ERC-1155 is the only standard that supports both fungible as well as non-fungible tokens. This ERC1155 is considered the most advanced non-fungible token standard. The main objective of this token is to create a smart contract that can control a huge number of fungible as well as non-fungible tokens. This makes it more effective than ERC-20 and ERC-721 tokens.
The sole purpose for creating this ERC-1155 is to overcome the limitations of the tokens ERC-20 and ERC-721. The main drawback of the former best fungible token ERC-20 is that if a user accidentally sent the tokens to a wrong address, then it is lost forever. When it comes to the non-fungible token ERC-721, the main limitation it has is that you will have to carry out a separate transaction every time you send a token to another person, thus resulting in the usability of the Ethereum network frequently which increases the overall cost of the the transaction. In order to overcome such limitations, ERC-1155 has been created.
This ERC-1155 token standard allows transferring a huge amount of native fungible tokens as well as non-fungible tokens in a single smart contract with the same address thus simplifying the transaction process. With this effective use of resources, the user can save a huge amount of transaction cost and it also minimizes the workload on the network.
Another major beneficial feature of ERC-1155 is that the smart contract of this token standard has the ability to verify each transaction that has been made and thus led to the possibility to revert the transaction and return the control to the issuer of the tokens if any of those tokens has been sent to the wrong address.
Multiple Tokens - It defines both fungible and non-fungible tokens in a single smart contract.
Batch Transfer - It allows the users to send a huge amount of tokens in a single transaction.
Adoption - This ERC-1155 is now being used by a growing number of game projects in the Ethereum network.
Save Gas - It helps the users to save the gas fees up to 90% while minting new tokens.
Atomic Swap - The design of ERC-1155 allows to swap any amount of tokens in just two simple steps.
If you are seeking to launch tokens or need a new idea for an online business, Security Tokenier is here to assist you. Being a leading ERC1155 token development company, we are specialized in providing ERC standards token development solutions. Here are our token development services.
We furnish optimized and surpass token creation within the blockchain ecosystem that makes the tokens sustainable and recyclable.
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