What is ERC-1155?

This article discusses ERC-1155, a flexible Ethereum token standard that allows for the transfer of multiple types of token at once.

“ERC” stands for Ethereum Request for Comments. It is a type of EIP focused on standards for Ethereum applications, a category that includes tokens. 

Tokens are transferable units of value. Colloquially they are referred to as cryptocurrencies or (technically incorrectly) coins. Tokens generally fall into one of two buckets: fungible or non-fungible. Fungible tokens are mutually interchangeable, like dollar bills or pesos. Non-fungible tokens are unique and noninterchangeable, like a painting or book.

ERC-1155 takes a new approach to defining tokens. Items are now stored in a single contract with the minimum possible amount of data needed to distinguish the token from other ones. The contract state contains configuration data per Token ID and all the behavior governing the collection.

Source: sandbox

Trading Multiple Items

ERC-20, Existing token designs would require a multi-step process to achieve something called an atomic swap, exchanging one kind of token for another without an intermediary.

Shopping cart ERC-1155

Imagine checking out your groceries at the store and having to buy each item in your cart separately.

Swiping your credit card, bagging a single loaf of bread, receiving a small receipt, before continuing with the apples, getting another receipt, and so on.

Benefit of this ERC-1155

ERC-1155 is the only token standard that enables you to create every type of asset, from currency and real estate to digital art and gaming items.

In ERC-1155, you can send any number of items to one or multiple recipients in a single transaction. This reduces gas and congestion on the Ethereum transaction pool (and saves you money!)

Transfer, approve, melt, and trade in one checkout

The transferapprovemelt, and trade functions all take arrays as parameters, which let you perform between 100–200 such operations in a single transaction.

To transfer a single item, just supply each array with a single element. To transfer two items, use two elements, and so on.

  • It supports an infinite number of tokens, in contrast with ERC-20 and ERC-721, which require a new smart contract for each type of token.
  • It supports not only fungible and non-fungible tokens, but also semi-fungible tokens. Semi-fungible tokens are like general admission concert tickets. They are interchangeable and can be sold for money before the show (fungible). But after the show they lose their pre-show value and become collectibles (non-fungible).
  • It has a safe transfer function that allows tokens to be reclaimed if they are sent to the wrong address, unlike ERC-20 and ERC-1155
  • It removes the need to “approve” individual token contracts separately, which means signing fewer transactions

Who's using ERC-1155?

  • 🎮 Enjin – Enjin offers a number of blockchain products, many of which implement ERC-1155.
  • 🕹️ Horizon – Horizon is a blockchain games company whose Skyweaver game uses ERC-1155.
  • 🖼️ OpenSea – The NFT marketplace’s ERC-1155 implementation allows multiple creators per smart contract but only one creator is able to mint more copies. 
  • 🎈 OpenZeppelin – OpenZeppelin’s blockchain security products leverage the ERC-1155 standard.

Our conclusion

The ERC-1155 standard is the culmination of a year of hard work by the blockchain community. If you are planning on implementing ERC-1155

Finally, we’d all like to extend our gratitude to the amazing Ethereum community and thank everyone who participated with their feedback to finalize the new ERC-1155 Multi Token Standard!

SOURCE : decrypt enjin.io sandbox-game

#NFTs #ERC-1155 #WEB3