About the ERC-1155 Token in the Crypto World
The great thing about the Ethereum blockchain is that is not only a decentralized and powerful blockchain with smart contracts capabilities, it is also it aility to utilize smart contracts to create other ethereum-based ERC tokens on the ethereum blockchain.
ERC-1155 Token is simply digital token standard that was created by Enjin used for the creation of fungible (non-unique) tokens and non-fungible (unique) tokens on the ethereum blockchain. The ERC-1155 Token can do the same things as the ERC-20 and ERC-721 token, hence why it was created as a much improved version of both ERC-20 and ERC-721 tokens.
Because of the ERC-1155 Token standard capability, it is used for the creation of NFTs. Anyone who has been in the crypto space has most likely come across NFT which rose to the limelight months ago and has been one of the major aspects of digital art in the blockchain and crypto space.
The ERC-1155 Token is a multi-token standard because with a lot of versatility and capabilities most especially in the gaming industry which is mostly used for the creation of tokenized assets on the blockchain. Before the ERC-1155 Tokens was created, the ERC-20 and the ERC-721 tokens were the main ethereum-based token standard, however, Enjin decided to improve on the cons of the ERC-20 and the ERC-721 token to create the ERC-1155.
Make no mistake, the ERC-20 still very useful and powerful, powering a lot of high value tokens on the ethereum blockchain. One of the major cons of the ERC20 is user loss of tokens if tokens were mistakenly sent to a smart contract address. The ERC-1155 tokens fixes a lot of the cons of the ERC-20 tokens, with a lot of improved features and functionalities.
The ERC-1155 offers a lot of benefits, hence why it is seen as a much improved ERC standard token. One of the main benefits of the ERC-1155 is because of its multi nature of being able to be used to create both fungible and non-fungible tokens.
Also, the ERC-1155 token has the capability of allowing users to send multiple ERC-1155 tokens all in a single transaction. Low gas cost is another huge benefit of the ERC-1155 token. Finally, the ERC-1155 standard is more efficient and also improving on the cons of the ERC-20 and ERC-721 standards.
Since the ERC-1155 standard is mostly used in the gaming industry because of its new and improved features in being able to create tokenized assets on the ethereum blockchain, Enjin tops the list of one of the tokens that uses the ERC-1155 standard and also series of smart contracts. As at the time of writing this post, enjin has a marketcap of $2,068,105,464, fully diluted marketcap of $2,483,323,107, 24hr volume of $248,106,701, circulating supply of 834,313,757 ENJ, total supply of 1,000,000,000 ENJ and a max supply of 1,000,000,000 ENJ.
