ERC-1155 Summary
- ERC-1155 is a multi-token standard on the Ethereum blockchain.
- It allows for the creation and management of both fungible and non-fungible tokens within a single contract.
- Developed by Enjin, it aims to improve efficiency and reduce transaction costs.
- Widely used in gaming, digital art, and decentralized applications (dApps).
- Supports batch transfers and atomic swaps, enhancing user experience.
ERC-1155 Definition
ERC-1155 is a token standard on the Ethereum blockchain that enables the creation and management of multiple types of assets—both fungible and non-fungible—within a single smart contract.
This flexibility and efficiency set it apart from its predecessors, making it ideal for applications like gaming and digital collectibles.
What Is ERC-1155?
ERC-1155 is a versatile token standard on the Ethereum blockchain.
It allows the creation, management, and transfer of multiple types of tokens, both fungible (like ERC-20) and non-fungible (like ERC-721), within a single contract.
This multi-token standard aims to improve efficiency and reduce transaction costs compared to handling multiple token types separately.
Who Developed ERC-1155?
ERC-1155 was developed by the blockchain-based gaming company Enjin.
The standard was proposed by Witek Radomski, Enjin’s co-founder and CTO, along with a team of developers.
Enjin’s focus on gaming and digital collectibles provided the practical use cases that drove the creation of ERC-1155.
When Was ERC-1155 Introduced?
ERC-1155 was introduced in June 2018.
The proposal was submitted as an Ethereum Improvement Proposal (EIP) and has since gained widespread adoption.
Its introduction marked a significant step forward in the evolution of token standards on the Ethereum blockchain.
Where Is ERC-1155 Used?
ERC-1155 is predominantly used in gaming, digital art, and decentralized applications (dApps).
Game developers use it to create in-game assets that can be traded or sold.
Digital artists employ ERC-1155 to issue and manage digital art pieces, while dApps leverage its flexibility for various functionalities.
Why Is ERC-1155 Important?
ERC-1155 is important because it brings greater efficiency and flexibility to the Ethereum blockchain.
By allowing multiple token types within a single contract, it reduces the need for multiple transactions, thereby lowering gas fees.
Additionally, features like batch transfers and atomic swaps significantly enhance user experience and operational efficiency.
How Does ERC-1155 Work?
ERC-1155 works by using a single smart contract to manage multiple types of tokens.
This contract includes a variety of functions for creating, transferring, and managing these tokens.
Batch transfers enable the simultaneous transfer of multiple tokens, reducing the number of transactions and thus the associated gas fees.
Atomic swaps allow for secure and simultaneous exchanges between different token types, further enhancing the standard’s flexibility and utility.
