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

ERC-1155 TOKEN

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• 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

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

- 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

- Step 3: Click on token

- Step 4: select the ERC-721 token

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

TRC20 TOKEN

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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.

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

- 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

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

- Step 4: I selected the token tracker

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

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