Crypto Academy Week 12 | Homework Post for @pelon53 | Part 2-Tokens.

Greetings everyone. I am very happy to be able to take part in this week's task given by prof @pelon53. His lecture was pleasing and so much easy to understand. I am here to submit my task after making researches on my own. Let us get into it.

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Explain the ERC-1155 Token in detail.

ERC stands for Ethereum Requests for Comments. ERC-1155 token is another form of digital token that was brought into existence by Enjin. This can also be used in the development of both non-fungible and fungible benefits on the Ethereum platform. This is also an ordinary token that has a unique ability to make changes to the landscape of DApps within the platform.
Just like the ERC-20 and ERC-721 tokens, ERC-1155 is a similar token but was actually designed to produce useful tokens that aids in making the work of developers much easier by serving as a powerful tool they could rely on. With ERC-1155, developers can make use of both the ERC-20 and ERC-721 tokens to create contents that have both features of both.

Benefits of ERC-1155 tokens

1. Cost of transactions are lesser with this particular kind token as compared to those similar tokens out there.

2. With the ERC-1155, you are able to make so many transactions can be made to a particular address without and difficulty.

3. ERC-1155 tokens be used as either fungible or non-fungible tokens or even both.

Possible reasons why the ERC-1155 token was created

There are many factors that resulted in the creations of the ERC-1155 tokens. Below are some of those reasons.

1. It was created to take care of the incompatibility problem between the ERC-20 and ERC-721. So many DApps makes use of both ERC-20 and ERC-721 tokens, and that wouldn’t be possible without the existence of ERC-1155.

2. It was created to initiate a relationship between ERC-20 and ERC-712. Simply put, ERC-1155 makes it possible for developers to be able to use both fungible and non-fungible tokens in a single contract without any difficulty.

3. ERC-1155 tokens make it easier for users to be able to make bulk transactions at once and not sending them one by one with fees attached to each, hence reducing the cost fees.

Explain how you verify the amount of ERC-721 token existing at the time of doing your home work. Present screenshot (use etherscan)

Before I get into verifying the amount of ERC-721 tokens that are into existence, it will be fare to know what ERC-721 tokens are.

ERC-721 tokens are also known as Non-Fungible tokens. As we already know, NFTs can be used to act for items such as GiFs, videos, pictures and more. NFTs runs on the blockchain platform and legalize a non-interchangeable digital assets to a unique customer at a time. Now let’s get to the real deal.

Step 1. Go to google and search for etherscan since we are prompted to use that.

Step 2. When you are in the official site, click on the 3 horizontal lines at the right top conner. That’s if you are using the mobile version.

Step 3. In the drop down menu, select tokens.

Step 4. You will get a drop down menu again. Select ERC-721 top tokens tap.

Step 5. There, you will see the total number of ERC-721 tokens existing. In the screenshot, it’s a total of 11,103 token found.

Explain the TRC20 Token and check the amount of TRC20 tokens existing at the time of doing your homework. Present screenshot (use tronscan)

What is TRC20 token?

TRC10 has been available for users since the launched of the Tron platform but later on before the launch, TRC20 was introduced on the platform. TRC20 is used for smart contracts that are available and running on the Tron blockchain for token fulfillment with the Tron Virtual Machine shortly known as TVM.
More than 80% of the Tron based tokens we have are TRC10 tokens for the fact that they are so easy to create. Knowledge concerning programing languages are not required to create. What is only necessary to have is 1024 TRX in your wallet and following the steps provided in order to create a TRC10 token. But TRC20 makes Tron based tokens function more efficiently and even make them possible for customizations. For this reason, it’s more difficult to put up.

Differences between TRC10 and TRC20

1. With TRC10 tokens API accessibility is possible but not possible with TRC20.

2. Tracking TRC10 tokens are easy and does not require a third party to aid in tracking but with TRC20, you will be needing a third party platform for tracking.

3. TRC10 transaction fees are much lower than the transaction fees of TRC20.

Since we have an idea of what TRC20 is, we can get into the checking of the amount of TRC20 tokens that exists using tronscan.

Step 1. Since we are required to use tronscan, we will have to go to its official site to get accurate information.

Step 2. Now select the 3 horizontal lines at the right corner of the page and select tokens.

Step 3. Select token tracker from the drop down options.

Step 4. Select TRC20

From the screenshot, you will see the amount of total TRC20 tokens, which is 15,972.

Conclusion

I will conclude by saying the ERC-1155 tokens has brought drastically changes in the Ethereum platform. It has also brought ease to developers in order to be able to make use of both fungible and non-fungible tokens in the same project. And this has also improved the transaction processes making it much easier for users to transact without any stress. so its obvious that ERC-1155 is an important token in the cypto world.

Thank you!!! @pelon53