Crypto Academy Week 12: Homework Post for @pelon53 | TOKENS, PART 2
ERC 1155 is a new token standard that aims to be better than the previous standard, creating value-saving and gas-saving token contracts.
ERC-1155 is a multipurpose standard built into the Ethereum platform. I use the word 'multipurpose' because it fulfills the purpose or function of the ERC-20 and ERC-721 standards. So, we can say it has an improvement over the kind of standard that exists on the Etheruem blockchain. That's why it's also called EIP-1155.
ERC stands for Ethereum Requests for Comments, while EIP stands for Ethereum Improved Proposal.
Since the ERC-20 is interchangeable and the ERC-721 is non-interchangeable, the combination of the two standards will give us a semi-interchangeable standard. Therefore, the ERC-1155 standard is a semi-commensurate standard.
What is an ERC-1155 token?
When a developer creates a token using the ERC-1155 standard, it is called an ERC-1155 token. Like the ERC-1155 standard, ERC-1155 tokens also have multipurpose features as they have the functions of ERC-20 tokens and ERC-721 tokens.
On that note, the ERC-1155 token is a semi-fungible (SFT) token.
Benefits of ERC-1155 tokens
Some of the useful features of the ERC-1155 are;
1. It does not get lost easily
If you send an ERC-1155 token to the wrong address, you can cancel the transaction and get your token because the ERC-1155 token uses what the developer calls "react". The ERC-20 token does not use "react", if you send it to the wrong address it will be gone forever.
2. Have low transfer fees
Transaction fees for sending ERC-1155 tokens are relatively lower because you can send multiple ERC-1155 tokens at once. On the other hand, ERC-721 tokens have higher transfer fees because you cannot send more than one ERC-721 token at a time. You must send them one by one, and you will pay a commission fee for each transfer.
3. Can be compacted with ERC-20 and ERC-1155
The ERC-20 and ERC-721 are not compatible with each other and it is difficult to connect the two. Therefore, you cannot store ERC-721 tokens in an ERC-20 wallet. That's why the ERC-1155 exists. ERC-1155 can be compacted with ERC-20 and ERC-721.
4. Very safe
The ERC-1155 developer wrote some rules in its code to prevent cybercriminals from using different traps to attack users, such as double spending.
Example of an ERC-1155 token: Token Mocktail (MOK)
- Open your browser and type https://etherscan.io/ in the URL bar
- Click on the [Token] menu
- Then select [ERC721 Top Token]
- On the left side of the page you will see the number of tokens. When I checked, there were 11,108 ERC-721 tokens. That number will increase over time.
The TRC-20 is a modified version of the ERC-20 standard which is included in the Tron platform. TRC-20 is often called the ERC-20 killer because of its increase from ERC-20.
The TRC-20 has other siblings, such as the TRC-10 and TRC-721.
What are TRC-20 tokens?
When a developer creates a token using the TRC-20 standard, it is called a TRC-20 token. For example, there is a TRC-20 USDT on the Tron Network.
Benefits of the TRC-20 token
Transfer costs are lower than ERC-20 because they only use energy and bandwidth for transfers.
It has a faster transfer rate than ERC-20.
Developers can easily move projects built on the ERC-20 standard to TRC-20 because they use similar code.
The TRC-20 supports up to 18 decimals, while the ERC-20 supports up to 6 decimals.
TRC-20 can be compacted with ERC-20.
Difference between ERC20 and ERC-20
| Features | TRC-20 | ERC-20 |
|---|---|---|
| Transfer speed | Fast | Slow |
| Transfer fee | Low | High |
| Blockchain | Tron | Ethereum |
| Decimal | Up to 18 | Up to 6 |
TRC-20 token structure
Below are the criteria needed to make the TRC-20. Some criteria are mandatory, while some are optional.
| Attribute | Description |
|---|---|
| Token Name | Shows the token name. (Example: ONLY) |
| Abbreviation | This is a set of characters representing a token, usually 3 to 5 characters long. (Example: ANN) |
| Decimal Token | This is the number of times you can split the token. Up to 18 decimal places for the TRC-20 token. |
| Total Supply | The total number of tokens provided. |
| Balance | Shows the remaining tokens at an address. |
| Transfer | This is used to move tokens from one address to another. |
| Consent | This grants third party app permissions. |
| Transfer From | This initiates the process of transferring third-party applications from one user to another. |
| Allowance | This is used to check the remaining tokens in the address before the third party application has finished moving the token from one user to another. |
- Open your browser and type https://tronscan.org/#/ in the address field
- Click on the [token]menu select [TOKEN TRACER]
Tap [TRC20] on the right side of the page.
From the image below you can see that there are 15,859 TRC-20 tokens on the Tron Network when I checked. It could be more if you check it out.
In conclusion, the ERC-1155 superbly combines the strengths of the ERC-20 and ERC-721 while improving their weaknesses. We learned that the ERC-1155 standard is safer, more flexible, and harder to lose.
I also provide guidance on how to determine the number of ERC-721 tokens in existence. We saw 11,062 ERC-721 tokens present when I checked them.
In addition, we know that the TRC-20 standard is similar to the ERC-20 standard but is superior in terms of transaction speed, fees and number of decimals. There were 15,859 TRC-20 tokens on the Tron Blockchain when I checked.
That's all I can say, hopefully it's useful.
Cc:.
Gracias por participar en Steemit Crypto Academy:
Muy buen trabajo, esperaba unas buenas conclusiones.
Calificación: 8.3
Thank you prof for the advice and assessment