Steemit Crypto Academy Season 2 Week 4 HOMEWORK TASK BY @fadil1 : TOKENS PART 2

Good day everyone,

Am very glad to be part of this great lecture once again and I will thank our one and only professor @pelon53 for that wonderful lecture on tokens part 2. I really learnt a lot and am humble here to present my homework task.

Let’s get to serious business,

ERC-1155 TOKEN

The full meaning of ERC is Ethereum Request For Comment which was created by Ethereum in 2018 so therefore it is termed as a newly created token. In ethereum, it is made possible to perform some certain functions which at first was not able to.In terms of making transfers ERC-20 and ERC-721 possesses some style which is very limited but the ERC-721, it is made possible on the platform to perform different and many tasks. So therefore DApps on the platform are been adjusted. This token is also made to achieve some adjustment in a matter that the symptoms they give out that’s with ERC-20 and ERC-721 moves differently but perform the same function. It works out smoothly without any intervention. The ERC-1155 token is named as a token with different many tokens.

ERC-1155 tokens provide what we call solution to any mistake that will hinder in an ERC-20 token. Example like in the process of transferring them a mistake pops up ERC-1155 tokens gives you the chance to cancel any mistaken transaction and when it is done successfully your tokens will be reversed back to you. This ERC-1155 token also works with fungible and non fungible tokens and so therefore the charges claimed when making these transactions are at a lower cost and it is made possible because a lot i tokens can be sent to a single transaction.

In ERC-1155,ERC-20 and ERC-721 there is something which is termed as smart contrast and with these the ERC-1155 is enhanced than the other two because a huge number of tokens can be managed by it.

REASONS WHY ERC-1155 TOKENS WHERE CREATED

The main reason it was created was to eliminate certain conditions from either ERC-20 and ERC-721 tokens. There are some certain smart contracts constructed to function its works which makes the ERC-20 tokens look so good.

And also, just between the ranges of ERC-20 and ERC-721 tokens in a section of rapport is been created with the ERC-1155 token. There are some key facts available which shows why ERC-721 token is the one and only token with the help of some contracts make them unworkable a bit. Provided with the ERC-1155 tokens, there is a smart contracts which makes makes it possible to take part in the ERC-20 and ERC-721.

ERC-20 transactions are been created in the system whereby fungible tokens are made from it and with this it is not built but interchanges. So this means that if the one trading does a mistake in making transfers in ERC-20, you will never get back your funds do this made them create ERC- 1155 to solve this because a lot of resources has been lost in the process.

ERC-1155 TOKEN FEATURES

Below are some of those features:

1.Multiple transactions: With this, the same contract in the same time can be used to make different transactions.

2.Security: On ethereum platform, the ERC-1155 has a high level in terms of security.

3.Lower Cost of Transfer: This helps decrease the rate of transfer charges when one makes a transaction.

4.Multiple purpose: Fungible and non-fungible tokens can be constructed at the same time in the ERC-1155 token.

HOW I WAS ABLE TO CHECK THE EXISTING AMOUNT OF ERC-TOKENS AT THE TIME I WAS DOING MY HOMEWORK

To check or to find out the amount of token existing in a particular time, there are some certain steps you need to follow.

Am kindly here to take you through all the steps involved and also with the help of screenshots to make everything clear.

Below are the steps involved:

Step 1

With the help of any of your search engine,search https://etherscan.io/ to open.
The face of the website pos up.

Step 2

Click on tokens at the position I circle and another drop down menu will pop up.

Step 3

On the same menu kindly click on ERC-721

Step 4

You can see that from where I circled a total number of 11,151 ERC-721 at the current time of submitting my homework.

HOW TO CHECK THE NUMBER OF EXISTING TRC20 TOKENS

Below are some steps one need to follow when checking the number of TRC tokens in a particular time and how it exist.

This steps listed will come along with screenshots to see a clear view and so doing the Tronscan website will be used.

Step 1

With the help of any search engine search for https://tronscan.org/to open.

A pop up menu will appear which shows the interface of a Tronscan website.

Step 2

Click on Tokens on the menu

Step 3

A drop down menu will pop up then you click on Tokens Tracker.

Step 4

From the window that will appear, look at the left hand side you will see TRC20 then you click on it and at the right hand side it shows the existing TRC20 tokens.If you can see clearly you will that an amount of 19,467 are present at the time of doing my homework task.

CONCLUSION

In brief, I really learnt a lot and now I know that in an ethereum platform ERC-115 works in combination with ERC-20 and ERC-721 which makes it function as one. And charges during transactions are very higher in ERC-1155 than in ERC-20 and ERC-721.

Thank you very much professor @pelon53 for that wonderful lecture and I hope my work will be considered. May the good Lord be with us and bless us all.