Crypto Academy Week 12 | Homework Post for @pelon53 | Tokens, Part 2. | Homework done by @xkool24

Thank you Prof @pelon53 for delivering this outstanding lecture on Tokens Part-2. Glad to join and participate in your class this week. Without wasting time, my article here would attempt all homework task as demanded from your students.

Explained the ERC-1155 Token in detail

THE ERC-1155 TOKEN

The Ethereum decentralized blockchain has been a parent platform to most smart contracts and tokens created and seen in the cryptocurrency space with the ERC-1155 not being an exceptions. In the Ethereum blockchain, the ERC-1155 happens to be among the most recent creation with the ability to change landscapes in Dapps built on the same blockchain. It is seen to have a multi functional token capabilities with easier user experience. This token was developed by a team of developers; Eric Binet, Ronan Sandford, Witek Radomski, Andrew Cooke, Philippe Castonguay and James Therien.

It was specifically created by this team of developers to unite the effectiveness and efficiencies of the commonly used tokens in the Ethereum network (ERC-20 & ERC-721), by leveraging on their individual limitations and limiting unnecessary creation of tokens in the network that sees a better single handling and execution of all contracts through an entity.

Just like the ERC-20, the ERC-1155 is also seen as a standard token with multi-token function and with ability to store data under its control in assumption that the ERC-20 or ERC-721 or both have the same address. It is an enhancement on both the ERC-20 and ERC-721 i.e, the fungible and Non-fungible tokens, with capacity to create a platform where both can interface seamlessly. For me, I think the ERC-1155 has come to relegate the functionality of creating both the ERC-20 and ERC-721 tokens differently on the Ethereum platform because the ERC-1155 can conveniently carry out the functions of the ERC-20 or the ERC-721 or both standards as a single entity, through it's created smart contracts. This seem amazing and superlative... but that is the reality. It does not only try to absorb the functionality of the duo ERC-20 and ERC-721, but also tend to be more efficient with ability to correct some of the implementation errors seen on both tokens.

WHY CREATING THE ERC-1155 TOKEN
Just as briefly highlighted, some of the peculiarities seen in the development of the token were derived from the limitations seen from the ERC-20 and ERC-721 Tokens.

From the ERC-20, no doubt this is a fantastic token with so many smart contracts built on the functionality of its workabilities. Being a fungible token, it is interchangeable and not uniquely created but has a major limitation of how it "REACTS" to ERC-20 transfers done in the blockchain. Transfer wrongly done with the ERC-20 are not only non-traceable but are lost forever. That is to say, if a token is wrongly sent to an ERC-20 address, it gets trapped, and not only that; it not be traced to anywhere forever. Over time, assets has been lost through this means and hence, the need for the creation of the ERC-1155 to create and fix this bug and limitation.

From the ERC-721, this is non-fungible token with perfect functionality of tokenizing an asset originally created by the owner. This has thrived in the collectible world like ours where man's social desire to collect has remained unsatisfied. Creators of artworks and piece have since benefited from this NFT platforms tremendously. But a major limitation here is the single and unilateral method of transferring tokens which makes it cumbersome. For example, if User A with 20NFT wants to send this token to User B, this transaction has to go through an individual process of sending it one by one. That is to say the 20NFT transaction has to be sent 20times which is seen to overburden the network. This also increases the fee charged for executing this transactions individually making it too expensive and cumbersome to execute by users.

The ERC-1155 also derived its creation from the limitations seen between the both tokens ERC-20 and ERC-721 in the area of its compatibility. This was evident in the ERC-721 token uniqueness which made it quite impossible to align with the ERC-20 due to the different contracts. Hence creating another functionality to bind this two in the blockchain maybe a humongous task and hence there are possibilities of future failures and high fees. But with the ERC-1155 token smart contracts, this contract was seen to handle both different functionalities in the ERC-20 and ERC-721 as a single entity with one address. Presently we have the ENJIN_a Game Producer who is currently an active user of the ERC-1155 in producing a lot of game powered by its token.

