155 token is a very good breakthrough in the Ethereum blockchain system where it is able to cover the various shortcomings that exist in other Ethereum tokens that are very troublesome for users, and the ERC-1155 token is a message that every existing token must be upgraded to a more high level.

Thank you for reading my article, I'll see you in the next article.

This is a repost of my homework post which was rated by the professor last week and did not get curated.