What Is ERC-1155?

The ERC-1155 digital token standard was created to offer more security compared to older token standards. So, what is ERC-1155?

ERC-1155 tokens are secure, tradable, and relatively hack-resistant.

ERC-1155 can be used to create fungible tokens, which offer utility in the form of currency across multiple platforms.

ERC-1155 includes optimizations that make transactions more efficient and secure.

Transactions can be combined, thereby lowering token transfer fees.

ERC-1155 is an improvement over legacy token standards, including ERC-20 and ERC-721.

Ethereum's ERC-20 (for fungible tokens) and ERC-721 (for non-fungible tokens, NFTs) token standards are widely used in the ecosystem.

However, both of these have limitations, because ERC-20 and ERC-721 tokens are not interchangeable.

This of course adds a heavy workload, with the risk of network disruption, failure and high commission fees.

That's why, there is a need for an easier solution to program safer and less complicated designs if one smart contract can handle it all.

This is where ERC-1155 was created to bring both worlds together under one contract, overcoming the limitations already mentioned and making its management more efficient.

The strict set of rules that tokens must adhere to allows for the incredible features of the ERC-1155 token standard.

This token is the first of its kind capable of performing deterministic smart contract functions simply by sending a token to an address.

Simply sending tokens to a DEX exchange address can result in the exchange immediately returning another token to the sending address. Tokens can be wrapped, converted, created, or stored without having to interact directly with the smart contract.

All users have to do is send their tokens to a specific address to start a fantastic series of events.

Advantages of ERC-1155

Secure token transfer is one of the most promising features of ERC-1155 tokens which is achieved through a function that verifies that the transaction has been successfully completed, and if not fulfilled, the tokens involved in the transaction will be returned.

This is very useful if there is an error in the transcription or copying of the address and instead sending our tokens to the wrong address, making the transaction inoperable.

In this case, the transfer does not take effect and the issuer recovers the token, so it can verify the address again and retry the operation. There are also a number of rules in place to prevent double spending attacks.

When compared with ERC-20 and ERC-721, the usability and technical advantages of ERC-1155 appear to be enormous, which indicates that ERC-1155 will gradually take up more space.

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