There is a new token standard for the Ethereum Blockchain. The ERC-1155 standard includes features designed specifically for gaming. It was developed by the developers of the blockchain company Enjin, which allows the construction of video games on the Blockchain.
Enjin is a service that allows users to design and execute video games on the blockchain. For this tokens are used, which represent certain items or features of the game. The ENJ token is currently in the top 160 of the highest-capitalized coins with a market value of approximately 5 US-Dollar-Cent and shows delicately rising tendencies.
A new standard for video games
Witek Radomski, co-founder and CTO of Enjin.com, has now created a new token standard on the Ethereum Blockchain. The new standard is called ERC-1155 and is intended to define tokens describing items in video games, in line with the ENJ’s functionality.
The new standard complements Ethereum’s past token standards. Of the Initial Coin Offerings previously issued on the Ethereum Blockchain, the vast majority are based on the ERC-20 standard, the basic standard for Ethereum crypto tokens. Alternative crypto assets, such as the Collectability CryptoKitties, are based on the more complex ERC-721 standard. This is specially designed to have no fungibility. Fungibility means that individual units of a commodity are interchangeable in that they can be measured to a certain extent. However, from Radomski’s point of view, the two existing standards for performing video games on the Blockchain are less well-suited.
“The biggest problem with existing token designs is that they need to provide a separate smart contract for each token! […] It’s like buying a brand new computer for every single app you want to use,“
so Radomski in a blog post. The strength of the new standard is that multiple tokens work with the same smart contract.
What is behind ERC-1155?
The ERC-1155 standard enables the creation of fungible and non-fungible elements. Video games have both kinds of assets, fungible and non-fungible. For example, ammo, health kits, and other such items may be fungible, while armor, weapons, and the like may not be fungibly implemented.
The new token standard also facilitates atomic swaps between tokens. The ERC-1155 tokens can be exchanged in just two steps because, unlike other standards, there is only one approval step. Users can also send any number of items in a transaction to one or more recipients in the blockchain. This saves costs and avoids transaction jams.
The ERC-1155 standard extends the range of Ethereum projects in the future. Whether he can fulfill Radomski’s goal of replacing existing standards will have to be seen.
Marko Vidrih @cryptomarks
Marko Vidrih - Medium
Read writing from Marko Vidrih on Medium. @cryptomarks. Every day, Marko Vidrih and thousands of other voices read…
Image via shutterstock