Steemit Crypto Academy Season 2: Week4| TOKENS, PARTE 2 by @pelon53

Hello everyone, after going through professor @pelon53’s lecture, it was so easy for me to get the task done and I want to say thanks to him. Without wasting much time let’s get into that.

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Question 1Explain the ERC-1155 Token in detail.

ERC-1155 also known as Ethereum Requests for Comments which is a standard token that was developed by Enjin and was launched in the year 2018. They were developed purposely for the creation of both fungible and non-fungible token contracts on the Ethereum platform. ERC-1155 collects ideas from all the available tokens in the Ethereum platform (ERC777, ERC20, and ERC721).
Since transactions are a bit difficult to make with other ERCs, ERC-1155 has provided a new and simple way that makes trading more organized and thereby reducing the transaction fees even though it uses the ideas of the previous ERC tokens. One of a popular game that was created using ERC-1155 token is the Minecraft game.

What makes ERC-1155 different from other Tokens?

1. ERC-1155 works as both fungible and non-fungible tokens.

2. ERC-1155 tokens makes the use of creating of digital assets much easier as compared to the already existing tokens.

3. Transactions of both ERC-721 and ECR-20 can be made to an ERC-1155 identical address.

4. Even though ERC-20 and ERC-721 tokens have very less in common but the existence of ERC-1155 has made it possible to be able to work with both without any difficulty.

What are the features of ERC-1155 tokens?

1. There is maximum security in when dealing with ERC-1155. There is a very less chance of getting hacked or scammed.

2. It has multiple uses. Can sever as an ERC-20 and can also serve as ERC-721 and can even serve as both.

3. There is a lower cost of transaction as compared to other tokens.

4. With the ERC-1155 token, multiple transactions can be done with ease.

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Question 2. How to verify the amount of ERC-721 tokens existing

From the question, we are asked to use etherscan. Without wasting much time, let us start.

Steps

1. Go to etherscan official website.

2. At the top, you will see the ‘tokens’ then you click on it.

3. Select ERC-721 top tokens.

4. From here we can see the available ERC-721 tokens. There are 11,115 ERC-721 available at the time I was writing this text.

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Question 3. Explain the TRC20 Token and check the amount of TRC20 tokens

What is TRC20 token?

TRC20 tokens are tokens that belongs to the tron blockchain platform which gives the qualification to be a native token of tron. TRC20 is a standard token that gives smart contracts the chance to implement tokens using Tron Virtual Machine (TVM). There are 3 required implementation rules that the tron virtual machine uses. These are; the token name, token abbreviation, and token precision. Missing a single implementation rule will result to errors. TRC20 has so much in common with ERC20 just that the TRC20 uses TVM to generate its tokens whiles ERC20 doesn’t.

Also, the TRC20 is also similar to the previous tron token TRC10 but TRC20 adds more logic to its work. This is absent in TRC10. TRC20 tokens gives traders and investors a secured platform to make transactions that are prone to risks, in simpler words there is no transaction risk relating to the ERC20.

Difference Between TRC10 Tokens and TRC20 Tokens

1. Working with TRC20 is much easier as compared to working with the TRC10. Beginners are always finding it difficult to start their projects on TRC20.

2. Transaction fees with TRC10 is 1000 times lower than the TRC20 and the vice versa.

3. TRC10 has a lower resources when comparing with the TRC20.

How to verify the number of TRC-20 tokens available at this time

I will be using the tronscan website to verify the number of tokens available at this particular time. Below are the steps involved.

Steps

1. Go to the tronscan website. You can go there by clicking here

2. Click on ‘tokens’ found at the top of the page.

3. From the drop down menu, select ‘token tracker’.

4. From the token tracker page, select the TRC20 in order to see the total number of tokens available. At this time, there are A total of 15,977 tokens from the screenshot.

Conclusion

To conclude, ERC-1155 tokens are created to fully utilize both the ERC-20 and ERC-721 and at the same time a reliable platform that makes it very easy for developers to make their dreams come true. It has also solved developers’ nightmare of huge transaction charges and also offer beginners a good platform to start with. TRC20 tokens on the other hand has a lightning speed of transactions at a lower charge. Thanks to professor @pelon53 for his great lecture.

Thanks for reading @pelon53