ERC-1155

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ERC-1155 is a technical standard used in smart contracts on the Ethereum blockchain for implementing tokens. After a year in review, it was confirmed as an official token standard on the Ethereum mainnet in June 2019.[1] ERC-1155 combines capabilities of both the ERC-20 (fungible) and ERC-721 (non-fungible) technical standards by allowing users to create fungible, non-fungible, and semi-fungible tokens on the Ethereum blockchain.[2][3]

History[edit]

After Enjin Coin's ICO and the launch of their ERC-20, development work began on optimization of gaming assets for the blockchain. The effect that the Cryptokitties craze had in slowing the Ethereum network in December 2017[4] led the developers of Enjin Coin to believe that the existing ERC-721 standard for non-fungible items (those most likely to represent unique gaming assets) could be significantly improved,[5][6] relieving pressure on the Ethereum network and improving the experience of gamers.

ERC-1155 was approved as an Ethereum token standard in June 2019.[7]

Applications[edit]

The ERC-1155 token standard can be used to create multiple token types (both fungible and non-fungible tokens), and multiple asset types within one smart contract, and allows for more efficient use of the Ethereum blockchain by cutting down on the amount of redundant code used to issue each token.[8] ERC1155 also allows for bulk transactions and atomic swaps, saving gas fees on trading,[9] as well as compatibility with ERC-721 tokens.[10]

ERC-1155 defines a common list of rules for blockchain asset tokens to follow within the larger Ethereum ecosystem, allowing game developers with minimal blockchain programming experience to ensure asset interoperability across games.[11] ERC-1155 tokens can be used by game developers to fundraise via Initial Asset Offerings,[12] similar to Kickstarter campaigns.

As well as video game assets, the ERC-1155 standard can be used to tokenize a wide variety of objects: thus far it has been used to tokenize trophies, coupons, vouchers, and gift cards,[13] charitable donations,[14] certificates of authenticity,[15] digital art,[16] books, and tickets.

References[edit]

  1. ^ "Ethereum Adopts Enjin's ERC-1155 Token Standard: A Crypto Revolution". Ethereum World News. Retrieved 2019-08-06.
  2. ^ "ERC-1155 Ethereum Tokens Standard Explanation – What is it and how does it work? — ICOguru.io". icoguru.io. Retrieved 2019-08-06.
  3. ^ "5+ ERC standards every Ethereum developer should know about". hackernoon.com. Retrieved 2019-08-06.
  4. ^ "CryptoKitties cripple Ethereum blockchain". 2017-12-05. Retrieved 2019-08-06.
  5. ^ "Enjin Coin CTO Creates ERC-1155, a New Token Standard for Ethereum". NASDAQ.com. 2018-06-25. Retrieved 2019-08-06.
  6. ^ Radomski, Witek (2018-10-10). "ERC-1155: The Crypto Item Standard". Medium. Retrieved 2019-08-06.
  7. ^ "Enjin's ERC-1155 Adopted as Official Ethereum Standard". Something Decent. 2019-06-18. Retrieved 2019-08-06.
  8. ^ "ERC-1155 Ethereum Tokens Standard Explanation – What is it and how does it work? — ICOguru.io". icoguru.io. Retrieved 2019-08-06.
  9. ^ Radomski, Witek (2018-10-10). "ERC-1155: The Crypto Item Standard". Medium. Retrieved 2019-08-06.
  10. ^ Sandbox, The (2019-06-11). "ERC-1155: A new standard for The Sandbox". Medium. Retrieved 2019-08-06.
  11. ^ "Enjin Coin Launches Unity SDK - Mass Adoption With Blockchain Gaming?". CCN Markets. 2019-03-06. Retrieved 2019-08-06.
  12. ^ Toner, Mark (2018-11-12). "Initial Asset Offerings: More Than Fun and Games". ThirtyK. Retrieved 2019-08-06.
  13. ^ "Bidali gets onboard with Enjin Coin". Retail Technology Innovation Hub. Retrieved 2019-08-06.
  14. ^ "Enjin Plans to Mobilize 20 Million Gamers to Fight Aging | | LEAF". Retrieved 2019-08-06.
  15. ^ egamers.io (2019-03-10). "Bringing Fashion to the Blockchain: ERC-1155 Authenticity Tokens". eGamers.io Crypto & Games. Retrieved 2019-08-06.
  16. ^ "Video Guide: What is an ERC-1155 Token?". Blockgeeks. 2019-03-06. Retrieved 2019-08-06.