Enjin Coin CTO Creates ERC-1155, a Fresh Token Standard for Ethereum
Witek Radomski — co-founder and CTO of Enjin Coin — has developed ERC-1155, a fresh standard for defining movie spel tokens on the Ethereum blockchain.
Radomski’s journey to improve the gaming practice began 12 months ago ter June , when he created code for the very first non-fungible token. It wasgoed released on GitHub two months straks, and it led to the creation of the ERC-721 token, which is widely considered the standard for blockchain-based gaming and digital kunst. Several decentralized applications (DApps) have implemented the ERC-721 onto their platforms to create a broad array of gaming collectibles.
Unluckily, ERC-721 wasgoed found to exhibit several limitations, and Radomski knew he had to take the standard to the next level.
“The non-fungible tokens being used today have defined a fresh class of user-owned posible items,” he explained. “However, there are many problems with the existing token proefje. It is very expensive and inefficient to deploy large databases of items that mainstream spel developers use.”
Radomski explains ter a blog postbode that the fresh ERC-1155 protocol permits for an infinite number of both fungible and non-fungible items to be deployed through a single contract. It is also lightweight and effortless for most networks to treat.
“If this does take off, the gaming industry alone will require ems of millions of fresh items — but the application of this standard is by no means limited to the games market,” he commented. “ERC-1155 tokens could be used to certify all forms of ownership, tangible or digital.”
Ter the past, individual tokens were defined by single contracts. Ter addition, voorwerp interchanging inbetween spel players would often require spil many spil four separate steps because Ethereum’s network approves and processes each traded voorwerp separately. ERC-1155 could alleviate wait times inbetween interchanges by grouping numerous items together, so several trades could potentially occur at merienda and cut down the merienda four-step process to two steps. This would also reduce both congestion and gas costs on the Ethereum blockchain.
Prior to the introduction of ERC-721 tokens, ERC20 tokens were predominantly used ter gaming, however they were zometeen deemed inefficient spil they were minted by the millions for use spil currency. Each token wasgoed virtually identical, which meant each one contained repeat gegevens. You also could not add a provenance, history or identity to any coin.
ERC-721 tokens permitted users to create unique, one-of-a-kind coins, but ERC-1155 works to combine the best of both ERC20 and ERC-721 by providing spel developers a choice ter whether they mass produce a specific zuigeling of token or build unique metadata that cannot be replicated.
ERC-1155 has bot posted to Ethereum’s GitHub spil a discussion thread. Executives are looking for terugkoppeling from users before submitting it spil a “pull request.”
“After a year of working to develop ERC-1155, this is a very proud day for my team,” Radomski explained. “We hope to see some amazing inventions born out of this token standard, so if any projects need assistance implementing it, they should feel free to voeling us at Enjin.”
Founded ter 2009 and stationed te Singapore, Enjin is a gaming company that boasts two core products: Enjin Coin and the Enjin Network. Enjin Coin is built for developing blockchain games and cryptocurrencies, while the latter is a gaming-focused content management system (CMS) and e-commerce toneel that serves up to 20 million users.