ERC 1155 is the latest token standard on Ethereum and it has been gaining a lot of attention from developers. This new token offers several features that make it easier to use, such as multi-token capability and an improved programming experience. It has already become an official Ethereum standard, which means that anyone can use it in their projects. In this blog post, we'll explore what ERC 1155 is all about and why developers are so excited about it.
What is an ERC 1155 Token?
The ERC 1155 token protocol is a revolutionary new standard designed to optimize the capabilities of existing tokens such as ERC-20 and ERC-721. The two conventional token standards, ERC-20 for fungible tokens and ERC-721 for non-fungible tokens, could not (and still cannot) be handled by the same smart contract.
This presented a big problem when users wanted to transfer different types of tokens, such as USDC (ERC-20) and a CryptoKitties NFT (ERC-721), since they had to execute multiple transactions to do so.
These transactions were inefficient and expensive, placing huge limitations on how users interacted with the various tokens. Fortunately, with the introduction of the ERC 1155 token standard, it has become possible to wrap numerous assets of blockchain in a single smart contract that allows transfers between them in a simpler and cheaper way.
By combining their features into one, users can not only take advantage of the huge potential these tokens hold, but also create a more efficient system for holding fungible and non-fungible tokens. the ERC 1155 shows the utmost attention paid to improving current technologies and creating better user experiences.
This not only simplifies the complexity of an already complex network, but also gives users access to more recreational opportunities with smart contract technology.
A breakthrough for the NFT Games
Although ERC 1155 was initially introduced to address the challenges facing blockchain game developers and players, its use cases outside of gaming are gaining more and more traction. However, there are some basic features of ERC 1155 that can be best demonstrated in game scenarios.
Before the implementation of ERC 1155, each item within a game had to be backed by its own smart contract, so in a game with 100.000 items, that means 100.000 smart contracts; This created a huge number of redundant contracts and made many games inefficient both in terms of space and money.
With ERC-1155, this redundant system disappears: instead, multiple games belonging to the same game can exist in the same smart contract, and any number of these games can be sent simultaneously and quickly. This revolutionizes the way transactions for blockchain games occur and significantly reduces time lag.
ERC 1155 Features
In addition to its main advantage of transferring multiple types of tokens at the same time, ERC-1155 has other powerful features.
Mass transfers as standard
ERC-1155 allows you to transfer multiple types of tokens in a single transaction. This eliminates the need for multiple transactions and reduces associated fees. It also ensures that users can send fungible and non-fungible (NFT) tokens at the same time, allowing them to interact with a variety of different blockchain assets.
Multiple tokens in the same contract
The ERC 1155 standard allows for the creation of fungible and non-fungible tokens within a single contract, eliminating the need for multiple contracts to manage different types of tokens. This provides a significant improvement in efficiency and scalability by allowing users to interact with numerous blockchain assets with a unified system.
Integrated token type detection
The ERC-1155 token has the ability to integrate ERC-165 functionality, providing a more efficient system for interacting with blockchain assets. With this integration, the token is able to detect and use the functionality of different tokens. This allows users to interact with a wide range of Ethereum-based tokens.
Secure token transfer
The ERC 1155 smart contract includes an advanced security feature called “token transfer verification”, which verifies that the transaction has been completed and, if not, rolls it back to return control of the tokens to their issuer. This feature works in several ways, including checking the sender address of each transaction, verifying that it is correct.
Semi-Fungible Tokens
It supports semi-fungible tokens, making it an even more versatile tool for game developers and gamers alike. An ERC 1155 token can be compared to a concert ticket in that it is fungible and non-fungible. Before the event, the ticket can be sold or exchanged for money, making it fungible. However, after the event is over, its value can depreciate significantly and become a collectible.
Usage example for ERC 1155 tokens
Enjin
Enjin has been instrumental in the success of the Minecraft game since its inception. With their technical knowledge and innovative solutions, they have helped take the gaming industry to new heights. This is especially true when it comes to blockchain technology and its increasing use in gaming platforms.
Through his leadership role alongside developer Witek Radomski, Enjin has taken the lead in deploying a state-of-the-art system for secure data storage and transmission in decentralized ledgers. As one of the pioneers of this revolutionary technology, Enjin has been an essential asset in driving the development and deployment of its many applications.
Horizon
Horizon, a blockchain gaming company, stands out among its competitors for its distinctive use of the Ethereum ERC 1155 gaming standard for its flagship Skyweaver game. ERC-1155 allows players to securely own and trade digital assets within the game, making it attractive to both experienced blockchain users and players new to the technology.
Horizon's unique combination of cross-platform play, highly scalable token capability, and innovative gameplay creates an unprecedented level of trust and security that appeals to gamers and developers alike. With exciting new features in the pipeline, such as trading cards, tournaments, and ranking systems, Horizon is well on its way to establishing itself as one of the major players in the global blockchain gaming industry.
OpenSea
The ERC 1155 implementation of the NFT marketplace that allows multiple creators to use one smart contract. This means that a number of creators have access to the same blockchain technology at a low cost, allowing them to develop dynamic and interactive NFTs.
However, only one creator can mint additional copies to ensure agreement on terms and conditions between each user and prevent malicious practices such as double spending. OpenSea offers an advantage to both new and experienced developers by enabling an easier onboarding process into the world of owning and trading digital assets.
Open Zeppelin
OpenZeppelin is a leader in blockchain security, setting the standard with its use of the ERC-1155 protocol. OpenZeppelin's ERC 1155 technology is helping to revolutionize asset transactions, providing both an improved user experience and higher levels of collateral. With features like automatically generated ABIs, function modifiers, and more efficient gas rates for transfers and upgrades, this pioneering ERC-1155 protocol is creating new avenues of exchange for digital assets.
The future of CKD
Without a doubt, ERC 1155 has become the most versatile token standard on Ethereum, enabling functionality that surpasses even ERC-20 and ERC-721. However, its use is still below expectations due to a lack of mass awareness. Many dApp developers have not yet realized the potential benefits of the double-sided assets that ERC-1155 enables.
This is especially true for decentralized autonomous organizations (dAOs). Here, the use of fungible, semi-fungible, and non-fungible tokens could add a huge degree of flexibility to operations. Similarly, play-to-win games built on Ethereum are ripe candidates for migration to ERC 1155. Consequently, this token standard may come to define entirely new gaming categories.
Given the huge range of possibilities already present in ERC 1155 and those still unknown, this standard could shape the way users interact with the blockchain in significant ways for years to come; it looks like the future is still bright for everyone associated with it.
Conclusion
ERC-1155 is fast becoming the standard token for Ethereum developers. Its versatile features, combined with its enhanced user experience and security protocols, make it the ideal choice for a wide variety of applications. From win-win games to decentralized autonomous organizations, ERC 1155 offers a way to securely own and trade digital assets on the blockchain that was not possible before.
With increased awareness of the possibilities offered by this innovative protocol, we are confident that we will see increased adoption across multiple industries in the near future. We're looking forward to seeing what innovative use cases emerge as developers continue to explore all that ERC-1155 has to offer. Do not doubt contact us if you want to create your own ERC 1155 token!
