Bitcoin, Crypto currency, Blockchain

ERC-1155: A new Token Standard that the video game industry cheer

615cd9e80d283b184cd8388ef3533a61 - ERC-1155: A new Token Standard that the video game industry cheer

The Chief Technical Officer (CTO) of Enjin, Witek Radomski is best known for the development of a Token standard ERC-721 influences, has just published a new Standard called ERC-1155 on the Ethereum block Chain. The ERC-1155 was published in the Ethereum Github discussion thread and promises some enhancements to the Token-Standards ERC-721, which is thanks to the “crypto kitties” popular, namely, improvements in the efficiency and the costs for the provision of larger quantities of important elements for video game developers.

Ethereum World News reported that Radomski said that the new ERC-1155 cryptographic-Item-default allows an infinite number of fungible and non-fungible items, pro Smart-Contract.

“It must be compact, so that the network is not clogged. If this Standard becomes popular, then the game industry will use it alone, tens of millions of [items]. The use of the ERC-1155 Token, however, is not limited to the game industry, but can demonstrate possession in all possible forms, digital as well as material.“

He added:

“After a full year of the development of ERC-1155 this is a very proud day for my Team. We hope to see some of the amazing inventions that will result from this Token Standard. Projects should require the implementation of support, you can always contact Enjin.“

The Token-default ERC-1155 also allows for simpler Atomic Swaps between tokens, which are defined as the exchange of a token type against another on the Blockchain without a direct intermediary.

In contrast to the currently inefficient method of nuclear exchange between the ERC-20-Tokens, would require the new ERC-1155-Token-default, only two steps, as shown in the diagrams, the Radomski in his Medium Post.

For this Atomic Swap at least four transactions are needed

With the new ERC-1155 Token Standard, only two transactions are needed.

The Enjin programme has to develop a GUI to Tokens and to publish these. This can be used by using the ERC-1155.

Such developments within the fungible and non-fungible Token-Revolution are still in a very early stage, level but nevertheless, the way for mass Adoption and integration, especially in niche development of industries such as Video Gaming.

As Radomski concluded, “promises the ERC-1155, a new level of efficiency and the potential for each application that needs to work with dozens, hundreds, or Thousands of tokens, and eliminates the barriers imposed by existing Token Designs.”

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