Tokens Part II

As in the previous lecture delivered by our professor @pelon53, we learnt detail introduction of tokens. Now in this 2nd part, we will learn more about tokens. I am thankful to my dear professor for such an outstanding lecture.
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ERC

Ethereum Comment Request (ERC) is a common standard for constructing Ethereum blockchain tokens that are digital assets for traders. This token standard defines a number of rules for all ERC20 tokens to interact with each other flawlessly.
Q1: Explain the ERC-1155 Token in detail.

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ERC-1155 token has been developed by Enjin and is digital token standard to create fungible and non-fungible assets on Ethereum Networks. ERC-1155 tokens are tradable, safe, and secure from being hacked. ERC-1155 a new way to create tokens that make transactions more efficient and combine – reducing costs. Gamers mostly use ERC-1155 as their digital assets. This standard allows to create both non-fungible tokens such as CryptoKitties as well as fungible tokens (for example $BNB or $BAT). ERC-1155 tokens make transactions faster and secure via optimizations and it can reduce token transfer costs by combining transactions. ERC-1155 has the advantage that it permits many tokens to be created under the same contract (with ERC-20, a new contract needs to be deployed for every token). ERC-1155 is better suited for multitoken business, for example if the project has one token designated as a security token and another token as utility. Moreover, ERC-115 can also be used to create such fungible tokens that can act as currency on different platforms.

Uses of ERC-1155

ERC-1155 can be used to create various forms of assets either it is a digital currency or a token for real estate. ERC-115 are also being used to create digital art and gaming items (in game skins & digital playing cards). Gaming industry has the most use of ERC-1155 tokens. Game developers use these tokens to hold their assets. Many of the cases of use include one designed to the gaming industry by the token standard. A gamer or a game developer holds here numerous assets. They differ a lot, because there are fungible assets (think of anything that exists n times in games as a supportive asset or so), but also some rare things (assets you can archive or acquire or purchase) and certain unique stuff (you own personal assets as certain designs or so). These tokens are even applicable to documents, art stuff, licenses and donations.

Example of ERC-1155 Tokens

Enjin Coin is a primitive example of Ethereum based network and being used by enthusiastic game developers and game players. ENJ is the digital asset token that directly supports the value of the Enjin Platform-built blockchain assets. It is constructed on Ethereum in conformity with the token standard of ERC-20. The ENJ can be purchased and sold for fiat or other digital currencies. Furthermore, it can be stored in crypto wallets and a custodian such as Gemini.

Screen taken from Coinmarketcap.com

Above are the latest trends for Enjin Coin.
Q 2: Explain how you verify the amount of ERC-721 tokens existing at the time of your homework. Present screenshot (Use etherscan)
ERC-721 is an open standard describing how unique and non-fungible Ethereum blockchain tokens can be created. Much of the tokens are fungible, but ERC-721 tokens are all unique. Although every tokens are the same as all other tokens but we should think of them as rare collectables of a unique kind.

Now I shall explain how I can verify the amount of ERC-21 tokens by https://etherscan.io/

After this window opens, I will click on Tokens first and then choose ERC721 Top Tokens.

2nd

both Screen taken from https://etherscan.io/

As we can see that a total of 11, 153 ERC-721 token contracts are found right now at the time I am completing my assignment.
Q 3: Explain the TRC-20 Token and check the amount of TRC-20 Tokens existing at the time of doing your homework. Present screenshot (use tronscan)

TRC tokens refer to Trons Requests Comments. They are based on Tron block chain as ERC are based on ethereum blockchain platform. TRC-20 are compatible to ERC-20 tokens. The USTD Tether stablecoin used on the Tron Blockchain platforms is one of the most common cases of TRC-20 and its compatibility. It doesn’t rely on ethereum block chain but have the capability to generate its own tokens.

• However, not only is the TRC-20, we also find that the TRC-10 is a widely used token within the Tron platform.

• However, the negative aspect of the TRC-20's creation was that it was not possible to increase supply of the TRC-10 tokens after they were developed.

• Now I will tell you how to check the amount of TRC-20 tokens by https://tronscan.org/#/tokens/list

• First I will go https://tronscan.org/#/tokens/list. Here I will click tokens first and then Token tracker.
  

Now as we can see this window, it shows amount of ERC-721 tokens available.

both Screen taken from https://tronscan.org/#/tokens/list

We can see that a number if 16, 139 tokens are available right now at the time I am completing my assignment.

Conclusion

After completing this assignment and understanding lecture of my professor, I have gained new concepts regarding tokens especially ERC-1155, ERC-721 and TRON-20. Digital tokens are now a future and I predict that soon our economies will introduce such tokens on a very large scale and every commodity will be tokenized. So gaining much knowledge and learning these concepts is a promising way for future goals.

Cc:-
@pelon53
@imagen
@steemcurator01
@steemcurator02