Important Types Of Cryptocurrency Wallet You Should Know #014

Source

Hello crypto friends,

How are you all doing today? I trust you are all doing perfectly fine and are actively promoting steemit on twitter on other social media platforms.

Today is another beautiful day and we are here to learn on another topic of interest to us.

In the past, we have been learning about different types of cryptocurrency wallet available and today, we shall continue our discussion.

Please join me as we shall examine some types of cryptocurrency wallet

---

---

ERC-721 WALLET

---

---

Source

An ERC 721 wallet can be explained to be a type of wallet that was created specially to manage and store ethereum based nft token.

ERC 721 is known to be a standard for nfts in which each token has a very unique feature and cannot be interchanged like other tokens.

Nft tokens can be explained to be digital arts which represent unique ownership of an asset, and each nft has a unique feature/identifier, which differentiate it from other tokens in the same collection.

ERC 721 wallet on the other hand is a unique type of wallet that is built on ethereum blockchain which allows users to manage ethereum based nft tokens.

By making use of ERC 721 wallet, users can sell and buy their unique tokens in the nft marketplace.

And when buying an nft, the ownership is often transfered to the buyer immediately payment is validated.

An ERC 721 wallet has a very friendly user interface which helps in the management of NFTS.

---

---

ERC1155 WALLET

---

---

ERC 1155 wallet can be explained to be a type of wallet that is designed to interact with both fungible and non-fungible tokens.

ERC 1155 wallet unlike other wallet standards like ERC 721(Non fungible) and ERC 20 (fungible), is created to manage both non-fungible and fungible tokens within a contract.

This thus Improves the use of blockchain resources as different token type can be managed under one smart contract.

One Important of ERC 1155 wallet is it's feature of being able to perform batch transfers.

This implies that different tokens can be sent all at once in one transaction, hereby reducing transaction cost.

Users in ERC 1155 wallet can have multiple wallet balances of multiple tokens both non-fungible and fungible.

The wallet keep track of these balances, thus permitting users to send and receive tokens accordingly.

---

---

CONCLUSION

---

---

We have learnt about a new type of wallet which is the ERC 721/1125 wallet, and we have examined it's functions as well.

Please stay tuned as we shall learn more types of cryptocurrency wallet.

_{Posted using SteemPro Mobile}