Steemit Crypto Academy Season 2, Week 4 Homework Post For [@pelon53] || Tokens Part -2 Types Of Tokens; ERC-1155 Tokens, ERC-721 Tokens , and TRC20 Tokens
Hello, @everyone I hope you will be enjoying good health as well as enjoying the natural beauty.
As Steemit Crypto Academy is running successfully as the hard-working and loyal professors are always providing the best and informative lectures in easy language and wording and the students are also learning the lectures and writing homework posts and getting rewards accordingly from the generous steemit team.
So I am also a student here and today I have attended the lecture of professor @pelon53 about the tokens, as I have already attended its first part and not w it is the second part to learn and earn. The lecture is full of info. So if you want to learn and earn then do not waste your time and join the class.
Today the world is going to be fully automated and tokenized. Everyone is talking about cryptocurrency in each house and street. There are a lot of tokens which are existing in the world of cryptocurrency and a huge amount of them are also coming to overcome the existing tokens. But these tokens are classified according to their purposes and uses. And in this recent homework task, we have to discuss 3 different types of tokens which are famous and are being used in their respective fields.
Q1.Explain the ERC-1155 Token in detail
As we have to talk about the ERC token so first of all I want to explain the term ERC so that w can easily understand it. ERC is an acronym that means Ethereum Request for Comment. It is basically a standard to run different applications on Ethereum. It is a required set of basic functions and properties and these functions allow applications and smart contracts to interact with each other. Anyone can run an ERC standard token but it is the responsibility of the creator to explain and clear the functions and properties of that ERC token.
ERC-1155
ERC-1155 is also standard for crypto tokens. And this standard has its own features and properties. It was introduced by the Enjin. As we have talked about the fungible tokens and non-fungible tokens in the previous classes. Similarly, this is the standard to create Fungible Tokens and Non- Fungible Tokens (NFTs). All the circulating fungible and non-fungible tokens have been made in this standard.
So we can say that this the standard to create both types of tokens which may be currencies or other cards, different animals, and much more to run a special and unique project.
Example Of Non-Fungible Token: Cryptokitties is a Non-Fungible Token (NFT) project. And it uses different Cryptokitties tokens which are made using ERC-1155 standard.
Example Of Utility Token: Utility tokens are also made by using the standard of ERC-1155. As there a lot of utility tokens that gave been made using this standard. As everyone knows about the BNB and Basic Attention Token ( BAT). Both the tokens are very famous and overwhelming the market as they are running the projects. BNB is the token of Binance exchange which is a utility token. Similarly, BAT is also a utility token and it was made to run the project if Brave Browser. This browser rewards its users for viewing ads in the form of BAT tokens.
Some Important Features Of ERC-1155 Token
As we know that the world is always advancing and new things are coming to overcome many issues with their new features and benefits. Similarly ERC-1155 has its own important features which are given below:
Today the safe transactions are very important and this issue has arisen that the transactions lost due to negligence. And ERC-1155 tokens provide safe transactions without loss.
Today hacking has become very common and many people mostly newcomers lose their assets. But ERC-1155 is safe from hacking as it is very hard to steal them.
The other major issue is the transaction fee which is going to be higher and higher and a part of the investment is lost in the transaction fee especially when the transactions are done separately. ERC-1155 tokens have the ability of bundled transactions with a low transaction fee. So In this regard, these may be helpful to save investment.
As in the previous standards, ERC-20 and ERC-721 whenever a new class of tokens was introduced a new contract address was required. But now due to the ERC-1155 standard, there is no requirement for a new contract address for the new class of tokens. In this system, a single smart contract address can handle an infinite number of tokens.
In the ERC-115 tokens, the information is based on the Json. So due to this opportunity, the language of the token is possible to change accordingly. For example, wallets and software which use ERC-1155 technology can be changed in the required language.
ERC-1155 tokens have their efficiency in the database record, then save all the data and record and make it secure to know the data or record of your account. It also keeps the record of a number of new tokens issuance and burning of tokens.
