The Chief Technical Officer (CTO) of Enjin coin, Witek Radomski, renowned for influencing the formation of the ERC-721 token standard, has just released a new standard called ERC-1155 on the Ethereum blockchain. The ERC-1155 has been posted on the Ethereum Github discussion thread and promises to address some limitations of the ERC-721 token standard made popular by ‘Cryptokitties’ namely with its efficiency and cost associated with deploying larger volumes of items essential for video game developers.
Ethereum World News reported that Radomski said, “Our new ERC-1155 Crypto Items standard allows for infinite numbers of fungible and non-fungible items in a single deployed contract. We needed it to be lightweight and easy for the network to handle. If this does take off, the gaming industry alone will require tens of millions of new items–but the application of this standard is by no means limited to the games market. ERC-1155 tokens could be used to certify all forms of ownership, tangible or digital.”
He also added, “After a year of working to develop ERC-1155, this is a very proud day for my team. 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 contact us at Enjin.”
The ERC-1155 token standard also enables easier atomic swaps between tokens, which is defined as exchanging one type of token for another on the blockchain without a direct intermediary.
In contrast to the current inefficient method of atomic swaps between ERC-20 tokens, the new ERC-1155 token standard would just require 2-steps as illustrated below in the diagrams provided Radomski in his Medium post.
Minimum of 4 transactions required to swap 2 tokens
Only 2 simple steps required for token swaps under the new ERC-1155 token standard.
The Enjin program has a GUI to build and launch tokens that can be created by developers using the ERC-1155 token standard. Although still in its very early stages, such developments within the fungible and non-fungible token revolution promise to pave the way for mass adoption and integration especially in niche developer industries such as video-gaming that perfectly serves its use cases.
As Radomski concluded, “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.”
