ERC-1155 Key Points
- ERC-1155 is a standard for smart contracts on the Ethereum blockchain.
- It allows for the creation and management of both fungible and non-fungible tokens within a single contract.
- ERC-1155 tokens are highly efficient, reducing the complexity and gas costs associated with managing multiple token types.
- ERC-1155 was proposed by Enjin, a company that specialises in blockchain game development.
- It is widely used in the gaming industry and other sectors that require unique digital items.
ERC-1155 Definition
ERC-1155, also known as the Multi Token Standard, is a protocol for smart contracts on the Ethereum blockchain. It allows for the creation, management, and transfer of both fungible (identical) and non-fungible (unique) tokens within a single contract. This efficiency makes ERC-1155 a popular choice for creating digital assets, particularly in the gaming industry.
What is ERC-1155?
ERC-1155 is a standard for Ethereum smart contracts that was proposed by Enjin, a company specializing in blockchain game development. It builds on previous standards such as ERC-20 and ERC-721 by allowing a single contract to govern an almost unlimited number of tokens.
These tokens can be either fungible, like ERC-20 tokens, or non-fungible, like ERC-721 tokens. This makes ERC-1155 highly versatile and efficient for managing multiple token types.
Who Uses ERC-1155?
ERC-1155 is primarily used by developers who need to create and manage multiple types of tokens within a single contract. This typically includes game developers, but can also include other sectors that require unique digital items.
For example, digital art platforms may use ERC-1155 to create unique tokens for each work of art, while also creating fungible tokens for platform-wide rewards or currency.
When Was ERC-1155 Created?
ERC-1155 was proposed by Enjin in June 2018. After a period of community review and feedback, it was formally accepted as an Ethereum Improvement Proposal (EIP) in June 2019.
Where is ERC-1155 Used?
ERC-1155 is used on the Ethereum blockchain, which provides the underlying infrastructure for smart contracts.
It is widely used in the gaming industry, where it allows developers to create unique in-game items as non-fungible tokens, while also managing fungible tokens for things like in-game currency.
Why is ERC-1155 Important?
ERC-1155 is important because it provides a more efficient way to manage multiple token types. Prior to ERC-1155, developers had to create separate contracts for each token type, which was complex and costly in terms of gas.
By combining fungible and non-fungible tokens in a single contract, ERC-1155 simplifies the management of digital assets and reduces the costs associated with token transfers.
How Does ERC-1155 Work?
ERC-1155 works by defining a set of functions that a smart contract must implement in order to manage multiple token types. These functions include methods for creating, transferring, and destroying tokens.
When a token is created, it is assigned a unique ID that is used to track its ownership and transfers. If the token is fungible, all tokens with the same ID are identical. If the token is non-fungible, each token with the same ID is unique. This allows for the efficient management of both types of tokens within a single contract.
