Steemit CryptoAcademy- Homework post for @pelon53 || TOKEN PART 2 ||

Hello great minds

I'm so delighted to be part of this week's lesson. Warm regards to professor @pelon53 for this amazing lesson.

ERC-1155

Source

The ERC-1155 token is a newly designed digital standard token that is made from the ideas and standards of other tokens like ERC2O, ERC721, ERC777. ERC-1155. This token was designed with the capability to store transactions and have the ability to act as though, they are ERC-20 or ERC-721 token, or both at similar time with the same contract address. This token was built to help improve the functionality of both the ERC-20 or ERC-721 standards, so as to make them more efficient and correct some errors on both standards. It is pertinent to recognize great minds like Witek Radomski, Andrew Cooke, Philippe Castonguay, James Therien, Eric Binet, and Ronan Sandford, who developed this standard token.

ERC-1155 token is also known as EIP (Ethereum Improvement Proposal, where ERC-1155 was derived ), is a multi-token that uses a single smart contract to present different tokens all at a time. The ERC-1155 token is so sophisticated that one token contract has the ability to control a whole system, thereby reducing gas fee, deployment cost and also complexity.

The ERC-1155 token was created to unite both ERC-20 and ERC-721 standards, to overcome their inefficiency and limitations, so as to make transactions more efficient and enable both standards work at the same time and same contracts. As the ERC-20 has an inefficiency issue of refunding tokens if wrong transfers are made to a wrong address,automatically the tokens are trapped forever. trapped if a transfer is made to a wrong address. while ERC-721 has an issue of transversing, this requires all tokens within the contract to be traversed for the purposes of providing a response to the DApp and the user in question, this makes transactions a bit difficult and humangious.

Some functions carried out by ERC-1155 as compared to both ERC-20 and ERC-721 include:

1. Integration token type detection function: ERC-1155 as the ability to integrate ERC-165 functionality (which acts as an interface) in the same system and also detect the interface of the token and adapt to its behavior. This is possible due to multitoken nature of the ERC-1155 and it's simplified pplication design.

2. Mass transfers function: ERC-1155 standard gives users the platform to make massive transfers of tokens registered in a smart contract. This helps to saves transaction costs, reduces work load on the network, and enabling a much simpler and easy trading system.

3. Multiple tokens functions in same contracts: It can create an operation of multiple (one or more fungible tokens eg ERC-20) tokens simultaneously at the same time and also describe one or more non-fungible tokens eg ERC-721, all of these in the same contract, which helps to facilitate the programing of the system.

4. Security function : This is one of the interesting function of ERC-1155, it is very secure as it's smart contract verifies every transaction that has been carried out and ensures reversal of tokens to the issuer if sent to a wrong address.

¤ PROGRESS OF ERC-1155

Currently, few platforms make use of ERC-1155 and one of which is Enjin( a game producer). The Enjin game company has used the new standards and logical aspect of ERC-1155 for the creation of a latege number of games, powered by it's own Enjin coin(which is an ERC-20 token). These tokens are bought and sold on the Enjin marketplace or can be exchanged for an Enjin at any moment. The Enjin token has gaines a significant position in the ecosystem today as such is one of the fastest growing token.

¤HOW TO VERIFY THE AMOUNT OF ERC-721 TOKENS

Step 1:
Enter etherscan on your web browser and click on the three dash lines at the top right corner of the page.

Step 2:
On the next page that pops up, click on Tokens

Step 3:
Next Click on ERC721 top tokens to show the amount

Step 4:
This is the final stage. Now the amount here shows a total of 11,119 ERC-721 token contracts found, as at the time of writing this homework.

TRC20 Token

Source

TRC20 token is a token standard of the Tron network system. This token is
becoming on of the primary focus of most crypto token enthusiasts currently. Generally, transactions with TRC20 occurs on the TRON network platform, as this standard token utilizes the TRON address for it's transactions.
TRC20 also known as USDT-TRON and which is supported by the Ethereum blockchain and similar to ERC20. The TRC20 standard token has extra logic which is not seen in TRC10 standard tokens. The TRC20 standard tokens has a high energy level and bandwidth capacity and that’s why many startups and entrepreneurs in cryptocurrency trading are willing to create TRC20 tokens and secure it.

The TRC20 Token has a series of specifications, of which three are optional items and six are compulsory items.

¤ Optional items

1. Token name: the token must have a name for easy recognition.

2. Token Abbreviation: the token should have abbreviation for easy referencing and writting.

3. Token Precision: the token must have a smallest number that can be divisible.

¤ Compulsory items

1. Total supply: this is a function has to do with returning of the total supply of the token.

2. Balance of: this function returns the token balance of a particular account.

3. TransferFrom: this function is used to initiate a transfer from the issuer to to a particular account (that is third party).

4. Approval : this function gives order to a third party to transfer tokens from the owner’s account.

5. TransferFrom: this function authorizes a third party to be able transfer tokens from the owner's to another account.

6. Allowance: this is used to know the amount token a third party will be able to transfer.

¤ SOME UNIQUE FEATURES OF TRC20 ARE;

1.Flexibility
TRC20 tokens are very flexible as it can be swapped or used on DApps, which makes transactions faster and storage of data easy without any restrictions.

2.Versatility
The token is used on TRON wallets with different devices be it an android, windows, iOS, etc.

3.High security
These tokens are handled by a well secured P2P network that is widespread. This makes the blockchain very secure for many entrepreneurs in cryptocurrency trading.

4.Large membership
A large number of users, makes use of TRC20 tokens, due to it's high security level , transactions speed and simple design.

5.Speed
Transactions with TRC20 are fast, as it has high a energy level and a bandwidth capacity.

¤HOW TO VERIFY THE AMOUNT OF TRC-20 TOKENS

Step 1:
First Enter tronscan on your web browser, click on Tronscan, it will take you to the main page

Step 2:
Now click on the three parallel lines at the top right corner of the page

Step 3:
then click on Tokens

Step 4:
Click on token tracker on the next page

Step 5:
Now Click on TRC20 know the amount

Step 6:
And walaaaaa......the amount is seen here, with a total of 15,986 tokens as at the time of me writing this homework.

¤CONCLUSION

ERC-1155 is one of the digital token which is created by Enjin and can be used for the creation of fungible like currencies, and creation non-fungible such as digital cards, and in-game skins assets on the Ethereum blockchain platform. ERC-1155 tokens are more secure, easy to trade and is well immuned against any form of hacking. ERC-1155 is seen as the new gold, as it is able to create tokens that allow for more efficient trade and allows huge amount of transactions at a time, which helps to save transaction. The TRC20 Token is a more flexible stablecoin used by many crypto users and investors to carryout secure token transactions (also multiple transactions) that are risk-free.

Thank you Professor @pelon53 for such an amazing lecture, i really learnt alot.