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Ethereum [ETH] becomes more video-game friendly through ERC-1155 token standard

Anirudh VK

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Ethereum [ETH] becomes more video-game friendly through ERC-1155 token standard
Source: Unsplash

Witek Radomski, the co-founder and Chief Technical Officer [CTO] of Enjin.com, has created a new standard known as ERC-1155 for tokens on the Ethereum [ETH] blockchain. The standard in question is for defining tokens for video game items on the blockchain.

Notably, Enjin is a service that allows users to build video games on the blockchain, with support for fungible and non-fungible tokens to represent game items. The coin, with the name ENJ, is ranked 163 on CoinMarketCap, with a value of $0.05.

The ERC-1155 token standard allows for the creation of tokens, with a slight twist. The items are stored in one contract, as opposed to previous standards, where each token had to define a new contract for itself. The contract contains the minimum possible amount of data required for distinguishing the contained token from others.

The new token standard also allows for easier atomic swaps between tokens. As illustrated by Radomski in his Medium post, a swap between two tokens established on previous standards would require 4 steps. This is due to the additional approval step required for each token being swapped.

The ERC-1155 tokens can be swapped in just 2 steps, as there is only one approval step as opposed to multiple steps for each. It can also allow users to send any number of items to one or many recipients on the blockchain in one transaction, saving gas costs and congestion.



Moreover, the standard allows for the creation of fungible and non-fungible items. Fungibility is the property of a commodity wherein individual units of the said commodity are interchangeable. Video games feature both of these kinds of assets, with ammunition, health kits, and other such assets being fungible, and armor, weapons, and other items being non-fungible. As said by Radomski:

“When you need to attach unique history, provenance, and identity to every copy of a certain weapon, these would be designed as non-fungible items. ERC-20 is limited to fungibles, and ERC-721 is limited to contracts with individual unique copies of items. The two token types are not very compatible or mixable.”

The ERC-1155 contract can also allow anyone to create their own tokens through the Enjin program, which features a GUI to create and launch tokens. The token standard has been released to the game development and Ethereum community to encourage adoption and support. Radomski ended the post by saying:

“ERC-1155 brings a new level of efficiency and potential to any application that needs to work with tens, hundreds or thousands of tokens, and removes barriers imposed by existing token designs.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Ethereum

Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks

Akash Anand

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Source: Pixabay

Ethereum [ETH]’s movement on the cryptocurrency charts has been termed ‘slow’ or ‘unresponsive’ by many people involved in the world of digital assets. This subtle attack on the Vitalik Buterin co-founded network has been a prolonged process with many betting on the “death of the Ethereum network” due to the rise of faster and more efficient technologies and blockchain networks.

The second largest cryptocurrency, however, seems to have taken all these comments in stride as new data emerged that 6 of the 10 highest usage days in Ethereum’s history occurred over the past 3 weeks. Data from Etherscan.io showed a rise to a peak as Ethereum recovered well after the downturn in mid-January. The astounding peaks in terms of usage were also made evident when compared to the usage data in December/January 2018, the time period when the cryptocurrency market had reached its all-time high.

Some users in the cryptocurrency space were still critical about the data, with dk_holdnaut, a cryptocurrency enthusiast tweeting:



“I have never seen or even heard about anyone using any Ethereum app. If it was truly decentralized and censorship resistant I believe the people that value these perks the most atm and have the most funds to devote would’ve build a drug market dApp by now.”

However, Ethereum’s competition, EOS and Tron are not far behind. Just recently Tron, the Justin Sun-led cryptocurrency had announced that the TRX mainnet had crossed 2.5 million accounts, beating Ethereum with 8 million blocks. Ethereum, despite having the chronological advantage, had only 7.5 million blocks.

Ethereum had taken another hit when EOS set the record for the most number of cryptocurrency transactions in one day. Daniel Larimer, the CTO of Block.one had tweeted:

“#eos recently set a record of over 70m actions processed in one day. An average of over 810 actions per second. Our team is making great strides in further optimization and scaling. #B1JUNE”





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