THE BENEFITS OF THE ERC-1155
The benefits and outstanding performance seen in the creation of the ERC-1155 was seen from the limited functionality of the ERC-20 and ERC-721. They are as follows;

• Mass Transaction: This was seen as ERC-721 deficiencies as transactions are handled singly with heavy impact on the network and high transactional fees occurrence. Thus, the ERC-721 token has capabilities to sending multiple Non-fungible Tokens and Fungible Tokens or both in a single transaction, hence reducing transaction fees and over burden on the network.
• Existence of Multiple Tokens: The ERC-1155 has capabilities to describe the existence and operational status of multiple tokens at once. This is one of the limitations seen in the ERC-721 which makes identifying tokens very difficult and cumbersome. The ERC-1155 can create one or more fungible tokens with ability also to describe other multiple non-fungible tokens within same contract.
• Token Type Detection Integration: With the ability of the ERC-1155 to detect the interface of any token and adjust based on the behavioral signal received , makes it more user/interface friendly. It can integrate the functionality of the ERC-165 which is a standard detection Interface token. Thus is an exclusive function that makes its smart contracts to adjust and readjust based on token's interface.
• Secure Token Transfer: As we mentioned earlier on the ERC-20 limitations of REACT to transfers done on the smart contracts which are lost para-venture the address is wrong. Funnily they are lost completely when there are wrong addresses are received. But with the advent of the Secure Token Transfer in ERC-1155, a verification function is enabled which verifies and authenticate transfers made are successful and if not reverses back to the sender. So when mistakes are done, it automatically reverts itself and saves the sender more issues emanating from loss of assets.

Explain how you verify the amount of ERC-721 tokens at the time of doing your homework. Present screenshots (Use Etherscan)

• Login with https://etherscan.io
• On the etherscan landing interface,click on the three parallel lines at your top right screen
• click on the "Token" icon
• From the drop down, click on the ERC-721 Top Tokens icon
• The next landing page displays the total number of ERC-721 tokens

• Total Non-Fungible Tokens as this time of the report is 11,093 ERC-721.

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

In the Tron blockchain, the TRC20 is seen to be a native token standard from it. It is seemingly becoming the favorite of traders and investors in the crypto-world as it continues to perform risk free transactions seen in any secure token transfers. Though it has some similarities with the ERC-20 token, its standard helps in the creation of TRC20 tokens with the help of the TRON VIRTUAL MACHINE. This particular TRC20 has the capacity to implement extra logic which is seen to be absent in the TRC10 token originally created.

However, the TRC20 has the ability of offering a much higher energy level and bandwidth capacity unlike what is originally seen in the TRC10 token. With this singular functionality on bandwidth capacity and higher energy level, many investors and entrepreneurs are seen to create more secure TRC20 tokens from its smart contracts. It is seen to be compatible with the ERC-20 token with ability seen from its interface customization. When compared to the TRC10, TRC20 has up to 18 value in Decimal with ability to duplicate names and higher amount of resources . The TRC20 has significantly made its way into the supply chain platforms, real estates and financial/insurance firms.

Some of the features seen in the TRC20 token are its ability to allow users to customize the interface with express access to the smart contracts and also the larger throughput per seconds. TRC20 is seen to have 2000 transaction per second passing through it. Presently the TRC20 has its native coin in the Tron blockchain as TRX, which currently is valued at ..... as at the time of posting this article.

HOW TO DETERMINE THE NUMBER OF TRC20 USING THE TRONSCAN.IO

• Login with https://tronscan.io
• Click on the three parallel on the top left of the screen
• Click on the "Token" icon
• From the drop-down click on "Token Tracker"
• From the landing page now, we have the selection on "All" but since we are trying to determine the figure for TRC20, click on it
• Then it displays the amount of TRC20 as the time of this article.

• The amount of TRC20 as at the time of this post is 15,939 TRC20.

Conclusion
With the dual functionality of the ERC-1155 Token, this maybe the new pride of investors and entrepreneurs who are prospecting. The ability of the ERC-1155 to perform the role of the fungible and Non-Fungible tokens individually and collectively now makes the end of the limitations seen in this tokens.

Thank you Prof @pelon53, this is my entry