Hi great steemians, hi Steemitcryptoacademy professors, I trust you all had a nice day. I am pleased to be writing on the homework given by

Honourable Professor @pelon53

About ERC-1155 token

The ERC-1155 token is a trending form of standard token contained in Ethereum platform. Ethereum is widely recognized for the tokens on its platform developed to bring about the activation of smart contracts relative to them and their various functions.

The motion of the ERC-1155 is very easy as it seeks to bring up that smart contract interface which could represent and handle infinite numbers of non-fungible and fungible token types. This simply implies that the ERC-1155 token has the ability to function as an ERC-721 token, an ERC-20 token, and the both tokens simultaneously. One beautiful thing about the ERC-1155 is that it has improved functions of the ERC-721 and ERC-20 token standards, hence increasing it's efficiency and also bringing to an end some of the well known implementation short comings of the ERC-721 and ERC-20 standards.

The ERC-1155 standard was designed and developed by Witek Radomski, James Therien, Ronan Sandford, Andrew Cooke, Eric Binet and Philippe Castonguay,
The ERC-1155 token is completely described in an Ethereum Improvement Proposal (EIP-1155).

Advantages of ERC-1155

• Massive transfer per operation:
ERC-1155 standard makes room for massive transfers specially of the tokens shortlisted in a smart contract. Hence, one can make an effective transfer of several tokens under the ERC-20 or ERC-721 standard or even both in one single operation thereby saving the cost of repeated transactions.
• Multiple tokens in the same contract:
An ERC-1155 could produce a single or multiple fungible tokens and can also describe a single or multiple non-fungible tokens and perform all these within the same smart contract, hence programming and deployment is facilitated.
• Token transfers are secure:
One of the interesting embodiment of the ERC-1155 token is it's security of transferred tokens. To accomplish this feature, the ERC-1155 standard smart contract contains a unique function which help to verify if a transaction has been successful or not. If not successful, it returns the token back to the control of the issuer. Hence, when you send your token to a wrong address and you are not able to process your transaction, your transfer goes void and your token reverted into your control.

How To Determine the Number of Existing ERC-721 Tokens

Here, I will make an attempt to determine the number of ERC-721 tokens which currently exist using the etherscan website

1 When on the first page of etherscan.io, click on 'tokens' as in the picture below.

2 After clicking on tokens, a menu will pop up . On that menu locate and click on ERC-721.

3 On the next page that opens which tells information about ERC-721 tokens, I could see that at the time of my screenshot,the total existing ERC-721 tokens are 11,041 tok

After doing this, I have successfully determined the number of Existing ERC-721 tokens using etherscan.

Explain the TRC20 Token

TRC20 tokens belong to one of the fast rising tokens in the crypto market. In addition, the TRC20 tokens are turning into the main focus of people who want to engage in crypto token trade. In general, TRC20 token can be said to be a technical standard whose base is on smart contract implementation when utilizing Tron blockchain to produce a TRC20 token. TRC20 standard aids investors and traders to carry out token transactions securely in a zero risk manner.

Advantage / Importance of TRC20

• Extra logic which is not present in TRC10 standard can be implemented using the TRC20 token
• With the aid of Tron Virtual Machine, the TRC20 standard is important in design and development of TRC20 tokens.
• TRC20 standard posses a higher bandwidth capacity and energy level than TRC10 standards. This in turn motivates startups to want to work with TRC20 standard token.
• TRC20 tokens management is in a very secure system via a dispersed peer-to-peer network. Since they are linked to a very secure blockchain network which they are dependent on, there is no fear of security breach.
• Users who own the TRC20 tokens can without restrictions, use information stored in them because it can easily be followed up on a public ledger since relies on a blockchain network.
• On the tron wallet, TRC20 tokens are traded and supported by many devices like windows, iOS, android,and mac. This fact makes it easy to acquired and used by more people.

How To Verify the Amount Of Existing TRC20 Tokens

• First, I open the and click on Token as shown in the picture below tronscan website
•
• Next I click on Token Tracker from the drop down menu.

• On the page that comes up, I can see the total TRC20 Tokens in existence as at the time of my screenshot is 36,406 Tokens.

Summary

In the course of this homework,
• I have been able to understand what ERC-1155 tokens really are, the purpose of it's creation and it's edge over ERC-20 and ERC-721 tokens.
• • I have been able to verify the total ERC-721 tokens in existence at a particular time.
• I have also understood what TRC20 Tokens are and their functions and edge over the TRC10 tokens.
• • lastly, I am able to verify the existing amount of TRC20 Tokens at any given time.

Thank you very much professor @pelon53 for such an awesome lecture and a practical and expository homework.

#pelon53-s2week4 #cryptoacademy #nigeria
#betterlife #tokens