What is ERC-1155?

ERC-1155 is the only standard that supports both fungible as well as non-fungible tokens. This token standard is considered as the most advanced level of non-fungible token standard. The main objective is to create a smart contract to control many fungible and non-fungible tokens. Such reasons makes the token development services based on ERC-115 more effective when compared to ERC-20 and ERC-721 token standards.

How ERC-1155 fixes the problems faced in ERC-20 & ERC-721?

This ERC-1155 allows to transfer a huge amount of native fungible tokens and non-fungible tokens in a single smart contract with same address, thus simplifies the whole transaction process. With this effective use of resource, the user can save a huge some of transaction cost and it also minimizes the workload on the network.

Another major advantage of ERC-1155 is that the smart contract of this token standard is able to verify each transaction and leads to the possibility to revert the transaction and return the control to the issuer of the tokens, if the tokens has been sent to the wrong address.

Unique Features of ERC-1155

i) It defines both fungible and non-fungible tokens in a single smart contract.

ii) It allows the users to send huge amount of tokens in a single transaction.

iii) This ERC-1155 is now used by a growing number of game projects in the Ethereum network.

iv) It also helps the users to save the gas fees up to 90% while minting new tokens.

v) The design of ERC-1155 allows to swap any amount of tokens in just two simple steps.

However, if you are planning to build a token of your own based on ERC-1155 standard, then it better that you hire a professional token development company like Security Tokenizer. With our expert developers, we can help you develop and deploy your own token as per your requirements.