Crypto Academy Week 12 - Homework Post for Professor @pelon53 on Tokens, Part Two by @Justice2550

Hello friends, it is a wonderful thing to be part
of this class delivered by professor @pelon53 on Tokens part 2. In this lecture, I will be exploring token which is built on the Ethereum blockchain. The lecture was an educative and informative and I'm here to write my homework task.

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EXPLAIN ERC-1155 TOKEN

ERC-1155 is a digital token created on the Ethereum network, that can be used to create both currencies which falls under fungible tokens and digital cards which falls under non-fungible tokens. ERC-1155 tokens are secured, tradable and it is immune to hacking. ERC-1155 was created and developed by Enjin.

FUNGIBLE TOKENS: ERC-1155 token is used for creating fungible tokens that act as a currency for different platforms. ERC-1155 token has an advantage in that,it allows many tokens to be created in the same contract. There are more ERC-1155 where there are multiple tokens.

NON-FUNGIBLE TOKENS (NFTs): This is a digital collectible cats. It has a unique feature in non-fungible tokens. Examples of non-fungible token is cryptokitty. It means that, cryptokitties are fungible and cannot be swapped with one another. In other words, non-fungible tokens are unique and it can not be swapped.

The ERC-1155 token has the ability to keep save tokens that act as if they were ERC-20 or ERC-721. The standard for ERC-20 and ERC-721 standard was developed by a group of people. Namely; Witek Radomski, Andrew Cooke, Philippe Castonguay etc. ERC-1155 has the ability to avoid so many fragmentation of tokens which today are still existing. ERC-20 and ERC-721 tokens had limitations before now but ERC-1155 was the answer to this limitation. There are possibilities in the ERC-1155. They are:

1. Mass Transfers: The standards for ERC-1155 is that, it allows transfers of large tokens in the smart contract. This implies that, non-fungible tokens or fungible can transfer many of these tokens in a single operation and it will be effective.

2. Integration token type detection: An ERC-1155 has an interface which is able to detect its behavior on its address.

3. Multiple tokens in the same contract : ERC-1155 can carry out operations of multiple tokens at the same time. Several fungible tokens for instance ERC-20 can be created by ERC-1155

4. Secure token transfer: one of the essential feature of ERC-1155 is the secure token transfer. Before transactions are completed,it verifies the transaction which has been carried out and wherein it could not verify the transaction, it reverts it to return to the user.

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HOW TO VERIFY AMOUNT ON ERC-721

The standard of this token is that,it has a single unique assets and values which cannot be divided. Which includes, skilfully programmed piece of art or real asset such as house. ERC-721 are referred to as non-fungible tokens. Collection of ERC-721 can be slow and inefficient when transferring so many pieces for a particular character in the verify. To verify verify amount on ERC-721, the steps must be considered.

1. Go the website and click onetherscan
   

2. Click on the option at the top right of the page.
   

3. Select tokens
   

4. Select ERC-721 top tokens
   

5. It will take you to a new page and it will show the current number of ERC-721 token.
   

At the time of this homework, the total number of ERC-721 was 11,151 ERC-721 tokens.

EXPLAIN THE TRC-20 AND AMOUNT OF THE TRC-20 AT THE TIME OF THIS HOMEWORK

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TRC-20 is a token which is made on the Tron blockchain. TRC-20 has the same function just as in Ethereum network ERC-20. TRC-20 is built on the smart contract which uses Tron network. There are rules that teaches how to create a TRC-20 token. TRC-20 has a bigger frequencies when it has to do with sharing information. TRC-20 has some benefits which are; In TRC-20, there is an absence of commission. This means that,no commission is charged during transactions. In TRC-20, there is no limitation in data transfer and also it is easy to trace legder through a public ledger. Another feature of TRC-20 is that, it is highly secured. No third person can tamper with the account.

HOW TO CREATE TRC-20 TOKEN

1. Create an address with a smart contract using Tronscan
   
2. Click on the option at the top right of the page
   
3. Select the token Option at the top of website
   
4. Select token tracker option
   
5. The total number of TRC-20 will be shown on the left.
   

The total number of TRC-20 at the time of this homework is 19,512 tokens.

In conclusion, I want to thank professor @pelon53 for this amazing lesson. It is my pleasure to be your student.