Steemit Cryptoacademy Homework Post for@pelon53

Introduction.

The professor for in this week's lecture took us through ERC-20 and ERC-721 standard tokens. This is entry on his homework task done through further research.

What is ERC-1155 token?

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ERC is an acronym that stands for Ethereum Request for Comments.

The ERC-1155 is an example of digital token developed by Enjirin on the Ethereum platform. The Ethereum blockchain with its security measures keeps the ERC-1155 token very secure and can be used to create NFT and fungible tokens.
This token is supposed to be an improvement of the ERC-721token which has been explained by our prof and the ERC-20 token.

The primary reason for creating the ERC-1155 token is to create a network, in this case a smart contract network that can represent and control multiple numbers of NFTs and fungible tokens. It is the only Ethereum digital token that gives permission to be able to mint on one smart contract, fungible and NFTs. This means that it's very easy to add a new token type to the ERC-1155 compared to ERC-721 and ERC-20 as new codes need to be made as well as creating new contracts on the Ethereum blockchain.

As stated earlier, it is supposed to be an improvement on the ERC-721 and ERC-20 tokens. Hence, it corrects their faults and adds to the functions of the other two ERC tokens.

The ERC- 1155 token was created to overcome these challenges;

• The limitations of the ERC-721 and ERC-20 tokens.
In the case of ERC-20 tokens, nothing can be done about transaction events. This means that whatever transaction a user makes cannot be cancelled or corrected. If a user makes an over or under transfer or keys in a wrong address, nothing can be done and so tokens are lost.

With respect to the limitations of ERC-721,
Making transactions is very difficult. To identify the token "identifier" of a user is very difficult or nearly impossible making transactions difficult. This doesn't aid bulk transactions as u can only make one transaction at a time even to the same user. If I want to send for example 2 NFTtokens to a user, I will need to send it 1 token after the other separately and not 2 at once.
This results in increase of cost of transactions since charges apply to every transaction made. If a user needs to know the how his ERC-721 tokens are faring in the market, a transaction must be sent to the platform which is received by every single user to compare each user's address before the status of the token can be known. This is called token transversity or transversrion.

• The difference and the incompatibility between the ERC-721 and ERC-20 tokens.
The fact that these two tokens are incompatible is another reason for the creation of the EEC-1155 token. To create a different tool for linking both tokens would result to potentially high failures, very high cost and an almost impossible task to put complete.

The ERC-1155 token was created to bring under the same smart contract, the ERC-721 and the ERC-20. It was also created because of the limitations of both tokens described in the previous paragraph. The overcoming of these limitations makes the ERC-1155 token more user friendly and efficient.

Features of the EEC-1155 token.

Mass transactions: ERC-1155 token aids in multiple or mass transactions at a time. This way, a user can send like 100NFT tokens at once.

Multiple use:ERC-1155 tokens can be used to create both fungible and NFTs at once.

Reduction in transfer cost:because mass transactions is achieved here, there's total reduction the cost of transfers.

Security: ERC-1155 tokens are very secure as they're on the Ethereum blockchain. Transactions made are also secure as there's an added feature that verifies a successful transaction and a feature that returns tokens if for example there was a mistake in the transfer address.

How to verify amount of ERC- 721 tokens using Etherscan.

Step 1:

Search for and open Etherscan on google or use the link https://etherscan.io/

Step 2:
Using the 3 lines at the top right corner, select and click on tokens.

Step 3:
Search for and click for ERC- 721 tokens from the drop down menu.

Step 4:

Click to see the number of tokens available.
At the time checking for the number of ERC-721 tokens, its amount was 11, 151 tokens.

What is TRC-20 token?

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TRC-20 is an acronym that stands for Tron Request Commands. It is used as a smart contract on the TRON blockchain network to implement TRC 20 tokens of smart contracts created with the Tron Virtual Machine (TVM) as opposed to the TRC-10 tokens that do not require TVMs. TRC-20 tokens can be obtained from Decentralized apps.

The TRC-20 and the ERC-20 tokens are very compatible.
The TRC-20 token aids users to carry out secure transactions. An interesting fact is that it is the favourite crypto tokens for traders and investors.

Like I said earlier, the TRC-20 token standard is compatible to the ERC-20 standard tokens and hence they're very similar. This is due to the fact that TVM uses the same solidity programming language for both .TRC-20 can implent extra logic or data absent in the TRC-10 token. The TRC-20 has high amount of resources compared to the TRC-10 token.

Features of TRC-20;

Reduced cost: there's reduced cost of transactions when using the TRC-20 token

Mode of operation: Smart Contracts on the TRON blockchain network

Transaction speed: Very high to about 2000 transactions per second.

Differences between TRC-20 and ERC-20 tokens.

TRC-20	ERC-20
Issued based on Tron blockchain network	Issued based on Ethereum blockchain network
Reduced cost of transaction	High cost of transaction
Transactions speed is 2000 per second	Transaction speed is 30 per second
Uses bandwidth and consumes energy as transaction type	Uses gas fee transaction fee type.

How to check the amount of TRC-20 tokens available.

Step 1:

Search on Google and open tronscan or use the link https://tronscan.org/#/

Step 2:
Select and click on token.

Step 3:
From the down down menu, select token tracker.

Step 4:
Search and select TRC-20 tokens to display its amount.

The total amount of TRC-20 tokens found was 16109 tokens

Conclusion:

This was a very informative lecture provided by prof @pelon53. I learnt that ERC-1155 tokens have really been an improvement on the ERC-20 and ERC721 tokens right from using its transaction costs and allowing for mass transactions.
Also, I've learnt that TRC-20 tokens and ERC-20 tokens are similar but the TRC-20 just has an edge over the ERC-20 token because of high transaction fees and because TRC-20 is more user friendly.