Crypto Academy Season 2: Week 4 – TOKENS, ERC-20 and ERC-721 – by @pelon53

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Hi everyone, In this homework week 4 task post, I will be answering this week’s task on TOKENS, ERC-20 and ERC-721, a task by @pelon53 - I will be giving my opinion and writing about what the erc-20, erc-721, erc-1155, trc-20 and what they are all about and also showing how to view the amount of erc-1155 and trc-20 available.

What is the ERC-1155 Token?

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.

Enjin

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. Currently, 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.

How to verify the amount of ERC-721

One of the great things about the ethereum blockchain is the number of available decentralized tools created to make it easier to access information on the ethereum blockchain. Verifying the amount of ERC-721 available is quite easy and straight forward and requires very few steps to accomplish. Etherscan is a good UI tool that allows anyone to access any information and data on the ethererum blockchain.

• Go to https://etherscan.io and click on “Tokens tab” at the top

• Next, on the drop down list, select the ERC-721 Token option

• The next screen displays the information about the number of available ERC-721 Tokens.

The screenshot shows that the total amount of ERC-721 token is 11,132 ERC-721 token

Explain the TRC20 Token

The tron blockchain is one of the blockchain networks that made a lot modification to the ethereum blockchain and as such, shares a lot of similarities and comparisons with the ethereum blockchain. All thanks to the ethereum blockchain, we have tron. Since tron was mostly created from the ethereum blockchain, it shares a lot in common with the ethereum blockchain, especially in the aspect of smart contract functionalities.

Since tron and ethereum share a lot in common and pretty much like the clone of ethereum without any difference fundamentally, the tron blockchain also has its own version of the ethereum ERC-20 known as the TRC-20. The TRC-20 tokens on the tron blockchain functions and operates very much like the ethererum ERC-20 tokens but with slight differences and speed of transfer because of trons incredibly low fees and transaction times. TRC-20 is simply a tron’s version of ERC-20 technical standard that is used for smart contracts and token creation but on the TRON blockchain, using what is known as the TVM which means Tron Virtual Machine.

An example of TRC-20 standard token or TRC-20 token on the tron blockchain is the USDT-TRON which uses the TRC20 protocol. USDT-TRON is simply USDT stable coin that runs on the tron blockchain. A stable coin is basically a type of cryptocurrency asset that is stable, which means that the prices doesn’t isn’t as volatile as the other cryptocurrencies. Currently, USDT is currently at around $1 with a marketcap of $54,676,339,649, fully diluted marketcap of $56,435,097,045, 24hr volume of $229,536,733,818, circulating supply of 54,687,184,757 USDT and a total supply of 56,446,291,004 USDT.

How to check the amount of TRC20 tokens existing

One of the great things about the tron blockchain is the number of available decentralized tools made available to make it easier to access information on the tron blockchain. Similar to etherscan, tron also has its own explorer version known as tronscan. Tronscan pretty much does the same thing as etherscan with just a few visual differences.
Verifying the amount of TRC20 tokens available is quite easy and straight forward and requires very few steps to accomplish. Tron is a good UI tool that allows anyone to access any information and data on the tron blockchain.

• Go to https://tronscan.org and click on “Tokens tab” at the top

• Next, on the drop down list, select the Token Tracker option

• The next screen displays the information about the number of available tron tokens available.
• Select the TRC20 option to view the total TRC20 tokens available

The screenshot shows a total of 16,049 TRC20 tokens available

Conclusion

Even though the ERC-20 and the ERC-721 tokens have brought a lot of value to the world of crypto, the ERC-1155 tokens has been a game chnager because of its features and what it can do in terms of creating fungible and non-fungible tokens with much more flexibility and convenience while greatly improving on the cons of both the ERC-20 and the ERC-721 standards.