Crypto Academy | Season 2 Week 4: Homework Post For [@pelon53]-Tokens Part 2
Good day Steemians.Thank you for the lecture, Professor @pelon53.
was overwhelmed with his previous lecture, "Tokens part1", but out of
Busy schedules I couldn't partake in the homework post. This week is another great week with an important topic and I am glad I am able to partake in this lecture. This is my presentation on the homework.
assigned by professor @pelon53 after his lecture on "Tokens part 2"
Explain the ERC-1155 Token in detail.
ERC-1155 Tokens
First of all, I'll like to define what ERc tokens are in general. The ERC
Tokens are tokens that are based on smart contracts. They use the Ethereum Blockchain Technology
They are either fungible , semi-fungible or non-fungible.
ERC-1155 is one of the ERC tokens. It's a secured and tradable digital
token on the ethereum network. It is used to make both fungible and non-fungible materials. It is a semi-fungible token because it can be used with both fungible and non-fungible tokens.
The ERC-1155 tokens were created by Enjin. They are used to represent
funds items and assets on the Enjim platform for its gaming multiverse.
The ERC-1155 tokens allow storing and creation of infinite items and
assets in a one smart contract with less data consumption. With ERC-
1155 tokens, it is possible to secure transactions together and this has
made transactions cheaper.
The ERC-1155 creation combines the functionality of both the ERC-20 and the ERC-721 protocols. Hence, they can perform equal functions as both previous tokens at the same time. With this, it has added value to the ERc-20 and ERC-721 tokens.
Enjin is one of the current active users of the ERC-1155 tokens. in
Enjin, they build minecraft games powered by the Enjin coin which is an ERC-20 token and links them with smart contracts. With this, those
who develop games can then create ERC-1155 tokens which can be either
fungible or non-fungible and people can trade those tokens on the Enjin
marketplace and can even exchange them for the ENJ coin. This is
What caused the massive growth of the Enjin platform in the game?
development industry.
Some key Features Of The ERC-1155 Tokens
In ERC-1155 tokens, one smart contract can work on multiple tokens at
Because of the implementation of atomic swaps, users can exchange tokens securely at any time and in any project that uses ERC-1155 tokens.ERC-1155 tokens make it possible to to store and create unlimited
amount of tokens in one transaction.Through the transfer of tokens to an address, functions can be executed on a smart contract
All token metadata in the ERC-1155 standard has been transferred to a JSON file, and the name and symbol are no longer part of the core standard, but they can be defined in a JSOn standard.
Explain how you verify the amount of ERC-721 tokens existing at the time of doing your homework. Present screenshot (use etherscan)
These are the steps to follow in order to verify the amount of ERC-721 tokens available at this moment on etherscan
I. Visit etherscan.io website
II. On the frontpage, click on the three lines at the left corner as shown in the picture below
III. click on Tokens then click on "View ERC-721 transfers"
IV. After clicking that, the amount of ERC-721 tokens available at this moment will be shown, the amount of ERC-721 tokens
available this moment is 11,117 tokens, I have cycled that in the picture below
Explain the TRC20 Token and check the amount of TRC- 20 tokens existing at the time of doing your homework. Present
screenshot (use tronscan)
TRC-20 Tokens
The TRC-20 is a token standard of the Tron blockchain. It's a specialized standard which is utilized for smart contracts on the TRON blockchain for application tokens with the TRON Virtual Machine (TVM). It is completely viable for ERC-20. The TRC20 network makes this
standard to designate a specific standard for the smart contract
applied to that token. The standards are not the same as one standard to
another. The token standard of the TRON coin assists with making TRC-20 tokens in the establishment of the smart contract appropriately. Similarly as Ethereum, like many other cryptocurrency blockchains, has its own specialized ERC-20 token standard. As a public blockchain, anybody can issue their own TRC-20 token by applying similar essential arrangement of rules, and their token is compatible with any of the other applications running on the TRON cosystem.
In the making of the TRC-20 tokens, the TRON group depended on the ERC-20 token and improved it. TRC-20 upgrades are being implemented.
on making its administration more adaptable inside a blockchain dependent on the proof of the Sake convention, for which the stage has reached significant degrees of execution and adaptability. The utilization of this sort of tokens has advanced decentralized applications in Tron, making its positioning in consistent development,particularly because of the enormous number of exchanges and the all out capital that these applications activate.
Some advantages of the TRC-20 tokens are that it is not difficult to interface with the Dapp eco-framework using TRC-20 tokens,It's thoroughly free and open cycle, no exchange cost, and quick conveyance and it also assists with creating TRON Dapps
These are the steps to follow in order to verify the amount of TRC-20 tokens available at this moment
I. Visit tronscan.org website
II. On the frontpage, click on the three lines at the left corner as shown in the picture below
III. click on Tokens then click on " Token records"
IV . After clicking that, the amount of TRC-20 tokens available at this moment will be shown, the amount of TRC-20 tokens avaible this moment is 19,346 tokens, I have cycled that in the picture below
Special thanks to professor @pelon53 for his efforts in making us understand the tokens business. Thank you professor
cc:
@pelon53
Hola @salamdeen
Gracias por participar en la Academia Cripto de Steemit.