Crypto Academy HomeworkPost for professor@Pelon53 by@Nikoyana

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1.Explain the ERC-1155 token in detail.
In my own words ERC-1155 combines and improves upon the features and functions of ERC-20(fungible) cryptocurrencies and ERC-721(non fungible) digital art,collectibles etc.

Erc-1155 is an ethereum token standard and also enables the creation of every type of asset whether fungible or non fungible assets.

Erc-1155 token was developed and created on 17 June 2018 also built on the ethereum network by authors Whitek Radomski, Andrew Cooke, Philippe Castonguay, James Therein, Eric Binet,Ronan Sandford, also Erc-1155 has a standard track type and from the erc category with a final status.

Erc 20 is a fungible token and Erc721 is a non fungible token both token cannot work together that is they work separate from each other that was why the ERC 1155 tokens was produced to combine and improves upon the functions of erc-20 and erc-721 that is ERC 1155 token was created to solve the limitation of both erc20 and erc721 based on ERC 1155 tokens can serve as a non fungible(collectibles) token and fungible token(currencies) at the same time or both together, therefore enabling operations to be performed faster and easier.

Erc 1155 is termed as multiple token standard because it allows the transfer of multiple tokens in a single operation and also at a faster rate which enables the user to save transaction fees.

Why was ERC-1155 created

a)Secures token: with erc 20 token when a user sends token to wrong addresses the token is lost forever, but with the introduction of erc-1155 when users send tokens to wrong address the tokens will be reversed to the user and the user can continue with the operation.

b)Multiple transfer of token:
One of the limitation of erc-721 tokens is when transferring collection of tokens it has to be done separately with each token and becomes slow , since all tokens cannot be transferred at once but one at a time which leads to increase in cost for the sender because the number of tokens being sent will be multiplied by the cost, but the erc 1155 came in to solve this defect by offering multiple transfer of tokens at once and reducing the cost for the sender also faster than erc 721.

Advantages

a)Massive or large transactions at a time.

b)Secures the transfer of tokens.

c)ERC-1155 can serve multiple purpose or both purpose at the same time that is Fungible(currencies) and (non fungible( collectibles).

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

Step1
First log in with etherscan.io

Step 2
Click on this icon

Click on tokens

Step3
Click on ERC 721 top tokens

Step 4
Check the amount of erc-721 tokens available

Observation: as at 3rd may 2021 11,044 erc-721 tokens were available.

3.Explain the trc-20 token and check the amount of token existing at the time of doing your homework using tronscan

Trc 20 token are built on the Tron platform. Tron is a stable blockchain platform introduced by Justin Sun in december 2017.

Trc-20 tokens are similar to erc 20 tokens and trc-20 tokens are created through smart contracts on the blockchain using the tron virtual machine also compatible.

A typical example is the usdt-tether.
Trc 20 token was created because of the shortcomings of the trc10 tokens.
Trc-20 tokens enable traders to carry out secure token transactions in a risk free way.

TRC 20 token checking the amount of token existing

Step 1
Log in tronscan.org

Step2
Click on this icon

Step2
**Click token **

Step 3
Then select token tracker

Step 4
Click TRC 20

Step5
Check the amount of trc 20 existing

Observation :15, 972 trc-20 tokens were existing as at 6th may 2021.

Conclusion

Erc-1155 token creation brought about an end to inconveniences of the erc 20 and erc721 tokens,as trc-20 tokens to trc-10 tokens also.Thanks to the lecturer @pelon53 for this wonderful assignment which has widen my knowledge.

cc:
@steemcurator01
@steemcurator02
@pelon53