Crypto Academy week12- Homework post for @pelon53 || TOKEN PART 2 || Topic : ERC-20 and ERC-721.

in SteemitCryptoAcademy3 years ago (edited)
Am happy to be part of this week’s lesson by my awesome prof. @pelon53, I must say that your style of teaching is very comprehensive and detailed. Thank you so much for yet another wonderful lecture on token. Here is my homework task in details.

ERC-1155 TOKEN

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Image Source

The ERC-1155 was developed by some set of proficient developers with the following names; WITEK RADOMSKI , ANDREW COOKE , PHILIPPE CASTONGUAY , JAMES THERIEN , ERIC BINET and RONAN SANDFORD.
THE ERC-1155 is an improved version of the existing tokens like ERC-20 and ERC-721. The reason why it I considered and improved version is because it contains in it the solution to the limitation of the two token mentioned. It is a standard token with special ability of control on both fungible and non-fungible types of token. ERC-1155 is considered to be more efficient in that the errors associated with the ERC-20 and ERC-721 is being corrected in it operations. There wouldn’t have been need for this upgraded ERC-1155 if there weren’t limitations in the former ones (ERC-20 & ERC-721) . Some of the limitation include;
  • Limitation associated with transfer.
    If tokens are mistakenly or wrongly sent to an address, the token could be lost forever without any form of retrieval and this is as a result of the limitation of the previous ERC. So one has to be very careful when transacting with these tokens.

  • Inability to carry out multiple transfer at a go.
    Running mass transfer at a goal seems difficult especially under the ERC-721, you will have to send the tokens one by one and each transaction attracts it own charges thereby making the cost of transferring very high.

  • The problem of “transverse” is also a major limitation in the previous ERC’S.

ADVANTAGES OF THE ERC-1155 OVER ERC-20 AND ERC-721

It is important to note at this point that the reason why ERC-1155 was created is the bridge the gap of the existing ERC tokens and proffering solution to their limitations. Some of the advantage of the ERC-1155 over ERC-20 and ERC-721 are as follows; It is capable of carrying out a mass transfer of tokens (fungible and non fungible) and smart contract at a go in a single operation and with less charges. This has solved one of the pressing issues of both the ERC-20 and ERC-721 and also encourages trading in the system ERC-1155 has the ability to create more than one fungible token and can also describe them within the same contract. ERC-1155 has the ability to secure token transfer by verifying that a transaction has been done and successful but if otherwise, there will be a revert of the token to the issuer. Unlike the ERC-20,any transaction done by mistake is gone forever in most cases.

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Checking the amount of ERC-721 available (as at the time of doing this homework)

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- Step 1: I used my mobile device to access etherscan.

- Step 2 : click on the 3 parallel lines at the top right side of your browser

Screenshot_20210503-130829.png

- Step 3: Click on token

Screenshot_20210503-130853.png

- Step 4: select the ERC-721 token

Screenshot_20210503-130920.png

- Step 5: the existing amount of token is shown and mine is - 11,042 according to my screenshot.

Screenshot_20210503-130939.png

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TRC20 TOKEN

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Image Source

The TRC20 token is a token standard peculiar to the tron blockchain and it’s a very popular token in the marketplace. TRC20 helps in securing token transfer with little or no risk at all and this is why it is widely accepted by many cypto traders. The TRC20 is also known for it high energy level and massive bandwidth capacity especially when compare with the previous one (TRC10). From research,it has been established that creating a TRC20 token is suitable for startups and young entrepreneurs as it help in the raising of fund and also grant easy access into the market.

FEATURES OF TRC20.

  • TRC20 is operated on a very secured system through a peer to peer network and that is why it’s a bit difficult to cheat the system

  • TRC20 token can be swaped and used on decentralized apps.
    It can be easily traced on a public ledger solely because it has a source, the TRON blockchain.

  • Transactions with this token are swift

  • Users of this token can customize the interface and get access to smart contract.

In TRC-20,there are certain terms we have to understand and take note of in this system;

- TOTAL SUPPLY : this is the overall or highest number of tokens that can be issued on the platform

- BALANCE OF : this supplies or return the token balance of a user on the tron platform

- TRANSFER : this allows token to be moved from the smart contract to a tron users account

- APPROVE : this gives permission to third party to transfer tokens

- TRANSFER FROM: grants permission to a third party, to receive token from a tron user and transfer it elsewhere.

- ALLOWANCE : this helps to checks the number of tokens left that can be transferred by a third party.

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How to check the amount of TRC-20 (as at the time of this assignment)

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- Step 1: I accessed the tronscan with my mobile device

- Step 2: I clicked the 3 parallel icon at the top right side of my browser

Screenshot_20210503-131147.png

- Step 3: I clicked on token Having seen the menu

Screenshot_20210503-131235.png

- Step 4: I selected the token tracker

Screenshot_20210503-131255.png

- Step 5: I selected TRC20 and the result is 15,805

Screenshot_20210503-131642.png

Thanks you so much @pelon53 for the lecture well taught,I hope this assignment make you proud.

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Very insightful. I wish you success with your homework. Thanks for sharing.

 3 years ago 

Thanks @onos-steve

Gracias por participar en Steemit Crypto Academy:

Buen trabajo, sin embargo te faltaron algunos datos del TRC20 y las conclusiones.

Escala de Estimación.Puntaje.Observación
Explicar Token ERC-1155.2.2Buena explicación, pero falta de algunos datos.
Verificar Token ERC-721.1.0Bien explicado
Explicar TRC20.2.0Faltaron algunos datos importantes del TRC20.
Originalidad1.3Su propio trabajo.
Presentación.0.8Puede mejorar los títulos y las conclusiones.

Calificación: 7.3

 3 years ago 

Thanks for the remark @pelon..will take all these into cognisance next time.

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