Crypto Academy Season 2 Week 4 Homework Post for (@pelon53) - Token Part 2

I am happy to be part of this week's lesson by my wonderful prof. @pelon53. The teaching is well detailed. Here is my homework in details.

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ERC - 1155 TOKEN

The ERC-1155 token is a kind of standard token that can store under its control, tokens that can go about as though they were an ERC-20 or ERC-721 token, or both simultaneously under a similar address.

The idea is straightforward and looks to make a smart contract interface that can represent and control quite a few fungible and non-fungible token types. Along these lines, the ERC-1155 token can do similar function as an ERC-20 and ERC-721 token, and surprisingly both simultaneously. Furthermore, the best part is that improving the usefulness of the two norms, making it more effective and correcting obvious execution mistakes on the ERC-20 and ERC-721 standard. This standard was created by Witek Radomski, James Therien, Philippe Castonguay, Eric Binet, Andrew Cooke, and Ronan Sandford.

The ERC-1155 token is completely explain in an EIP (Ethereum Improvement Proposal), all the more explicitly in the EIP-1155, from which it infers its name.

Why were ERC-1155s created?

To understand the reasons why ERC-1155 tokens were created, it is important to analyze some transitional points that will give us a perfect understanding of this point. These are the limitation which lead to the upgrade below, Among those point we can make reference to:

The limits of the ERC-20 token

The major limitation is the lack to react to ERC-20 transfer events. This outcomes in ERC-20 token are usually being trapped forever in the contracts when users mistakingly sent tokens to the wrong address

The limitations of the ERC-721 token

*ERC-721 tokens also have it own limitation. For instance, it is impossible to obtain a token identifier directly and this makes transaction with these tokens difficult. You have a set of 10 NFTs that you need to transfer to someone else, that transfer will expect you to do 10 different transactions, with their corresponding bonus charge and that incredibly builds the cost of this simple activity, just as the load operations of the network, tremendously affecting the usability of the Ethereum network.

WHAT CAN WE DO WITH AN ERC-1155?

1. Mass transfer as standard.
2. multiple tokens in the same contract.
3. Integrated token type detection.
4. Secure token transfer.

How you can verify the amount of ERC-721 available

- Step 1: visit etherscan on your Smart Phone or PC.

- Step 2: click on the icon at the top right side of the page.

- Step 3: Click on token

- Step 4: select the ERC-721

• Step 5: the existing amount of token at the time of doing my homework is 11,066

TRC20 TOKEN

TRC20 is a native token standard of the Tron blockchain. It's a technical standard which is used for smart contracts on the TRON blockchain for application tokens with the TRON Virtual Machine (TVM). It is fully compatible to ERC‌-20. The TRC20 network creates this standard to allocate a particular principles to the smart contract applied to that token. The principles are different from one standard to another. The token standard of the TRON coin helps to create TRC20 token in the establishmenta of the smart contract accordingly. Just as Ethereum has its own technical ERC-20 token standard, also many other blockchains have there own. As a public blockchain, anyone can issue their own TRC-20 token by applying the same basic set of rules, and their token can communicate with any of the other apps running on the Tron platform.

Advantages of TRC20 Tron token

There are some things that make the TRC20 token more effective: some of the advantages of the TRON token (TRC20) are listed below:

1. No commission— The main advantage of the TRC20 token is the absence of commissions.

2. Energy— More like to the Bandwidth, the TRC20 will gather some specific amount of energy for conducting the transactions that come with precise limits. For every transaction, some specific amount of energy is spent. The energy can also be increased by freezing the account for 2 to 3 days to have access to the energy level of the TRC20 tokens

3. Bandwidth — Fixed bandwidth limitations are given to every account. For instance, a general account will be given a maximum of 5000 bandwidth limitations. Each transaction or trade-in TRC20 will be using an average of 250 units of bandwidth.

How to check the amount of TRC-20 (as at the time of doing my homework)

- Step 1: visit tronscan on your Smart Phone or PC.

- Step 2: click the menu icon at the top right side of the page.

- Step 3: click on token on menu.

- Step 5: select the token tracker

Conclusion
This lecture has made me learn new things. Thank you so much @pelon53.