Bitcoin, Crypto currency, Blockchain

ERC-1155: New Token Standard in the case of Ethereum

There is a new Token Standard for the Ethereum block Chain. The ERC-1155-Standard includes features that are specifically designed for Gaming. The site was developed by the developers of the Blockchain-business Enjin, which allows you to play video on the Blockchain.

Enjin is a service that the users of video games design on the Blockchain and can perform. This Token will be used, the specific Items or Features of the respective game represent. The ENJ-Token is currently with a market value of about US $ 5 cents just in the Top 160 of the Coins with the highest market capitalization and shows delicate ascending trends.

A new Standard for video games

Witek Radomski, Co-Founder and CTO of Enjin.com that has now created a new Token Standard on the Ethereum block Chain. The new Standard bears the designation ERC-1155 and to define suitable function of the ENJ – tokens, the Items in the video describe play.

The new Standard is supplementary to the previous Token-Standards on Ethereum. So far on the Ethereum block Chain, issued an Initial Coin Offerings, the vast majority is based on the ERC-20-the Standard, the basic Standard for cryptographic Tokens on Ethereum. Alternative crypto-Assets, the Collectability crypto kitties, is based on the more complex ERC-721 Standard. This is specifically designed to have no fungibility. Fungibility means that individual units of a product are interchangeable, in that they can be measured with a certain degree. From the point of view of Radomski, the two existing Standards for the implementation of video games are on the Blockchain, however, is less well-suited.

“The biggest Problem with existing Token Designs is that you will need to provide a separate Smart Contract for every single Token! […] It is as you would have to buy for each individual App that you want to use a brand-new Computer“,

so Radomski in a Blog Post. The strength of the new Standards is that multiple tokens with the same Smart Contract work.

What is behind ERC-1155?

The ERC-1155-Standard allows for the creation of fungible and non-fungible elements. Video games have both types of assets, fungible and non-fungible. Ammo, health kits donated, and other such items, for example, could not fungible, while armor, weapons, and the like are not implemented fungible.

The new Token Standard also facilitates Atomic Swaps between tokens. The ERC-1155-Token can be exchanged in only two steps, because there is, in contrast to other Standards, only one approval step. User can also send any number of items in a transaction to one or more recipients in the Blockchain. So costs are saved and the TRANS-action traffic jams can be avoided.

The ERC-1155-Standard expands the range for Ethereum projects in the future. If he can meet the from Radomski’s goal, to replace the existing Standards will still need to show.

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