Crypto Terms:
Letter E
What is ERC-1155?
Meaning:
ERC-1155 -
an Ethereum-based token standard that offers higher security and tradeability compared to the older ERC standards.
Let's find out ERC-1155 meaning, definition in crypto, what is ERC-1155, and all other detailed facts.
ERC-1155 are tokens based on the Ethereum blockchain. They are considered to be secure, hack-proof, and tradeable. ERC-1155 can be utilized to create new fungible tokens that can serve as currencies on different platforms.
ERC-1155 tokens are optimized to improve the efficiency and security of crypto transactions. The cost of token transfer is reduced thanks to the option to bundle the transactions.
ERC-1155 token is an upgraded version of the older Ethereum token standards, such as the fungible ERC-20 or the non-fungible ERC-721. Both of the older standards are widely used in the Ethereum ecosystem. However, they come with certain limitations and issues that have been patched with the release of newer token standards.
The ERC-20 and ERC-721 tokens provide completely different functionalities and cannot be used interchangeably. Attempts to do so may lead to network disruptions or failure. The ERC-1155 token was developed as a single contract that implements features of both – ERC-20 and ERC-721 token standards.
ERC-1155 provides more efficient token management and expands past some of the limitations of the older standards. ERC-1155 tokens can execute a deterministic smart contract function by sending a token to a specific address.
If a token is sent to a decentralized exchange (DEX) address, another token can immediately return to the sender’s address. Using ERC-1155, tokens can be easily wrapped, converted, or escrowed without any direct contact with the smart contract. The users can simply send the token to a specific address to initiate the process.
ERC-1155 stands out for its secure token transfer capabilities. These tokens contain a function used to verify the completion of the transaction. If the transaction is not fulfilled, the tokens are returned back to the sender’s wallet.
If a user makes a mistake when setting up a transaction or mixes up the wallet addresses, leading to the tokens being sent to the wrong recipient, the ERC-1155 standard declares the transfer void and the tokens can be recovered. This functionality is not possible with the older ERC standards. The mechanics of ERC-1155 also help prevent double-spending attacks.
In general, ERC-1155 offers wider functionality and more flexibility than the ERC-20 and ERC-721 standards. It is expected that the ERC-1155 tokens will become increasingly popular in the Ethereum ecosystem, possibly dethroning the older, non-interchangeable tokens.
fiat currencies<\/strong><\/a> and crypto. ERC stands for \u200b\u200b<em>Ethereum Request for Comment<\/em>.<\/p>\n<p>ERC-20 tokens typically have a fixed supply and can be stored in crypto wallets that accept Ethereum. They rose to prominence around 2017 and 2018, during the large wave of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-initial-coin-offering-ico/">initial coin offering (ICO)<\/strong><\/a> projects. They are often used in the development of decentralized apps (dApps).<\/p>\n<p><strong>ERC-20 tokens are fungible<\/strong>, therefore, they are interchangeable. Thus, ERC-20 tokens differ from <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-erc-721/">ERC-721 tokens, which are non-fungible tokens (NFTs) that possess unique characteristics.<\/p>\n<p>Besides, note that there are certain conditions that all ERC-20 standard tokens must adhere to. The lack of compliance can make these tokens unusable.<\/p>\n<p>Overall, ERC-20 tokens offer a lot of versatility and liquidity. They can be purchased or traded on a huge variety of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-exchange/">crypto exchange platforms<\/strong><\/a>.<\/p>","definition":"a token standard developed and used in the Ethereum ecosystem.","status":"published","meta_title":"What is ERC-20? Definition & Meaning | Crypto Wiki","meta_description":"ERC-20 meaning: ERC-20 - a token standard developed and used in the Ethereum ecosystem.","meta_keywords":null}"
:prev-section="{"id":312,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Erasure_code#","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-01T04:27:55.000000Z","slug":"what-is-erasure-encoding","title":"What is Erasure Encoding?","section":"E","keyword":"Erasure Encoding","content":"<p>This provides an environment with fewer errors. <strong>Moreover, it can also be described as a structure of a data distribution algorithm that enables data to be distributed across several storage devices.<\/strong><\/p>\n<p>Erasure codes are able to perform at several phases of coherency. The concept behind it is instead of writing the information to store in its entirety, it is divided into smaller portions. The portions are utilized to rebuild the initial information if required.<\/p>\n<p>The main benefit of the erasure encoding is that it can be decoded even if a few blocks go missing. It is utilized in several interaction networks to increase the reliability against transmission failures.<\/p>\n<p>For instance, the whole document can be encoded as K chunks, or a file system block can be encoded as K singular blocks.<\/p>\n<h3>Advantages of Erasure Encoding<\/h3>\n<p>There are a lot of features of erasure encoding that make the concept appealing as opposed to different information-keeping techniques.<\/p>\n<p>The most notable features are:<\/p>\n<ul>\n<li><strong>Speed<\/strong> - when erasure encoding is used instead of other approaches, the time necessary to recover from a single error is substantially less.<\/li>\n<li><strong>Reliability<\/strong> - because it only saves chunks of data, the original can be restored even if a portion of the storage media fails.