So this week, we have learnt a lot from professor's lecture about ERC-20 and ERC-771. I have studied and did some research about this topic and now i am going to write my homework.
Before moving toward the ERC-1155, we need to clear some concept.
ERC- ERC stand for Ethereum Request for Comment. It's just a standard on Ethereum blockchain. ERC are commonly use by customers for dealing with each other without having any third party. It's very comfortable and convenient way to interact with one another. ERC are mostly used to generating the tokens on decentralized Ethereum blockchain.
ERC-20- ERC-20 is most commonly used token standard on Ethereum blockchain. It is oftenly used to set rules which are followed by all the tokens on Ethereum Blockchain. It is also used for some other purposes too; like holding your assets for specific period of time, receiveing the assets or sending the assets by users.
ERC-1155- The ERC-1155 tokens are usually considered the most secured token. These cannot be hacked and trading of these token is very secure and easy. The fungible and non-fungible tokens are generated by using these ERC 1155. The ERC 1155 have the characteristics of both ERC -21 and ERC-20.
ERC-721 - The ERC-21 is a standard on Ethereum blockchain which was introduced in 2018. It is generally use for creating the non-fungible token.
TRC- The Tron Request Comment is a token standard on Tron network.
Explain the ERC-1155 Token in detail.
The ERC 1155 token was introduced by Enjin in 2018. These token work on Ethereum blockchain and is also usable to generate fungible and NFT. ERC-1155 have the characteristics of both ERC 20 and ERC 721. This token cover the week point of the previous tkens. . It is advanced version of these two tokens.
The major week holes in ERc 20 and ERC 721 are as follow:
Week points of ERC 20 and ERC 721
|Limited transaction||In ERC 20 and ERC 721, only a limited number of token is allowed to transacted|
|High Cost||The transaction using ERC 20 and ERC 721 is very high|
|Amount Exceed||You will have to perform multiple transactions if your amount exceed to a specific limit because in these token, you can only transfer a specific amount of token.|
|You are not able to perform the multiple transfer at a time|
To solve all these problem, the developers introduced the ERC 1155. These token combined the features of previous ERCs. The process to transfer the token is easy and safe with these tokens. You are allowed to transfer mass number of token. It is responsible to ensure that whether the transaction occur successfully or not. If there is some problem (wrong receiver address) then the tokens come back to issuer and there is no lost of token at all in that situation. It can create more than one fungible token. The scalability of ERc1155 is ver high as you can perform multiple transaction in one second
Difference between ERC 1155 and ERC 72Scalability
|ERC 1155||ERC 721|
|These tokens are easy to use and convenient for users||These are not convenient for users.|
|These can perform multiple transaction per second||Here is limit of transfer|
|ERC 1155 are semi-changeable||You cannot change the ERc 721 at any cost.|
Example of ERC 1155: Mocktail
Mocktail is the first standard semi-fungible token. This token perform its functionalities on the Binance network.
Explain how you verify the amount of ERC-721 tokens existing at the time of doing your homework. Present screenshot (use etherscan)
The ERC 721 token were introduced in 2017. These are unique token mean that these token are not able to changes ever. These are most commonly used to generate the NFT. They work on ethereum blockchain and all the ERc 721 token don't have the resemblance with one another.
verify the amount of ERC-721 tokens
A few steps are there to verify the amount of ERC-721 tokens.
1- Search the https://etherscan.io/ on google. A new page will be opened there.
2- click on the Etherscan and you will be reached to a new page
3- Click on the token from the manu bar. Select teh ERC 721 top token from the drop down list.
4- A new page will be open.
Where the total ERc 721 tokens will be appeared.
Explain the TRC20 Token and check the amount of TRC20 tokens existing at the time of doing your homework. Present screenshot (use tronscan)
The TRC 20 is similar to the ERC 20. It also use the same programming language as the ERC 20 does. The only difference is that it run on the Tron chain instead of Ethereum blockchain. It is used to create the smart contract. It is very famous among the traders. It is advanced version of TRc 10. It is very beneficial for new comers and the beginners as provide access to the market place very easily. TRC 20 helps the users to raise the fund.
Features of TRC 20
The users can access the smart contract easily with the help of TRC 20.
It is advance version of TRC 10. So it cover al its lope holes.
Transfers are free of cost.
TRC 20 token are well known in market for having the capacity of building the smart contracts.
It make it easy for beginners to access the market place.
TRC 20 can be swap
Tron blockchain is very secure.
TRC 20 token allow the P2P transaction without involving any third part.
It is very fast.
Terms in TRC 20
Transfer from: The TRC 20 work over a network which is decentralized. The transfer from term is used in TRC 20 token when it require to get the token from user and to transfer it to a receiver. a third person is involved in this activity. The permission is compulsory for that third person to perform this activity.
Tron's DPOS: DPOS stand for Tron' delegated proof of stack. DPoS agreements are used by tron platform.
Transfer Token: Like any other token, the TRC 20 tokens are also taken from the Tron platform and are distributed among its users. The term Transfer referred to that.
Smart Contracts: The TRC 20 allow its users to access the smart contracts.
TVM: TVM stand for Tron Virtual Machine. It has the same standard as the Ethereum platform.
Scalability: The tron 20 is much popular among investor because of its scalability.
Balance: The term balance on the Tron blockchain refer to the number of token which are given to the user to taken from the user.
Total supply of TRC 20: The total supply mean the number of TRC 20 which have been issued by the TRON blockchain.
Creation of TRC 20 tokens:
There are many rules you need to follow while creating the TRC 20 tokens. Some of them are compulsory. We need to follow them but some of them are not compulsory. These are optional and you can skip them if you want.
There are total 8 mandatory rules.
1- Total supply: Total supply mean that how much token can be issued by the platform
2- Approve: Verify the authorized access of a third part.
3- Balance: The number of tokens which are returned of any user's account address.
4- Transfer from: It refer to transferring the token from one users account address to any other address.
5- Allowance: It check the total number of tokens which can be transferred by a third person.
There are basically three optional rules.
1- Token Name: Token name mean the name which is used for that token.
2- Token Abbreviation: Abbreviation mean the small or short name or symbol of a specific thing which is used for that thing.
3- Token Precision: Token precision mean the total number of units in which a token can be break into.
Checking the amount of TRC-20 tokens available
There are few steps to check the amount of TRC-20 tokens available:
1- Search the https://tronscan.org/#/ website on google. You will directly jump the following page.
2- Click on the third button "TOKEN" from the menu bar. A drop down list will be appeared.
3- Select Token Tracker from that list.
4- A new page will be opened.
5- Click on the TRc 20 button and the total number of TRC 20 will be appeared there.
There are a number of blockchains and token working around the world. The TRC 1155 is advanced version of ERC 20 and ERc 721 and cover all the problem of these two ERCs. In this homework task, i have explained the ERC 1155, The difference between ERC 1155 and ERC 721. Then i talked about the ERC 20 tokens and explain the steps of how we can verify the amount of ERC 20 token with screen shorts. Next i explained in detail what the ERC 721 are and how we can verify the total amount of ERC 21 with screen shorts.