Crypto Academy Week 12 - Homework Post for @pelon53 – || All About Tokens

Thank you, @pelon53 for your lecture. I’m getting to know more about more classes of tokens from your lecture.

I will be doing my best to answer your questions in this homework.

ERC-1155 Tokens: What they are
This is a digital asset created by Enjin that serves as a token standard used for the creation of other tokens: both fungible and non-fungible tokens.

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Built on Ethereum blockchain, ERC-1155 tokens are highly secured and seldom get hacked. By the use of ERC-1155 token, non-fungible tokens like digital cards, pets and in-game skins can be created.

In order to save cost, ERC-1155 is the new way to create tokens, because of the ease of bunding and more efficient trading of the tokens. It is used for both the creation of utility tokens like BNB and CAKE, as well as non-fungible tokens like the crypto kitties.

The optimizations available in the ERC-1155 standard ensures safer and efficient transactions. As the transactions can be bundled together, the cost of transferring different individual tokens individually is drastically reduced.

Number of ERC-721 Available At The Moment
Using Etherscan, the total number of ERC-721 tokens at the moment is 11,043. The screenshot is below.

TRC-20 Tokens Explained
Just as Ethereum, the Tron blockchain has a standard for its tokens called TRC-20. The TRC-20 tokens are digital assets built with this technical standard. It follows that anyone can build a token using this standard, thus making the token a TRC-20 token because it runs on the Tron Blockchain.

The Tron network runs on a delegated proof of stake (DPoS) consensus. There are only 27 validators to confirm transactions in the blockchain. This explains why the blockchain can accommodate high number of transactions at a high speed and lower fees.

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In the gaming industry, developers prefer the Tron network because of superior scalability involved and the low fees for several number of DAPPs to be created.

TRC-20 Standard Rules

There are rules governing the TRC-20 token standard. The rules are categorized into optional and mandatory rules.

Optional Rules
1.Token name means the full written name of the token, example Tron.
2.Token ticker means the abbreviation for the token name, example TRX.
3.The precision of the token is the minimum divisible unit of the token, example 1/18.

Mandatory Rules
1.Total supply means the maximum supply amount of the token that is issued in the Tron network.
2.Tokens can be moved from the smart contract to user account through transfer.
3.A balance off will return the token to user account.
4.A third party is approved to transfer tokens from one smart contract to another.
5.A transfer from allows a smart contract to take tokens from a user account and transfer elsewhere.
6.Allowance grant queries to the left over number of tokens to be transferred by a third party.

A number of tokens run on the Tron blockchain. This includes USDT, TRX, BTT, WIN, among others.

Conclusion
The categories of tokens are mostly based on their blockchain and the use cases. It is important we understand what each token stands for by tracing their blockchain.

Thank you for reading.

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