Crypto Academy Week 12 - Homework Post for Professor @pelon53 on Tokens Part Two.

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Token is generally an object representing anything whether physical or virtual given by a company as a means of transaction within its influence.

First of all ERC means ethereum request comments.
ERC-1155 was developed by Enjin, the following authors were involved in making ERC-1155 a success: Witek Radomski, Andrew Cooke, Ronan Sandford, Philip Castonguay, James Therien, Eric Binet.

ERC-1155 was created on the ethereum blockchain after the introduction and creation of ERC-20 which is a fungible token and ERC-721 non-fungible token.
ERC-20 tokens are of the same price value, similar, interchangeable and divisible a practical example is cryptocurrency that are exchanged during trade while ERC-721 is the opposite of the ERC-20,they are unique, non similar, not exchangeable and not divisible practical example digital arts, collectibles and among others.
The ERC-721 tokens are tracked or have id on the blockchain to provide the owners with proof of ownership of the original asset.

ERC-1155 was created to carry out the task ERC-20 and ERC-721 were unable to perform, the task which is that ERC-20 and ERC-721 cannot be linked together to carry out any single operation, because of this the ERC-1155 token was created which has the ability to merge the two functions of ERC-20 and ERC-721 as one function in an operation, since it can act as both fungible and non fungible in any operation because of this function of ERC-1155 it is termed as multipurpose.
Furthermore ERC-1155 improves upon the performance of the ERC-20 and ERC-721.

ERC-1155 guidelines

1)ERC-1155 enables use of various languages.

2)ERC-1155 ensures users of an accurate account of all token balances.

3)Metadata are on external Java script notation file.

Difference between ERC-721 and ERC-1155.

1.ERC-721 is limited to only non-fungible while ERC-1155 is both fungible and non-fungible.

2.ERC-721 supports transferring one token at a time which is costly such as 10nfts cannot be transferred unless one at a time(that is 15 to 30 seconds per token) but ERC-1155 can transfer multiple tokens in a single transaction(150-200 tokens per second) and also less costly.

3.ERC-721 requires new smart contract deployed for each new type of token leading to high gas fee because data storage is naturally expensive on the blockchain but ERC-1155 can be deployed in a single smart contract for infinite token types which enables easy token creation and reduction in gas fees.

Difference between ERC-20 and ERC-1155

a)For the ERC-20 when funds are transferred to wrong addresses the funds cannot be retrieved but with ERC-1155 when funds are transferred to wrong addresses the funds are retrieved.

Merits of ERC-1155
a)ERC-1155 enables atomic swap of any amount of tokens in just two simple steps.

b)ERC-1155 is used by growing number of games and projects in the ethereum ecosystem.

c)Lower transaction fees

Explain how you verify the number of existing ERC-721 tokens at the time of your task. Present screen capture (use etherscan)

To check the number of ERC 721 tokens, I go to the etherscan website.

^{picture from etherscan}

I then go to Token, which has the ERC 20 and ERC 721 tokens under it.

^{picture from etherscan}

I then click on ERC 721. and I can now see the number of ERC 721 in circulation.

^{picture from etherscan}

Explain the TRC20 Token and verify the number of TRC20 tokens that exist at the time of doing your homework. Present screen capture (use trunk)

TRC-20 is created on the tron blockchain, tokens are programmed on trons according to the trc-20 token standard.

Trc-20 token is implemented using the tron virtual machine which uses the same solidity programming language as the ethereum, moreover this enables trc-20 tokens and smart contract issued on tron to be fully compatible with erc-20 tokens this is done to make it easy for developers to port their existing app and tokens into the tron ecosystem.

Tether is a project that makes use of trc-20 token standard and also retain another project that makes use of trc-20 token standard.
Trc-20 tokens uses dpos(delegated proof of stake) while erc-20 makes use of the proof of work census which is known to be relatively slow compared to trc-20 tokens as traffic as increased on the ethereum supply and demand laws have driven transactions fees higher.

Trc-20 rules

1.Total supply: refers to the maximum number of tokens that can be issued on the platform.

2.Balance of : will reform the tokens balance of the users trons account.

3.Approve authorizes a third-party such as another smart contract to transfer tokens.

4.Transfer from: allows a third party such as another smart contract to take tokens from a user account and transfer them elsewhere.

5.Allowance:queries the remaining number of tokens that a third party can transfer.

6.Transfer: allows tokens to be moved from the smart contract to the users account.

To verify the number of TRC 20 tokens, I first go to Tronscan website:

^{picture from etherscan}

I then go to Tokens, and click on Track token:

^{picture from etherscan}

I am in a new page which shows me to total TRX token, I click on TRC 20 and I can now see the number of TRC 20 tokens.

^{picture from etherscan}

Conclusion

Imagine a world where money itself was diversified and very much easily transactable. money shouldn't only be something of functional value, we could also have money that is wort a piece of art, or rather a piece of art.

The crypto industry has opened a lot of freedom to the way we express transactions, and much more work is still being done.

Thanks for reading my homework. @pelon53, @steemcurator02.