<\/li>\n<li><strong>Versatility<\/strong> - this approach can handle little and huge volumes of data.<\/li>\n<li><strong>Cost-effective<\/strong> - when you include the cost savings linked with not having to buy extra backup and recovery software, this strategy is cost-effective.<\/li>\n<\/ul>\n<p>To specify, erasure coding is an easy technique of storing information in a secure manner that can be utilized to recover the initial information. <\/p>\n<h3>Differences Between RAID and Erasure Encoding<\/h3>\n<p>RAID and erasure encoding are often seen as the same things. However, they are quite different.<\/p>\n<p>RAID, for example, is commonly used for servers and other big storage devices. <strong>It replicates your information over numerous hard drives. This provides a backup if one disk dies. <\/strong>The disadvantage is that it costs more than erasure encoding and takes up more space on each device.<\/p>\n<p>However, it does not safeguard the information on your disks from being viewed by another computer. Anyone who obtains one of the drives may still access all of your data.<\/p>\n<p>Erasure encoding, on the other hand, <strong>separates<\/strong> the information so that it cannot be seen without the <strong>appropriate key.<\/strong> To be more specific, it divides the information into parts, stretches it, and encodes it with redundant data.<\/p>\n<p>So, the main difference is that the information isn’t divided in RAID.<\/p>","definition":"is a simple technique to encode information in a safe format.","status":"published","meta_title":"What is Erasure Encoding? Definition & Meaning | Crypto Wiki","meta_description":"Erasure Encoding meaning: Erasure Encoding - is a simple technique to encode information in a safe format.","meta_keywords":null}"
:model="{"id":318,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Non-fungible_token#Standards_in_blockchains","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-01T04:29:53.000000Z","slug":"what-is-erc-1155","title":"What is ERC-1155?","section":"E","keyword":"ERC-1155","content":"<p>ERC-1155 are tokens based on the Ethereum blockchain. They are considered to be secure, hack-proof, and tradeable. ERC-1155 can be utilized to create new <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-fungible/">fungible tokens<\/strong><\/a> that can serve as currencies on different platforms.<\/p>\n<p>ERC-1155 tokens are optimized to improve the efficiency and security of crypto transactions. The cost of token transfer is reduced thanks to the option to bundle the transactions.<\/p>\n<p><strong>ERC-1155 token is an upgraded version of the older Ethereum token standards<\/strong>, such as the fungible <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-erc-20/">ERC-20 or the non-fungible <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-erc-721/">ERC-721. Both of the older standards are widely used in the Ethereum ecosystem. However, they come with certain limitations and issues that have been patched with the release of newer token standards.<\/p>\n<p>The ERC-20 and ERC-721 tokens provide completely different functionalities and cannot be used interchangeably. Attempts to do so may lead to network disruptions or failure. The ERC-1155 token was developed as<strong> a single contract that implements features of both – ERC-20 and ERC-721 token standards<\/strong>.<\/p>\n<p>ERC-1155 provides more efficient token management and expands past some of the limitations of the older standards. ERC-1155 tokens can execute a deterministic <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contract<\/strong><\/a> function by sending a token to a specific address.<\/p>\n<p>If a token is sent to a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralized-exchange-dex/">decentralized exchange (DEX)<\/strong><\/a> address, another token can immediately return to the sender’s address. Using ERC-1155, tokens can be easily wrapped, converted, or <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-escrow/">escrowed without any direct contact with the smart contract. The users can simply send the token to a specific address to initiate the process.<\/p>\n<p><strong>ERC-1155 stands out for its secure token transfer capabilities<\/strong>. These tokens contain a function used to verify the completion of the transaction. If the transaction is not fulfilled, the tokens are returned back to the sender’s wallet.<\/p>\n<p>If a user makes a mistake when setting up a transaction or mixes up the wallet addresses, leading to the tokens being sent to the wrong recipient, the ERC-1155 standard declares the transfer void and the tokens can be recovered. This functionality is not possible with the older ERC standards. The mechanics of ERC-1155 also help prevent <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-double-spend-attack/">double-spending attacks<\/strong><\/a>.<\/p>\n<p>In general, ERC-1155 offers <strong>wider functionality and more flexibility<\/strong> than the ERC-20 and ERC-721 standards. It is expected that the ERC-1155 tokens will become increasingly popular in the Ethereum ecosystem, possibly dethroning the older, non-interchangeable tokens.<\/p>","definition":"an Ethereum-based token standard that offers higher security and tradeability compared to the older ERC standards.","status":"published","meta_title":"What is ERC-1155? Definition & Meaning | Crypto Wiki","meta_description":"ERC-1155 meaning: ERC-1155 - an Ethereum-based token standard that offers higher security and tradeability compared to the older ERC standards.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
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current-chapter="E"
current-section="what-is-erc-1155">
