Steemit Crypto Academy Season 2 : Ethereum Token Standard Network

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In the past, before the popularity of Blockchain technology, people still used the banking financial system to fulfill their capitalists. However, the community began to realize the decentralization problem built by Satoshi Nakamoto. This is because the centralized system they have been using so far is one thing that is not very transparent to do.

As an invention that made the various types of tokens the standard that is so widely used in cryptocurrencies today, the Ethereum network has a token standard so popular that it can almost monopolize the competition.

The introduction of Ponzi schemes in the use of traditional financial systems for the introduction of smart contracts into the world can encourage developers and build a platform to be able to invest independently.

ERC-20 (Standard for Fungible Tokens)

ERC-20 is the naming of functions and parameters included in standardization. This is done in order to simplify the system with a single interface so that all tokens that are compatible enough can communicate with one another on the same interface.

ERC-20 is a token standard that runs on the Ethereum network which was created in 2015 by fabian Vogelsteller. So this can create a unique contract in cryptocurrency.

So every token that is in the ERC-20 has the same value and basically it is a token that cannot be exchanged for other assets. ERC-20 itself has a reference that we can see from the data on Etherscan which currently reaches 396,099.

TRC-20

ERC-20 designed TRC-20 in Tron to match it on Ethereum so that TRC-20 is compatible with existing scripts in ERC-20. Each developer will be able to make a direct move to the TRC-20 without having to recode it.

To run a smart contract on the TRC-20, every developer needs bandwidth and the user needs a name called Energy. This is a transaction fee to be able to run a smart contract in TVM (Tron Virtual Machine).

For the amount of energy needed, of course, it depends on how complex the TRC-20 is made. There are currently 39 contracts on Txns.

ERC-721 (Standard for Non-fungible Tokens)

ERC-721 is a standardized token so that it can display such as physical assets, baseball cards, digital pets or weapons used in games. This token is arguably a more up-to-date ERC-20 token. Each token has many and different values.

Ownership for this ERC-721 token will allow and determine for a series of behaviors and events including first ownership and information about non-exchangeable items.

ERC-1155 (Standard for Fungible and Non-fungible Tokens)

Using the network on Ethereum makes the ERC-1155 highly secure and tradable and highly secure from breaches. These tokens can be in the form of exchanged and non-exchangeable assets such as (collect cards, pet cards, and in-game assets).

Development in games and blockchain platforms can standardize these tokens to emerge and allow many game developers to create and issue various types of tokens. Because the standardization of these tokens can trigger the presence of ERC-1155 and the advantages of sending various types of tokens that can help to make trades and bundling transactions to save expenses.

Conclusion

Every advantage and drawback will be attached to every standardization and this process is very important so that the entire ecosystem can grow. As in an ecosystem that has needs in accordance with these developments. Perhaps the thing that can be done now is to use an appropriate token standard. So that each of these developments is in accordance with the information we get.

The world of cryptocurrency allows us to be able to find a gap that we can work on and will continue to grow in the future and eventually we can consume various types of coins in it.

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Cc. @pelon53

Regards,

@kemal13