Steemit Crypto Academy Season 2: Week4 | TOKENS, PART 2: Ethereum Standards and TRC20

introduction

Ethereum brought into existence Smart contracts, Dapps, and Tokens. With the main aim being to allow for the creation of Dapps, it also allows for the creation of tokens. Ether powers the Ethereum blockchain. Ethereum tokens are tokens built on the Etereum blockchain, with different token standards depending on the purpose of the tokens.

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As expected, the ERC20 tokens are the most popular tokens on the Ethereum blockchain as they have been of great importance for startups to raise funds as well as tokenize ideas. These tokens are assets that can be transferred from one person to another. Asides from the ERC20, there are several other Ethereum token standards viz:

• ERC- 20
• ERC-721
• ERC-1155

others include

• ERC-165
• ERC-223
• ERC-621
• ERC-777
• ERC-827
• ERC-884
• ERC-865

ERC-20

Almost everyone familiar with the Ethereum blockchain knows the ERC-20 token standard. It is the token standard for fungible tokens and it has been used to issue tokens for ICO purposes.

ERC-721

This token standard became very popular, thanks to Cryptokitties and other asset tokens. ERC-721 is a standard for non-fungible tokens. Non-fungible tokens in form of art, and other collectibles have become very popular in recent times as people are buying tokens for millions of dollars since the tokens cannot be reproduced which makes them solely theirs.

ERC-223

Used for ERC-20 token recovery in case of a loss from sending tokens to the wrong address.

ERC-621

Modifying ERC-20 token supplies either by increasing or reducing the token supplies.

ERC-884

The token standard used to represent shares designated to companies. These tokens are a virtual representation of shares for companies.

ERC-1155

As important as ERC-20 and ERC-721 are, they still have major setbacks. Do not forget that ERC-20 is the token standard for fungible tokens and ERC-721 is the token standard for Non-fungible tokens but then, these token standards have their setbacks and this is where ERC-1155 comes into the picture. ERC-1155 allows the combination of fungible and Non-fungible tokens.

ERC-1155 allows for a single contract to create multiple tokens (fungible and non-fungible tokens) for better storage, and efficiency. ERC-1155 has made life easier for developers, gamers and in the real life, allowing for trading, as well as storage of assets and tokens.

Verifying the total amount of ERC-721 token available

To verify the total number of ERC-721 token available via Etherscan, one needs to visit https://etherscan.io (the official Ethereum blockchain explorer).

At the top corner, there are tabs to be selected, click on the "Tokens" tab. which will display sets of options including "ERC20 Top Tokens", "View ERC20 Transfers", "ERC721 Top Tokens:" and "View ERC721 Transfers".

Click on "ERC721 Top Tokens" to get to the Non-Fungible Token Tracker (ERC721) page.

On the page, the total number of ERC721 token contract will be found. As at the time of checking, there were 11,152 ERC721 token contracts available

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TRON (TRC-20) Token

TRC-20 is the ERC-20 token standard on the Tron Blockchain. It is the token standard for the Tron smart contract which is used to implement fungible tokens

It offers the same benefit as the Ethereum ERC-20 standard tokens but then, TRC-20 is a beter option to ERC-20 following the fact that trasactions do not need to be charged, all that needs to be done is have Energy and bandwidth unlike ERC-20 where transaction gas fees can be very expensive. Futher more, TRC-20 is faster and very scalable compared to ERC-20.

How to Check the Amount of TRC20 tokens Existing

To access the number of TRC20 token available, the first step is access https://tronscan.org/

Similar to Etherscan, you need t click on the "Tokens" tab, then "Token Tracker" where you get the total number tokens availableon the Tron Network.

Click on "TRC20" to see the number of TRC20 tokens available on the Tron Blockchain. A total of 16,139 tokens are available

Conclusion

Ethereum currently has a lot of token standards and with the implementation of the Ethereum 3.0, there will be more token standards to be implemented. While Ethereum is doing exceedingly, Tron is also doing well solving problems that could be solved with its token standard. In the future, there will be more token standards to meet more needs soon. Thanks to @pelon53 for the class.