Crypto Academy Week 12: Homework Post for @pelon53

Repost task

I am very happy to share this task ,Professor @pelon53

ERC-1155 TOKEN :

Image
The ERC-1155 was developed by some set of proficient developers with the following names; WITEK RADOMSKI , ANDREW COOKE , PHILIPPE CASTONGUAY , JAMES THERIEN , ERIC BINET and RONAN SANDFORD.
THE ERC-1155 is an better version than of the existing tokens like ERC-20 and ERC-721. I both fungible and non-fungible are special quality types of token. ERC-1155 is considered to be more efficient in that the errors associated with the ERC-20 and ERC-721 is being corrected in it operations. There wouldn’t have been need for this upgraded ERC-1155 if there weren’t limitations in the former ones (ERC-20 & ERC-721) .

THE Motive of ERC-1155

This standard token was created to unite both ERC-20 and ERC-721 and overcome their limitations. ERC-20 has a bad way of responding to transfer events and tokens are forever trapped if a transfer is made to a wrong address while ERC-721 has an issue of getting a direct token identifier and this makes transactions difficult and cumbersome. So, what ERC-1155 does is to collaborate and overcome their limitations and make the management even more efficient. It also avoids the cumbersome fragmentation of tokens and allows them both to work on the same contracts.

ADVANTAGES OF THE ERC-1155 OVER ERC-20 AND ERC-721

The ERC-1155 smart contract is also better than the existing ERC-20 and ERC-721 smart contracts because one ERC-1155 smart contract can manage an unlimited number of tokens. As an illustration, in a game there are various items such as weapons, bulletproof vests, scopes, additional blood, arrows, and many more. All of that is included in the ERC-1155 contract that was made for a game and every item in the game you can buy easily using the ERC-1155 token used on the platform. There are several blockchain-based gaming platforms that support the use of the ERC-1155 token, two of the most well-known today are ENJIN (ENJ) and SANDBOX (SAND).

Quality of ERC-1155

1 - Multiple transactions can be made at the same time to the same address as contrary to the ERC-721 that takes repeated transactions to complete a desired transaction.

2 - ERC-1155 tokens allow users use, trade, destroy, upgrade, lose... their assets at will with no hindrance.

Example of ERC-1155 standard: Enjin

A handful of platforms use ERC-1155 and one of them is Enjin which is into game production. It is one of the promoters of this new standard and has shown this by creating a good number of games that are powered by the Enjin coin (an ERC-20) token. These tokens can be bought and sold in the Enjin marketplace and the system has grown sporadically over time.

Screensort From Coin market

1 DAY Price low - $2.47
1 DAY Price High - $2.59
1 DAY Market Cap - $2.12 BILLION
RANK - #66
Exchange - 371

How you verify the amount of ERC-721 tokens existing at the time of doing your homework. Present screenshot (use etherscan)

Enter https://etherscan.io/ n your web browser

Click on 3 lines ,As you are seeing in picture .

Click On Token point As Picture

Select ERC 721 Token

The number of ERC-721 token currently available are 11,115.

Explain the TRC20 Token and check the amount of TRC20 tokens existing at the time of doing your homework. Present screenshot (use tronscan)

TRC 20 Token

TRC means Tron request comment. TRC20 is Tron token standard. TRC20 tokens are one of the most used and widely known tokens in the marketplace. TRC20 tokens help traders and investors to perform secure transactions in a riskless manner. Another interesting fact is that TRC20 standard tokens has become one of the favorite crypto tokens for traders and investors in the crypto space.

With the linking of this new tether token to the Tron network, there are three known USDT variants, among which is the one linked to the Tron network under the TRC-20 protocol, as well as the one based on the Ethereum blockchain. based on ERC-20 and the one based on the bitcoin blockchain.TRC20 tokens provides their investors with secured token transactions. They also provide their users with low transaction fees and a high transaction speed.

Features of TRC20 Token

1 -They do not involve any third party in their transaction processes
2 - It's a type of token that is triggered by smart contracts and makes interaction with decentralized applications easy.
3 - TRC20 tokens can be transacted through P2P (peer to peer) trading.

How to check the amount of TRC20 tokens available at the moment.

Enter https://tronscan.org/#/ your web browser

I clicked on the three Dash & scroll down

Select Token ,i had marked in Picture .

Click on Token & Select Token Tracker

The Amount of TRC 20 Tokens Currently there are 15,972 TRC20 tokens.

Conclusion

we learn about Token and types of tokens that are used in crypto trading. We learn about ERC Token and also learn about the nature of token. We also learn about how to verify the amount of ERC-721 token that are existing at doing home. We learn about TRC 20 Token and find amount this token available at doing the home work. ERC-1155 wonderfully combines the strengths of ERC-20 and ERC-721 while correcting their weaknesses. We learnt that ERC-1155 standard is more secure, more versatile, and more difficult to be lost.

Greatful Thank You

@pelon53

Repost