Steem cryptoacademy:- season 2 week 4:- home work post for professor @pelon53:- TOKENS, PART 2: ERC-20 and ERC-721:-

Hey there everyone, this is @prakhar9675 this side. And this post is against the homework given by professor @pelon53. In this post I will try to answer all the questions asked by professor @pelon53

So let's get started:-

I have re-posted this task as previous one was not curated by @steemcurator02. Link for previous task

Explain the ERC-1155 Token in detail.

ERC 1155 is a new standard token that is developed in Ethereum blockchain by Witek Radomski, Andrew Cooke, Philippe Castonguay, James Therien, Eric Binet, and Ronan Sandford.

Source

The main motive behind its creation was to overcome the limitations of ERC 20 and ERC 721 TOKENS.
ERC 1155 can function as both ERC 20 and ERC 721 and also it can function as one of them individually.
This means ERC 1155 can function as ERC 20 , ERC 721 and also ERC-20+ERC 721

Now as we have known that ERC 1155 was created to avoid the limitations of ERC 20 and ERC 721, now let's take a look on those limitations which led to creation of ERC 1155.

Limitation of ERC 20

The greatest disadvantage of ERC 20 was that when any token is sent to wrong address mistakenly, there is no way to get it back.
Many time by mistake or in hurry, when a ERC 20 was sent to a wrong address, it was lost forever and couldn't retrieve back.

ERC 1155 overcome this disadvantage. In this when it is sent to a wrong address, and platform find the address wrong while varifying it through a protocol, then the platform automatically deposit those TOKENS back into the sender's wallet.

Limitations of ERC 721 TOKENS

ERC 721 had limitation by which it was unable to send different non fungible assets as a same time to a same user.

For example, if I have different non fungible assets and all of them are different. And someone buys them from me. Then using this token I can't send all of them to that person simultaneously.
To complete the action, I have to send them one by one.

ERC 1155 overcome this limitation too. Using ERC 1155 one can send different non fungible assets to a same user simultaneously.

Conclusion:- so we can say that ERC 1155 is a token that has all the functions as ERC 20 and ERC 721 but along with that it has overcome their limitations.

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

Using etherscan, to verify the amount of ERC-721 , follow the following steps:-

1. First of all go to etherscan.io or click on this link

2. Now you will see a interface like this. Then click on three horizontal lines at the right top corner
   

3. Now tap on tokens and then click on ERC 721 TOP TOKENS.
   

4. Here you can see the number of total ERC 721 coin. I have encircled the value using red rectangle
   

So on 6 may at 08 43 pm IST, the total number of ERC 721 coins is 11,115.

What is TRC 20

TRC 20 is the standard token of the tron platform. It is somewhat counterpart of ERC 20 of Ethereum in tron network. This means this has the same functionality in tron network as ERC 20 in Ethereum.

TRC 20 is generated in smart contract in which a protocol issue this through tron virtual machine.

And the biggest advantage of this is that it is totally compatible with ERC 20. TRC 20 is programmed such that it is compatible with it. And the best example of this is compatibility of USDT (tether) on tron network

Along with TRC 20, in tron network TRC 10 is also found. But because it's number can't be increased after its creation, it is limited usable. And this con of TRC 10 led to the creation of TRC 20.

To know the amount of TRC 20

To know the existing amount of TRC 20, follow the following steps:-

1. Go to your browser and search tronscan or click on this link

2. Now click on TRC 20
   

3. And then you can see the total amount of existing TRC 20 coin. I have enclosed the amount of TRC 20 coins.
   

So on 6 may 2021 at 9 45 pm IST, total TRC 20 coins were 15,972.

So that's all from my side.

Cc
@pelon53
@imagen
@steemcurator02