Crypto Academy Week 12 - Homework Post for [@pelon53] | Tokens Part -2 | ERC-20 & ERC-721 | By @faizanwrites07

Hello (Hola) to you all amazing steemians!

Greetings and best wishes to all of you. After another amazing Lecture by Professor @pelon53, I'm honored that I've attended his consecutive three lectures and learned a lot from him.

Let's start my assignment for this week,
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First of all, let's remind the definition of Token:

A token is a virtually existed currency that represents an underlying asset or utility on a specific blockchain and enables the possessor to trade it or utilize it in any way acceptable on that blockchain.

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Question-1:

Explain the ERC-1155 Token in detail.

Answer:
ERC-1155:

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ERC-1155 is one of the recent standards of Etherium. It is developed by a group of renowned developers named Andrew Cooke, Philippe Castonguay, Witek Radomski, James Therien, Eric Binet, and Ronan Standford.

ERC-1155 is an improved version of the existing ERC tokens such as ERC-721 and ERC-20. It has a multi-token capacity and helped in the improvement of users and programming experiences. An improved version is required to eliminate the limitations ERC-20 and ERC-721 tokens had.

ERC-1155 has a special ability which enables it to control the various quantity of both fungible and non-fungible tokens.ERC-1155 is an improved version that can perform all the functions of ERC-20 and ERC-721 in a way that is better, improvised, and effective.

An upgraded version of the ERC token was required to overcome the limitations ERC-20 and ERC-721 had, some of them are mentioned here to know what was the main limitations which made it necessary to develop an upgraded version.

Few Limitations of ERC-20 and ERC-721 are,

1- Unable to do multiple transfers at a time. It means ERC-20 and ERC-721 are unable to carry multiple transactions at a time, one will have to perform various transactions to send various tokens. It shows that every token shall have to send one by one which will automatically increase the total cost because every transaction has its own attributed charges.

2- Transfer-related limitations include, if there is a transaction in which tokens are unintentionally sent to a wrong address then there is no retrieval of the said transfer, and the tokens sent will be lost, etc.

ERC-1155 eliminates different limitations of the previous versions such as those discussed above and lets the user perform many different operations.

Some of the upgraded operations are discussed here:

1- Transfer of multiple tokens in a single transaction:

ERC-1155 enables the user to transfer tokens in a batch to allow speedy transfer with a very low cost as compared to the previous versions.

2- Creation of multiple tokens in the same contract:

ERC-1155 allows the creation of one or more than one tokens whether fungible or non-fungible, within a single contract.

3- Secured transfers of Tokens:

ERC-1155 has a feature that enables it to verify if a transaction has been carried out successfully and if there is an ambiguity in the data entered the transaction is canceled out and tokens are returned to the owner.

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Question-2:

Explain how you verify the amount of ERC-721 tokens existing at the time of doing your homework. Present screenshot (use etherscan)

Answer:

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For verification of the amount of ERC-721, First of all, we will visit the etherscan and then follow the below steps, which are as follows;

Step-1

I used Google chrome through my mobile phone for this verification, in which after entering "etherscan", the following window appears. I had to click the three parallel lines at the right top of the window to access the options on etherscan.

Step-2

After clicking the three parallel lines button, the following options appeared in which I had to click "Tokens" to search for ERC-721 to verify its amounts.

Step-3

After clicking "Tokens", I had to click "ERC-721 Top Tokens" to verify its amount.

Step-4

Then after clicking "ERC-721 Top Tokens", the new window appears which clearly shows the number ERC-721 Token Contracts found, which is amounting to 11,115 till now 12:55 AM, 7th May 2021.

Hence, The amount of ERC-721 is verified to date.

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Question-3

Explain the TRC20 Token and check the amount of TRC20 tokens existing at the time of doing your homework. Present screenshot (use tronscan)

Answer:

Part-1: Explanation of TRC-20:

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Just like the Ethereum ecosystem, TRON also has its own smart contracts on the blockchain ecosystem. It means there are smart contracts of TRON and TRC-20 is a standard token, which on the Tron network system is used for smart contracts. TRC-20 is one of the most popular tokens in the marketplace. There is an operating system that works virtually recognized by the name of TVM (Tron Virtual Machine), which is used for the smart contracts operating on the Tron network.

TRC-20 facilitates in securing the transfer of tokens with very little or even no risk at all and this is why most traders use and accept it. As compared to TRC-10 it is known for massive bandwidth capacity and high energy level.

There are so many features of TRC-20, some of which are;

i - Transactions with TRC-20 is fast and swift

ii- The security is very high and encrypted

iii- The interface can be customized by the users of TRC-20 to get access to the smart contract.

iv- TRC-20 enables tokens swap and can be used on decentralized apps.

v- The transfer of data is free with high scalability

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Part-2: Checking the amount of TRC-20 Tokens existing till now:

For the verification of TRC-20 Tokens existing till now, after entering "tronscan" follow the below steps with screenshots:

Step-1

After entering "tronscan" we will be shown the following window in which for TRC-20 tokens checking, the three parallel lines shall be clicked for options to be used.

Step-2

After clicking the three parallel line option button, we will be provided with the options in which we shall select "Tokens"

Step-3

After selecting "TOKEN" new options will appear in which we shall select "Token Tracker"

Step-4

After selecting "Token Tracker", a new window will be appear in which we shall select "TRC20" to check its token amount

Step-5

After selecting "TRC20", we will be provided with the shown window in which we can clearly see the total amount of TRC20 Tokens, which are 16,030 Tokens right now at the time of my home-work.

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Thank you so much, Professor pelon53 for the amazing lectures and let us learn new topics every week.

Regards: @faizanwrites07