Crypto Academy Week 12- Home Work Post From @pelon53 |Token Part 2| ERC-20 & ERC-721| by kingworldline

Good day to you my fellow stemian. It is a thing of joy that I'm availed this wonderful opportunity to participate in this mind-blowing class anchored by our own all time erudite professor @pelon53. It is really an interesting topic and I am motivated to take part in sharing in the joy further learning by taking part in this assignment. Ok let's quickly get down to the main task of the day.

Question-1:
Explain the ERC-1155 Token in detail.

SOURCE

Answer:
ERC-1155 token is one of the novel kind of standard token of Ethereum. It has the ability to effect a massive change in the landscape DApps within the blockchain because of its multitoken capacity and notable amount of functions to avail a preferable user experience & programming.

The ER-1155 was developed by a aggregation of well meaning developers. Among these developers are.......

Witek Radomski,
Eric Binet,
Andrew cooke,
Ronan Standford,
Philippe castonguay, and
James Therien.

Ethereum is identified by its Tokens designed to enable the deployment of great contracts that is associated with them & their functionalities, & one of the most recent standards in that ideal is the ERC-1155.

The ERC-1155 has a unique ability that permits it to regulate the enormous quantity of both non-fungible and fungible tokens. It is an advanced version that can carry out all the activities of ERC-721 and ERC-20 in a more preferable way, effective and improvised.

A higher and improved version of the ERC token was necessary to write of the limitations observed in ERC - 721 and ERC - 720.

Limitations of ERC - 721 and ERC - 720
Few of the limitations as faced by ERC - 721 and ERC - 720 are thus......

(1) Wrong transfer retrieval issues;
One of the limitations encountered in them is that ist has no provision to retrieve any unintentionally or mistakenly made transaction and as a result would lead to a total lost of the transfer token which is very painful and inappropriate.

(2) Incompatibility;
Another problem to take into consideration is ehe incompatibility of ERC - 721 and ERC-20 tokens with each other. the contracts are very different in such a way that creating an extra functionality that links them is a very intimidating task, hence, would likely exert great impact on the potential failure, high commission cost and the network.

(3) Inability to multitask;
They are unavailable to perform multiple transaction. In other words you have to carry out each single transaction which you want to perform independently to send your tokens, which will not only take time but at the same time lead to increased charges.

The above listed limitations and more are the reasons it was necessary to sort for an upgraded version, hence, the ERC-1155.
The ERC-1155 had been designed in order to correct and at same time restore unity among the both worlds under same contract, perfecting the limitations already mentioned and as a result increasing efficiency in their management.
However, some of the upgraded features are...

(i) safe token transfer
The ERC-1155 posses a feature which makes it possible and easy for it to confirm if a transaction was done successfully. But in the case it identifies error in the inputted information in the process of the transaction, such transaction will be cancelled while the token will be sent back to the owner.

(ii) ability to multitask
The ERC-1155 avails the user the platform to transfer multiple tokens at a particular point in time without any hurdle.

(iii) Creation of multiple tokens in the same contract
The ERC-1155 enables the creation of one or more tokens whether non - fungible or fungible, within a contract.
With all these wonderful modifications as seen in the ERC - 1155, a user will be able to conveniently carryout his transaction with much stress, on time and at minimal cost

Question-2;
Explain how you verify the amount of ERC-721 tokens existing at the time of doing your homework.

source

Answer;
In order for me to verify amount of ERC-721, below are the steps...
(1) I logged in through etherscan, and the features in the image below was what I saw. Then I click on the icon at the top on the right hand side which took me to the next page...

(2) Among the options that appeared in the next page, I clicked token.... See image below

(3) when I clicked token I was taken to the next page where I clicked on ERC721 top tokens..... See image

(4) and finally, after clicking on ERC - 721, I was taken to the next page where the current price was displayed. See image below.....

Therefore, from the image above, the current price as at the time I was making this post,
A TOTAL OF 11, 138ERC- 721 token contract found

Question-3
(A) Explain the TRC20 Token and check the amount of TRC20 tokens existing at the time of doing your homework. Present screenshot (use tronscan)

SOURCE

Answer

The TRC20 which can also be called USDT-TRON, is actually Tether’s USDT that is issued on the TRON ecosystem.

The TRC20 is a proficient standard token, & It functions based on TRON’s block chain or network, making use of the TRON’s address.
This simply means that all the transactions carried out using the TRC20 is on the TRON network.

The TRC-20 is obviously one of the well known tokens present in the marketplace.
The operating system which works virtually that is known as Tron Virtual Machine, TVN, is used for the intelligent contracts working on the Tron network.
The TRC-20 enables in securing any transfer of tokens with minimal or even zero & this is why major traders accept and use it.

The technical standard which regulates the way smart contract is done in the activities of tokens on the ethereum platform is ERC-20.
The smart contracts inform the network the way to deliver to you what you want depending on the rules it develops and acts on.

FEATURES OF TRC-20

1, The users of TRC-20 can be able to customize the interface in order to gain access to the contract.

2, It's data transfer is with high scalability and it is free

3, Any transaction done with TRC-20 is very fast

4, It permits token swap, and it works very well on decentralised app

5, It is encrypted and has high security

(B) Checking the amount of TRC-20 Tokens existing till now using tronscan;

This is achievable in the following ways.....

• Surf the internet through tronscan. Then click on the icon as shown in the picture below

• Click token, see image

• Then click token tracker and this page will appear...
  ![Screenshot_20210507-223541.png](

*Then click on TRC20.....

mount

• Then you will see the present total amount of TRC20 as the time of making this post...

Thank you
Regards....
@pelon53

#pelon53-s2week4 #cryptoacademy #steemit #token2 #steemexclusive