Crypto Academy Week 12 Homework Post for [@pelon53] - Tokens Part 2

Hello guys!!
Today I will be attending to my second homework task and this time I attended the lecture of Professor @pelon53 and I am here to solve his task.

Q1.: Describe the ERC-1155 token in details

Source

ERC-1155 is a form of ethereum blockchain token that was first developed in mid-2018. It's an ethereum-based revolution that's now being used on a growing number of blockchain-based gaming platforms. The token was created by Ronan Sandford, Eric Binet, James Therien, Witek Radomski, Andrew Cooke, and Philippe Castonguay.

ERC-1155 is a multi-functional token that combines the features of ERC-20 and ERC-721. ERC-1155 will fix issues that often arise with ERC-20, such as sending tokens to the wrong address and losing them. If there is an error address with ERC-1155, you can cancel the transaction and get your token back. Furthermore, ERC-1155 transactions have a lower commission fee than ERC-721 transactions because many ERC-1155 tokens can be sent in a single transaction, while ERC-721 transactions have high commission fees because they cannot be sent in a single transaction and must be sent individually.

ENJIN (ENJ) and SANDBOX are two of the most well-known blockchain-based gaming platforms that support the use of the ERC-1155 token.

Features of ERC-1155 Token

• Massive Transfer: ERC-1155 enables users to make massive transfers, giving them a new experience with ERC-1155 token transfers.

• Security: This token has excellent
  Security; ERC-1155 has a mechanism for verifying transaction security processes in order to reduce transaction errors.

• Managing Token: The ERC-1155 smart contract is also superior to the current ERC-20 and ERC-721 smart contracts in that it can handle an infinite number of tokens.

• Multiple NFTs:ERC-1155 allows several NFTs and tokens to be generated at the same time.

Q2. Describe how you verified the number of ERC-721 tokens present when doing your job. Show screenshot (use etherscan)

The very first step is to visit the etherscan address https://etherscan.io/

Click the three horizontal lines and select "Token"

Now click on "ERC-721 Top Tokens".

A page will pop up showing the current number of ERC-721 tokens.
At the time of writing my homework task, the total number of ERC-721 tokens was 11,151

Q3. Describe the TRC20 Tokens and check the number of TRC20 tokens you have while you do your homework. Show screenshot (use tronscan)

TRC-20

TRC20 is a token built on the Tron blockchain. TRC-20 is a TRON network token that functions similarly to the ERC-20 token created on the Ethereum blockchain.

Aside from TRC10 and TRC721, TRC20 tokens are another form of TRON token. Since TRC20 is identical to ERC20, it can be defined as ERC20 on the TRON network. Apart from that, TRC20 shares the same scrip code as ERC20, allowing ERC20 developers to easily migrate their projects to TRC20.

Create your Own TRC20 token

While there is no limit on the number of TRC20 tokens that can be created since they are available to everyone, there are certain criteria and specifications that must be met in order to produce a TRC20 token.
There are rules in creating TRC20 Tokens which are Non Compulsory and Compulsory rule

Non-Compulsory

Name of the Token: determine the unique name of your TRC20 token.

Abbreviating the Token:determine the symbol of your TRC20 Token.

Token Precision: determine the precision in the value of the price of the token.

Compulsory rules

Total supply: this is the total/maximum number of token that can be issued onTron platform.

Balance of: will restore the user's Tron account's token balance

Transfer: Tokens can be transferred from a smart contract to a user's account.

Approve: giving authority to a third party to transfer your Token

TransferFrom: allowing a third party to transfer tokens from a user's account and send them to another account.

Allowance: The token that remains after a third remaining number of tokens that a third party will pass is enquired about.

Features of TRC20 Tokens

• Since TRC20 tokens are supported by TRON wallets on all platforms, including Android, Mac, Windows, and iOS, a large number of people can easily access them.

• Transactions are completed very fast, and fees are minimal.

• TRC-20 tokens have very high security because they use a peer-to-peer mechanism that is extremely resistant to hacking.

• TRC20 tokens have entered almost every market in every TRON-based DApp, making it very simple to buy and sell TRC-20 tokens.

How to Check the number of TRC-20 tokens

First visit the official website https://tronscan.io/

Now click on the three horizontal lines at the top-right of the page to view more options. On the options displayed I click on "Token"

Now the next page you will Click on "Token Tracker"

Now Click on "TRC20" to see the amount of TRC20 at that moment

The total number of TRC20 Tokens available at the moment is shown which is a total of 16,108 TRC20 Tokens

Conclusion

There are a variety of tokens based on their forms, and each of these tokens has its own unique features and applications, as I explained in the ERC-1155 token. It differs from other ERC tokens in terms of functionality and benefits.

I also explained the TRC20 Token, the benefits compare to ERC20.

You can see that the Tron network has already outperformed Ethereum network in terms of transaction fee and speed; if Tron network will also create a token that can serve as both a fungible and non-fungible token (ERC-1155) like Ethereum network, this will be a huge breakthrough for the crypto world as a whole.

Cc: @pelon53