Blockchain and Cryptocurrency LVL 1 - About the ERC-1155 Token Standard

Ethereum blockchain is not only great and useful for its decentralization, and smart contracts capabilities, it is also because of the capabilities to create tokens on the ethereum blockchain. ERC-1155 Token is basically an ethereum-based digital token standard created by Enjin that is used for the creation of fungible and non-fungible tokens on the ethereum blockchain. When we talk of fungible tokens, we talk of tokens that are not unique while non-fungible tokens represents tokens that are unique. The ERC-1155 Token plays a huge role for the creation of NFTs which stands for non-fungible tokens. NFTs has been on a massive rise over the past months as more and more people are seeing the benefits and potential of Non-Fungible Tokens.

The ERC-1155 Token are also known as a multi-token standard because of its new features and capabilities. One of the main beneficiaries of the ERC-1155 Token is the gaming industry, which isn’t a surprised since the token standard was created by enjin. One of the benefits of the ERC-1155 Token in gaming industry is the creation of tokenized assets issued on the blockchain. The ERC-1155 Token is very versatile in what it can do and also very scalable and convenient.

Why the ERC-1155 Tokens was created

Like I mentioned above, the ERC-1155 Token standard was created by Enjin because of the drawbacks of the ERC-20 tokens and the ERC-721 tokens. Everyone know how amazing the ERC-20 tokens are and what they can do and have done. In fact, a lot of top tokens with great value on the ethereum blockchain are ERC-20 tokens. However, ERC-20 tokens comes with some drawbacks that lead to the creation of the ERC-1155 tokens. One of the main drawbacks of ERC20 is that there is no programmatic UI for handling tx that are coming in, in smart contracts. Also, users would lose their ERC-20 tokens if they send ERC20 tokens to a smart contract address. Hence why the ERC-1155 tokens were created so as to fix the short comings of the ERC-20 tokens.

Benefits of the ERC-1155

• ERC-1155 are flexible because it means that both fungible and non-fungible tokens can be created
• Another benefit of the ERC-1155 is its capability of allowing users make massive transfers of the ERC-1155 included in the smart contract.
• With the the ERC-1155, users can send multiple ERC-1155 tokens in a single transaction.
• Low gas cost.

Enjin - ERC-1155 Standard Token

Enjin is basically an ethereum-based token on the ethereum blockchain that utilizes the ERC-1155 standard as well as a series of smart contracts with the capability of minting new fungible and non-fungible tokens. At the moment, enjin is currently sitting on number 64 on coinmarketcap with a marketcap of $2,026,194,914, circulating supply of 834,313,757 ENJ, total and max supply of 1,000,000,000 ENJ.