A new player in the Ethereum token arena is about to emerge. Introduced as ERC-1155 ERC-1155, this innovative standard aims to tackle various potential obstacles that might haunt future blockchain-integrated gaming ecosystems, specifically in terms of item trading. The masterminds behind this initiative, also creators of a social hub tailored for gamers, are driving this effort forward. Enjin.com , this initiative is from the team behind a cutting-edge social platform developed for the gaming community.
The New Standard
Nowadays, when Ethereum tokens are mentioned, ERC-20 is likely what pops into your mind. It's the go-to standard for most Ethereum digital assets, including notable ones like Augur and Gnosis. This token standard houses smart contracts encapsulating digital ownership representations, allowing tokens to be divided and recombined. This characteristic is known as fungibility.
Lately, another Ethereum token type has been gaining traction, namely, ERC-721 . This newcomer distinguishes itself from the common ERC-20 format with its non-fungible nature, which means that ownership or tokenized assets cannot be fragmented, an essential feature in various scenarios.
Consider this analogy: buying a car as a whole makes more sense than purchasing it piece by piece. Nobody wants to acquire half a vehicle from one dealer, a third from another, and an eighth from yet another. It stands to reason that cars, unless we're talking about extreme automobile enthusiasts, should remain whole units in transactions.
Now, what's the deal with the ERC-115?
Read also: Beginners Guide to ERC-20 Tokens
Built for Gamers
Incorporating blockchain assets into video games typically requires a hybrid architecture. Blockchain's speed isn't its strong suit, making it more suited for specific kinds of interactions. For massive multiplayer online games, retaining traditional elements like centralized servers for player connections is often essential, whereas blockchain can enhance the game by streamlining item trades.
Let's envision a scenario where you're immersed in an online fantasy game as an archer. You discover a highly prized sword. Although it's not personally useful to you, its value is undeniable. If this sword is a blockchain asset verified by a token, it opens up the possibility of trading it to other players in exchange for different in-game items or even alternative cryptocurrencies such as bitcoin.
Too Many Items
Despite the appeal, those versed in token standards see a snag. ERC-20 tokens, known for their uniformity, imply you'd need a separate token for each unique game item if they represented in-game assets. In a game teeming with thousands of items, that spells thousands of distinct ERC-20 tokens, each with its own address, transaction charges, and so forth.
With the advent of ERC-1155, such complexities are simplified. This new protocol enables efficient grouping and transaction of digital items, accommodating both fungible and non-fungible variants, in a single streamlined process.
For example, say you own a dazzling sword, a heap of gold, and some magical potions. With ERC-1155, you can sell them all in separate trades through a single transaction. Furthermore, the game itself isn't burdened by maintaining a vast assortment of diverse tokens, simplifying item support across the game's universe.
More Than Just Games?
While the designers of the token standard While the focus seems to be on leveraging this new token standard for online gaming, one cannot help but ponder its potential alternate uses.
This token could be revolutionary in scenarios requiring frequent complex trades involving a wide array of digital assets. Traditional investment sectors could stand to benefit, employing ERC-1155 for bundling assorted token-based investment portfolios spanning stocks, bonds, real estate, derivatives, and precious metals.
However, for the time being, deploying them in high-traffic virtual environments like online gaming serves as the ideal proving ground to explore what this token is truly capable of.