Q2. Explain how you verify the amount of ERC-721 tokens existing at the time of doing your homework. Present screenshot (use etherscan)
ERC-721 is another standard to create your tokens just like the ERC-1155. ERC-721 is an open standard token that gives information to create Non-Fungible Tokens (NFTs) on the Ethereum blockchain. ERC_721 tokens are unique and have their own specific qualities and features. This standard was introduced by the William Entriken. As many tokens are identical but these tokens are unique, not identical.
 | |  |  |
|---|---|---|---|
| Identical Tokens | ------- | Unique Tokens (ERC-721) |
In the smart contract of the ERC-721 tokens only unique tokens are allowed to trade, and stake.
Now I am going to show you how can we determine the total ERC-721 tokens which are existing in the crypto world.
So first of all we have to go to the https://etherscan.io/
Screenshot by etherscan.io Now click on the button
Tokens
Here you will see different token categories and we have to select
ERC-721 Top Tokens as I have highlighted it with the box and an arrow.
And after that, you will see an interface like this. So here you can see that there are 11137 ERC-721 Tokens. But it may fluctuate. It is the current quantity of these tokens which is existing here in the world of cryptocurrency.
Q3. Explain the TRC20 Token and check the amount of TRC20 tokens existing at the time of doing your homework. Present screenshot (use tronscan)
First of all, I want to tell you about the term TRC. It stands for the Tron Request for Comments. TRC20 is a standard that is used on the Tron blockchain for smart contracts. It is used to implement tokens with the TRON Virtual Machine (TVM). The TRC20 tokens are very important in the world of cryptocurrency. TRC20 tokens have a large bandwidth in trading and sharing of other information.
These TRON Tokens are free from the commission of holding and staking and there is specific required energy for the transaction. As TRC20 tokens are based on the Tron Blockchain so there are different and easy ways to swap your assets with less transaction and fewer swap fees.
We can easily trade and stake TRC20 Tokens on the public ledger. We can also get data of any transaction and any trade by using the explorer of the Tron blockchain which is tronscan.com.
There is always a question about security so in the TRC20 tokens, there is high scalability and security. Your assets are highly encrypted and there is also a feature of p2p trading that is secure and fast.
The transaction speed of the TRC2o tokens is fastest than that of ERC20 tokens. For example, let suppose we have a token just like the USDT which exists in the form of ERC20 as well as TRC20. But when we transfer both types of USDTs we see that the transaction of USDTs which are TRC20 is faster than that of the ERC20 Tokens.
Create your Own TRC20 token
There is no limit to creating TRC20 tokens because it is open for everyone to create their own tokens but still, there are some of the necessary conditions and requirements to create a TRC20 token. Some of them are given below:
- First of all you have to determine the symbol of your TRC20 Token.
- Then you have to determine the unique name of your TRC20 token.
- You have to determine the precision in the value of the price of the token.
- The main and most important condition is to determine the total supply of the TRC20 token.
- You have to determine a contract address for the TRC20 token to increase transparency.
- You have to build the roadmap and your goals of supply of your TRC20 token.
So now we come to our main goal to verify the existing quantity of the TRC20 tokens.
- First of all, we have to visit https://tronscan.io/ because TRC20 tokens are Tron blockchain-based so their data can be found from tronscan.io There you will see an interface like this as shown below.
Now we have to select Tokens as i have highlighted in the below screenshot.
There you will see drop-down options as I have shown below.
As I have highlighted you have to click on the Token Tracker after that you will see an interface like this as mentioned below.
After that we have to click on the TRC20 Tokens and in this way, we will be able to see all the information about the TRC20 tokens.
After clicking on the TRC20 Tokens we can observe that there are 16064 total TRC20 tokens.
This quantity is not constant and changes with respect to time because all the time new tokens are generated.
Conclusion
There a number of tokens with respect to their types and all these tokens have their own specific features and uses as I have explained in the ERC-1155 token. It has its own features and benefits on other ERC tokens. It is a multi-token because it is used to generate both the utility tokens as well as Non-Fungible Tokens (NFTs).
And it is easy to verify the existing quantity of the ERC-721 by using Etherscan as I have explained with the help of the screenshots. Similarly, we can also know the existing quantity of the TRC20 tokens by using Tronscan as I have explained with the help of screenshots.
Cc:- @pelon53
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TrufflePigGracias por participar en Steemit Crypto Academy:
Muy buen trabajo. Pero no leí la compatibilidad del token TRC20 Y ERC-20.
Calificación: 8.5
Thank you sir for checking my homework. I will make it better next time. I did not provide compatibility of TRC20 and ERC-20 because you did not ask in the homework task.