ERC-1155 Definition
ERC-1155, also known as the Ethereum Multi-Token Standard, is a unique blockchain protocol that enables a single contract to produce and manage various types of tokens. It is a form of Ethereum token standard that enables the creation of both fungible (interchangeable) and non-fungible (unique) tokens within the same contract.
ERC-1155 Key Points
- ERC-1155 is a standard for smart contracts on the Ethereum blockchain.
- It allows for the creation of both fungible (like cryptocurrencies) and non-fungible (like CryptoKitties) tokens within a single contract.
- ERC-1155 lowers transaction costs and complexity by bundling multiple token types in one contract.
- This standard was proposed by the team behind the Enjin gaming platform.
Who Created ERC-1155?
The ERC-1155 token standard was proposed by Witek Radomski, co-founder and CTO of Enjin, a blockchain-based gaming platform. Acknowledging the need for a more efficient and cost-effective token standard, Witek and his team conceptualised and implemented the ERC-1155 standard.
What is the Purpose of ERC-1155?
ERC-1155 is designed to streamline the process of creating and managing tokens on the Ethereum blockchain. Before the existence of ERC-1155, developers had to create separate contracts for each token type which led to fragmentation, higher gas costs, and less efficient synchronization. With ERC-1155, interactions with multiple token types can be bundled into one function, ensuring efficiency and reduced transaction costs. It’s especially significant for industries like gaming, wherein assets can be represented by both fungible and non-fungible tokens.
How Does ERC-1155 Work?
All tokens within a single ERC-1155 smart contract exhibit a similar base functionality, however, they maintain entirely unique identities which can be utilized for specific applications like decentralised gaming or digital art platforms. These unique identities can comprise of both fungible and non-fungible tokens, achieving greater flexibility for developers. It also improves the ability to deliver streamlined, scalable, and efficient blockchain interactions.
Where is ERC-1155 Used?
The most significant application of the ERC-1155 token standard is in the gaming industry, which often requires different types of assets (fungible and non-fungible tokens). For example, an in-game character may be represented by a non-fungible token, while in-game currency may be represented by fungible tokens. Other industries and applications which utilize the merging of various token types can also benefit from the ERC-1155 standard.
Why Use ERC-1155?
ERC-1155 brings flexibility and efficiency to the Ethereum blockchain. By enabling multiple token types through a single contract, it reduces the complexity of operations and reduces transaction costs. This makes it ideal for developers who deal with multiple token types, especially those in gaming and similar industries. Moreover, it paves the way for more diversified and innovative blockchain solutions.
