Hii everyone today in this blog we are going to see the diffrence between the ERC-20, ERC-721, and ERC-1155. Before going through this post i would highly recommend you all to take a look on the basic functionality of the NFT .
ERC is basically stands for the Ethereum Request for Comments. It’s like technical documents that define the methods, behaviors, innovation, and research applicable to a group of developers and users who want to utilize the Ethereum ecosystem.
ERC-20, ERC-721, and ERC-1155 appear as the three popular ERC token standards or protocols that have their applications across major industries. The Ethereum community fully approves these token standards, and they differ in terms of specific features and functionalities.
ERC-20 was first proposed in 2015, and it was finally integrated into the Ethereum ecosystem two years later in 2017. ERC-20 introduces the token standard for creating fungible tokens on the Ethereum blockchain. Simply put, ERC-20 consists of properties that support the development of identical tokens.
This is basically used for the non fungible tokens.
The founder and CTO of Cryptokitties (the widespread non-fungible tokens), Dieter Shirley, initially proposed developing a new token type to support NFTs. The proposal for approval later in 2018. It’s specialized in NFTs, which means a token developed abiding by the rules of ERC-721 can represent the value of any digital asset that lives on the Ethereum blockchain.
This is basically used for the Multi token standard.Combining the abilities of ERC-20 and ERC-721, Witek Radomski (the Enjin’s CTO) introduced an all-inclusive token standard for the Ethereum smart contracts. It’s a standard interface that supports the development of fungible, semi-fungible, non-fungible tokens and other configurations with a common smart contact.
Another best thing about ERC-1155 is that it improves the overall functionality of previous ERC token standards, making the Ethereum ecosystem more efficient and scalable.