What Is ERC-1155?
The ERC-1155 token standard was created to solve the limitations of more common token standards like ERC-20 and ERC-721, aiming to build upon their benefits while being more accessible and functional. It is a fungibility-agnostic and gas-efficient token contract with the goal to improve on older token standards by taking ideas from ERC-20, ERC-721, and ERC-777.
The ERC-1155 token standard is more secure, streamlined, and gas efficient because it provides two functions in a single contract and allows transactions to be bundled, lowering the cost of gas.
What ERC-1155 Brings to the Table
A main feature of ERC-1155 is its secure token transfers. This feature verifies that transactions have been carried out, and, if not, they are reversed. This is important because if anyone were to accidentally send something to a null address, they can still recover their assets.
ERC-1155 brings tremendous opportunity to the Ethereum space and allows for more security and usability in its contracts. The benefits that ERC-1155 offers will see it continue to thrive and grow in the cryptocurrency space.
To learn more about today’s most common token standards, read What Are Token Standards? An Overview.
