Inventor of the Non-Fungible Token Creates New Standard ERC-1155 To Replace ERC-20 and ERC-721

 

Witek Radomski creates the Crypto Items Standard ERC-1155. A solution for repeated code, inefficient transaction volume, and the need for a standard that enables fundable and non-fungible items.

To better understand this concept, imagine uploading an image to Google Drive, except to do so, you must build an entirely new Google Drive website to manage the image. So, in order to manage all of the images on Google Drive, you would need billions of Google Drives instead of just one.

The ERC-1155 standard is the first token standard to provide a solution to this problem. The bulk of the code for each token variation is stored in a central contract and given an identification number. From there, each new token that requires use of that code can be assigned an ID, and all of the coding is applied to the token without the need to copy and paste data.

Within games, there will be a need for atomic swaps of multiple items. For example, say I have a sword and shield that I would like to swap for another user’s helm and chainmail. Using the current standard, completing this trade would require a minimum of four separate steps due to the system processing and approving the trade of each item separately. The more items you add to the swap, the more significant this inefficiency becomes.

ERC-1155 tokens solve this problem by grouping multiple items during the swap. No matter how many items need to be swapped at once, it will always be just a simple, 2-step process

Read full original article here