ERC-1155, a standard implemented on the Ethereum blockchain, is designed to enhance the creation and management of digital assets. Enjin, a blockchain gaming company, proposed this standard.
Unlike previous Ethereum token standards such as ERC-20 and ERC-721, which could only handle one type of token (fungible and non-fungible, respectively), ERC-1155 stands out because it can manage multiple token types within a single contract. This simplifies complexity and improves efficiency in interactions.
While ERC-20 tokens are fungible, like real-world currency, and ERC-721 tokens are non-fungible, representing unique items or assets, ERC-1155 combines both functionalities. It allows for the creation of both fungible and non-fungible tokens within a single smart contract, each identified by an ID. This consolidation reduces the data and code required for token transactions, resulting in lower gas fees and more gas-efficient operations.
The versatility of ERC-1155 makes it well-suited for various use cases, especially in the gaming and digital collectibles sectors. In a gaming ecosystem, for example, a single ERC-1155 contract could govern various types of tokens, including game currency, unique characters, weaponry, skins, and more.
Looking for Blockchain Development, NFTs, Website Design, Token Creation, or Other services? Reach out to us at WebGTR. Let’s discuss and bring your vision to life.
Leave a Reply