CRYPTO ACADEMY WEEK 12 HOMEWORK POST FOR [@pelon53]|| TOKENS, PARTE 2: ERC-20 and ERC-721||

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Greetings to everyone.I wish to participate in the homework for Professor @pelon53 I really learnt a lot from his lectures.

INTRODUCTION
The Ethereum blockchain has a lot of tokens aside it's native cryptocurrency Ether(ETH).
Ethereum Request for Comments(ERC) has many forms which are ERC-20,ERC-55,ERC-137,ERC-162,ERC-165,ERC-181,ERC-190,ERC-721 etc.

QUESTION ONE

ERC-1155
ERC-1155 is one of the digital tokens in the Ethereum blockchain.It is used to create Fungible and Non-Fungible Tokens in the Ethereum network.
ERC-1155 combines the attribute of the functions of both ERC-20 and ERC-721 with high efficiency and ease.

WHY ERC-1155 WAS CREATED
It was created to mend the deficiency of ERC-20 and ERC-721.
For Instance,when you mistakenly send ERC-20 to the wrong address in a smart contract.The token is lost forever.
On the side of ERC-721 If you want to send say 15 NFT,you will have to make 15 different transactions and will pay transaction fees for each.This is expensive.
Worst still,ERC-20 is not compatible with ERC-721.

Therefore ERC-1155 was created to unite ERC-20 and ERC-721 by permitting the registration of Fungible Token (ERC-20) and Non-Fungible Token(ERC-721) using the same contract and address.source

FEATURES OF ERC-1155 TOKEN
•It is secure.

•Not susceptible to hacks.

•It is hybrid for Fungible and Non-Fungible Tokens.

•It uses a single smart contract to represent multiple tokens.

ADVANTAGES OF ERC-1155
•Allows user to create multiple token in one contract-One can have more than one Fungible Token or More than me Non-Fungible Token with a contract.

•Top-notch security as regards to token transfers-the transact reverses once it is sent to the wrong address instead of getting lost forever.

•Possession standard detection Interface.

HAS ERC-1155 FOUND APPLICATION??
ERC-1155 has found application in the game industry.For Enjin has used it in developing games.

QUESTION TWO

ERC-721 TOKENS
ERC-721 is one of the Ethereum Request for Comments (ERC) series.
ERC-721 Tokens are Non-Fungible Tokens that runs in the Ethereum blockchain.They were developed in 2017.
It is a token standard for Non-Fungible Ethereum Tokens which facilitates smart contracts to operate at tradable tokens.Its Non-Fungible feature means that each token in the contract holds a different value(unique).

FEATURES OF ERC-721 TOKENS
•Each ERC-721 Token has a unique name and symbol which gives access to Decentralized Applications (DApps).

•It has a field that defines the ownership of the token.

•It has a field called Owners which makes the token unique and crytographically protected.

•There is also a field called Approval and Thomas de possession.The former is for permitting another user to transfer token on the owners behalf and the latter to allow for possession of a certain number of tokens.

•There's also field for Submission, Owner Token by index and Metadata of the token.source.

USES OF ERC-721 TOKENS
One of the places that ERC-721 has found application is in CryptoKitties which is a Collection of unique and beautiful creatures of cats.In CryptoKitties each cat is unique,non-duplicatable,and is 100% owned by the creator (owner).

Decentraland another use case of ERC-721.Here a user can purchase or sell unique virtual lands without physically going to see or visit the land.

WHAT PROMPTED THE CREATION OF ERC-721

The key reason for the creation of ERC-721 token is to have a unique,non-similar and privatized token that cannot have a look-alike or resemblance with other tokens.

HOW TO VERIFY THE AMOUNT OF ERC-721 PRESENT AT THE TIME OF THIS POST
Follow these simple steps.👇

•Visit www.etherscan.io

•Click on Tokens.

•Click on ERC-721 Top Tokens.

•Notice that there are 11,242 ERC-721 Tokens at the time of making this post

QUESTION 3

TRC-20 TOKEN
TRC-20 Token is one of the most important tokens in the Tron blockchain.It is the token standard in the Tron blockchain.It has found application in creating TRC-20 tokens using Tron virtual machine.

FEATURES OF TRC-20 TOKEN
•It is compatible with ERC-20

•High amount of resources.

•Used for smart contracts.

•Transaction is secure

HOW TO SEND OR RECEIVE TRC-20

TRC-20 can be sent to recieved on ant wallet or
cryptocurrency exchange that supports it.I will Roqqu Exchange as an example.

HOW TO SEND TRC-20 TO ANOTHER USER
•Visit https://roqqu.com/

•Sign up if you are a new user.

•Log in if you are an existing user.

•Select TRON from the list of assets.

•Select Send Tron

•You will see a field to enter the recievers TRC-20 address

•Enter the recievers address and the amount of TRC-20

•Click Proceed and complete the transaction by entering your pin.

HOW TO RECIEVE TRC-20
Just follow the first three steps in the sending TRC-20 procedure.

•Select Recieve Tron

•Copy your TRC-20 wallet address

•Send the address to the sender.
NB:Sending any other token will lead to a permanent loss.

HOW TO CHECK THE AMOUNT OF TRC-20 EXISTING AT THE TIME OF MAKING THIS POST
To do that.Follow this simple step.👇

•Visit https://tronscan.org/

•Click on Tokens.

•Click on Token Tracker.

•Notice that you will see the amount of TRC-20 existing at the moment of written this post which is 19,445 Tokens.

**Thank you professor @pelon53 for the class.