The Homework Task Steemit Crypto Academy Week 12 - Homework Post for @pelon53

##ERC-1155 , TRC-20 AND ERC-721 TOKEN

The ethereum blockchain network is one ecosystem of innovation and flexibility . This platform has helped in making blockchain technology popular because of its decentralized apps(DApps) and the great number of tokens operate using Ethereum blockchain.

The ERC 1155 token was brought about by the design of the ERC-721 and ERC2-20 tokens , and was introduced to cover for problem of having to create multiple smart contract(although with little differences like , name and subdivisions ) , and this in turn leads to the waste of power and data ,as every computer in the blockchain network would have to store information about the interface and programming codes of all tokens in the network.

The ERC-20 Token standard only allows for the operation of fungible tokens and the ERC-721 was designed to allow the operation of non-fungible tokens (NFTs).

The ERC-1155 is a complete package as it uses just a single smart contract to for both fungible and non fungible tokens and their intermediaries, and it can process a lot of transactions at same time thereby reducing the cost of gas and making the operation faster easier and cheaper.

How does the ERC-1155 help developers?

The ERC-1155 tokens, because of its hybrid nature ,allows software developers to create fungible tokens , and non-fungible tokens, thereby granting developers access to program in a much more dynamic way. It also helps to reduce the cost of gas ; since there is no need to create multiple smart contracts ; and the amount of codes required to mint or create tokens.

will this new standard be compatible with the previous ERC-20 , ERC-721 and other semi-fungible tokens?

Oh yes, the ERC-1155 tokens will be backward compatible with ERC-721 and ERC-20 , which means that the ERC-1155 tokens can operate with certain smart contracts on the Ethereum blockchain, such as those affecting the markets and decentralized ones just like their predecessors and also with other semi-fungible tokens .

Why exactly were ERC-1155 standard created, and what are the limitations of the ERC-20 and ERC-721?

Limitations of ERC-20 Standard tokens
The ERC-20 (fungible tokens) has a limitation of lack of reaction to ERC-20 transfer events , in other words once a user makes a transfer to a wrong wallet address , there is no way to confirm the destination or a system to reverse the funds , that means once such errors occur , your tokens are lost in the system and cannot be recovered.

Limitations of ERC-721 S tandard tokens

This standard of tokens allows for the creation or minting of non-fungible tokens(NFTs) . The major limitation of this standard is it’s inability to perform operations; say transfer of tokens, at the same time. In other words if you want to transfer a certain unit of NFTs , the transfer is going to be performed “ one at a time” meaning if you have to transfer a hundred units of NFTs , you will have to do it one after another and you will have to pay gas fee on each of these operations .

How to verify the amount of ERC-721 Tokens using Etherscan.io

pelon53

The total amount of ERC-721 token ( non-fungible tokens ) is 11,138 ( as at when writing this report)
STEP 1: Log on to Etherscan.io on your browser.

STEP 2: Click on the “menu” icon at the top right hand corner of the home screen.

STEP 3: Click on the “ Tokens” icon to reveal the submenu.

STEP 4: select that ”ERC721 Top Tokens “ icon .

STEP 5: Read the value bellow the search icon

THE TRC-20 STANDARD TOKENS

This breed of tokens are very popular in the cryptocurrency ecosystem today. The TRC-20 standard tokens unlike the ERC-20( which uses the Ethereum blockchain) uses the TRON blockchain. This standard implements smart contracts on the Tron blockchain to issue tokens . The TRC20 standard coin include Tether, Revain,etc.

TRC-20 can be traded with a stable coin like the USDT-TRC20 .
All transaction , like the sale , swap, buying of TRC20 standard tokens are carried out on TRON network as it uses TRON address.

What is the amount of TRC-20 Tokens available right now( as at when writing this report)

The total amount of TRC-20 Tokens can be verified using the website Tronscan.org, and as at when writing this report, the total amount of TRC-20 tokens is 16,068 .
Procedures for checking the amount of tokens available using TRONSCAN

STEP 1: Log on the website ( Tronscan.org) on your browser.

STEP 2: Click on the “menu”icon at the top right hand corner of the homepage.

STEP 3: select “ tokens” icon

STEP 4: Click on “ Token tracker” icon in the submenu .

STEP 5: Click on the “ TRC20 ”icon and read the value just bellow the icons.