[SEASON 2] Steemit Crypto Academy Week 12 Homework Post for @pelon53 | Tokens Part-2 [ERC-1155, ERC-721 and TRC-20]

Hey Guys..!!
Meet again with me Wahyu Nahrul on the other Steemit Crypto Academy homework.
Today I will be working again on homework given by one of our professors @pelon53.

The homework given by professor @pelon53 this week is to explain several tokens, including ERC-1155, ERC-721, and TRC-20.

Okay, just get to the discussion. Happy Reading !!

ERC-1155

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ERC-1155 is the only token that allows us to create all kinds of assets such as game items, currency, and real estate. This is a very good innovation where everyone can freely make an asset they want and can freely use these assets. This token was created by a company called Eijin in June 2019, this project was created by a team consisting of Andrew Cooke, Witek Radomski, Ronan Sandford, Eric Binet, James Therien, and Philippe Castonguay.

The ERC-1155 token runs on the Ethereum Blockchain system. This token can be both fungible and non-fungible tokens because it only has one smart contract, and because it only has one smart contract it can display several other tokens at the same time at the same address, the tokens in question are ERC-20 and ERC-721.

The ERC-1155 token was created to fix some of the weaknesses of its sister tokens, namely ERC-20 and ERC-721. The weakness of the two tokens is in transaction services that are the target of complaints from users, for example, the weakness of the transaction is if someone sends an asset to an address, but there is an error filling in the data in the transaction, then the token/asset that is sent is will disappear and cannot be taken back. Whereas in ERC-1155, this weakness can be easily resolved, so that many people are interested in using this token.

Then there are other disadvantages such as expensive transaction fees, a limited number of tokens sent, and many others. However, all of these things can be overcome with the ERC-1155 token.

Various Features Offered By ERC-1155

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There are various interesting features offered by the ERC-1155 token, and on average these features are features that can fix some of the weaknesses of previously created tokens, as these features including:

  • Multiple Token Configuration
    With ERC-1155 we can define and configure both fungible and non-fungible tokens because it only has one smart contract.

  • Save on Gas Costs
    The fees charged when minting new tokens will be up to 90% smaller than the previous tokens.

  • Atomic swap
    We can do atomic swap with any amount and with the steps that are not complicated.

  • Freedom to Manage Assets
    Asset owners are allowed to do anything with their assets such as use the asset, trade, destroy, increase, combine, rent, loan, and even lose their assets 😂.

  • Batch Transfer
    Can send multiple tokens at once in one shipment.

  • Adapt To Technological Developments
    ERC-1155 is now widely used by game developers and various projects in the Ethereum ecosystem.

ERC-721

To find out the current amount of ERC-721 tokens, the first step you have to do is visit the official Etherscan page (you can visit it by clicking here). After that, you will be shown the start page of Etherscan which looks like the image below.

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Click on the "Tokens" tool at the top of the page, then select the "ERC721 Top Tokens" option.

Screenshot_2.png

Next, you will be taken to a new page that shows the details of the ERC-721 Token.

Screenshot_3.png

To see the number of the most recent ERC-721 tokens, you can look at the left corner of the website page. When this article cerated, the total number of ERC-721 was 11,151.

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TRC-20

TRC-20 is a token created on top of the Tron Blockchain system and has the same characteristics as its counterpart, the ERC-20 from the Ethereum Blockchain. In my opinion, this is not too surprising where the CEO and Founder of the Tron Blockchain, Justin Sun, is a former developer employee who has worked on the Ethereum Blockchain.

The technical standard of TRC-20 is almost the same as ERC-20 which makes these two tokens compatible with each other and this makes it easy for users of ERC-20 to move to TRC-20.

This is a bit funny in my opinion because in the beginning the TRC-20 token was created as opposed to the ERC-20 token which was a token that had already been made and was very well known. However, over time this has become plausible, lately, the TRC-20 is often referred to as the "ERC-20 killer" because it is ERC-20 compatible thus making users of the ERC-20 feel uncomfortable. with these tokens will easily switch to TRC-20 tokens.

Some Of The Advantages Of The TRC-20

There are several advantages that attract many people to the TRC-20 token, including:

  • Cheap Transaction Fees
    As we know that TRC-20 is on the Tron blockchain, which makes it possible for this token to charge very cheap transaction fees for its users.

  • Easy to use
    Almost all Exchanges and DApps have included TRC-20 on their market, with this its users will be very easy to buy and sell their TRC-20 tokens anywhere and anytime.

  • Number of Transactions per Second
    Tron Blockchain is a blockchain that is very superpowered so that the TRC-20 which is included in one of the tokens on the blockchain allows the number of transactions to be 2000 transactions per second so that it will avoid delays during the transaction process.

  • High Level of Security
    TRC-20 has a very good level of security, this is because developers are constantly making changes to the security system which makes it difficult for hackers to hack the system from TRC-20 Tokens.

See The Number Of TRC-20 tokens

Just like when looking at the number of ERC-721 tokens earlier, to see the number of TRC-20 tokens we have to visit the website of the blockchain of the TRC-20 token, because TRC-20 is a token that runs on the Tron blockchain, so we will check it through Tronscan. (you can visit directly by clicking here).

After you open the Tronscan website, you will be shown the appearance of the website's start page, which looks like the image below.

Screenshot_5.png

Click on the "Tokens" tool at the top of the page, then select the "Token Tracker" option.

Screenshot_6.png

Then you will be taken to a new page that shows details of the TRC-20 Token. You will be shown the number of tokens from the Tron blockchain in the right corner. However, this amount is the total number of all tokens on the Tron Blockchain.

Screenshot_7.png

So that the number of tokens shown is only for TRC-20 tokens, we must first select the "TRC-20" option on the right of the page.

Screenshot_8.png

To see the number of the most recent TRC-20 tokens, you can look again at the number of tokens in the left corner of the website page. At the time of writing, the total number of TRC-20 was 16,110.

Screenshot_9.png

Last Word (Conclusion)

That is my explanation of the various tokens that are given as homework this week, all of these tokens have various variations in providing experiences for their users, and this in my opinion is very unique where we can get different experiences in each existing token.

I apologize if there are still many mistakes that you can get when reading my explanation earlier, I would be very grateful if you told me in the comments column below.

Thank you for reading my blog, hope it will be useful for all of you. 😁


Note: All unsourced images are the author's screenshots of the Etherscan and Tronscan websites.


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Gracias por participar en Steemit Crypto Academy:

Buen trabajo, felicitaciones. Espero seguir leyendo tus tareas.

Escala de Estimación.Puntaje.Observación
Explicar ERC-1155.2.7Buena explicación.
Verificar Token ERC-721.0.9Verficado.
Explicar TRC20.2.7Buena explicación.
Originalidad1.5Su propio trabajo.
Presentación.1.0Puede mejorar, justificando el texto.

Calificación: 8.8

Thank you for the review professor!

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