Crypto Academy Season 2 Week 4 - Homework Post for [@pelon53] // TOKENS PART-2

Hi prof @pelon53, I am very happy to be a part of this lecture. This is my homework post

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ERC 1155

ERC tokens are in different types, some of which are ERC-20, ERC-998, ERC-1155, ERC-1337, ERC-1400, ERC-223, ERC-721, and ERC-777. However, we are talking about the ERC-1155 token standard in this case.

ERC 1155 are digital token standards that are capable of creating both fungible and non-fungible assets on the Ethereum blockchain. In full ERC means Ethereum Request for Comment. It was created in 2018.
It is capable of performing the same function as the ERC-20 and ERC-721, it can also act as both at the same time. It does this by creating a smart contract interface representing and managing any number of fungible and non-fungible token types.

It is also called the multi-token standard as it combines the features of other ERC standards and adding new features. It has large scalability; it can process a large number of transactions in a short time.

Why REC 1155 Was Created
The ERC-1155 came to correct the limitations of the ERC-20 and the ERC-721.

The main limitation of the ERC-20 is, it is unable to react well to ERC-20 transfers. When users mistakenly send tokens to the wrong address, the tokens get trapped forever in the contract. That results in tokens getting lost forever.

The ERC-721 also has its limitation. For example, it is not possible to obtain a token identifier directly. This means if you want to transfer 20NFTs to another account, you will have to perform the transaction 20 different times each with a commission charge.
Another limitation is that, when a user wants to know the status of their tokens, they must send a transaction to its network which will go through its million tokens, match them with the user's addresses and then deliver the response. this results in great inefficiency.

Example of an ERC-1155 standard
Enjin
Enjin is a project based on the Ethereum Blockchain. It has ERC-20 tokens and also supports ERC-1155 smart contracts. It is used in gaming content. Gamers use Enjin to deliver digital products. It is very reliable, convenient, and practical to use.
Enjin has a native cryptocurrency called Enjin coin. It is currently ranked 65th on https://coinmarketcap.com with a current price of $2.52, a market cap of $2,103,448,679., a circulating supply of 834,313,757ENJ and a max supply of 1,000,000,000ENJ.

Explain how you verify the amount of ERC-721 tokens existing at the time of doing your homework. Present screenshot (use etherscan)

ERC-721 standard is used to create assets that have unique and unchangeable features. It was founded in 2017.
Here is how to verify the amount of ERC-721 tokens using etherscan.

First, search for “etherscan” on google. Then click on Etherscan to enter their website.

Click on “Token” and select “ERC-721 Top Tokens” as shown in the window below.

Currently, there are 11,115 ERC-721 token contracts

Explain the TRC-20 Token and check the amount of TRC20 tokens existing at the time of doing your homework. Present screenshot (use tronscan)

TRC-20 is a token standard that is based on the implementation of smart contracts in issuing a token on the TRON network.
TRC-20 is the native token standard on the TRON blockchain and it is widely used on the market.
Tron is ranked 18th on coinmarketcap with a current price of $0.1543, a market cap of $11,060,217,942, a circulating supply of 71,659,657,369TRX, a total supply of 100,850,743,811.66TRX, and a market dominance of 0.4621%.

TRC-20 is very similar to the ERC-20 token and it is fully compatible with the ERC-20 token. However, fees on the transfer of USDT are much less and transfers are also faster when compared to the ERC-20.

STRUCTURE FOR TRC-20
The following structure should be followed to create a TRC-20 token. It consists of three(3) optional and six(6) required items.
3 optional items
• Token name: the name for the token
• Token abbreviation or symbol: it is usually the shortened form of the token name used for its identification
• Token precision: it is the minimum division unit of the token; it shows how many units the token can be divided into. The lowest is 0 and the maximums are 18

6 Required Items
• Total supply: it gives the total supply of the token
• Balance of token: it gives the balance of the owner’s account
• Transfer to: it enables a user to transfer tokens from the smart contract to an address
• Approve: it is used to allow third parties to send tokens from a user’s account
• Transfer from: it is used to enable third parties to transfer tokens from one account to another.
• Allowance: it gives the remaining amount of the token the third party can transfer.

Checking the available amount of TRC-20 tokens

Search for “tronscan” on google. Click on “Tronscan" to enter their website

Find “TOKENS” on the top part of the window and click on it. Then select “TOKEN TRACKER” from the menu list.

Find TRC-20 in the tabs on the right side of the screen and click on it to display information about TRC-20
Currently, there are 15,986 TRC-20 tokens.

Thank You @pelon53 for this wonderful lecture, it broadened my knowledge of the various type of tokens.