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What Is the ERC-1155 Token Standard?

ERC-1155, an abbreviation for Ethereum Request for Comments 1155, represents a set of standards designed to enhance the versatility of smart contracts and tokens on the Ethereum blockchain. In the context of blockchain, tokens are digital assets that can either be fungible (identical and interchangeable) or non-fungible (each token is unique). Prior to ERC-1155, these two types of tokens were governed by distinct technical standards, such as the ERC-20 for fungible tokens and ERC-721 for non-fungible tokens (NFTs).

How ERC-1155 Works.

To comprehend the significance of ERC-1155, let’s imagine a scenario where you interact with a blockchain game that has a diverse set of items like swords, shields, and in-game coins. Before ERC-1155, each of these items required an exclusive set of rules within a smart contract. ERC-1155 simplifies this complexity by enabling all these diverse items to coexist harmoniously within a single smart contract. So, instead of managing separate contracts for each digital item, ERC-1155 consolidates them, streamlining the management of various tokens.

Key Advantages of ERC-1155

In short, ERC-1155 stands out for its efficiency, adaptability, reduction of redundancy, enhanced security features, and support for various token types

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