Witek Radomski, the co-founder and Chief Technical Officer [CTO] of Enjin.com, has created a new standard known as ERC-1155 for tokens on the Ethereum [ETH] blockchain. The standard in question is for defining tokens for video game items on the blockchain.
Notably, Enjin is a service that allows users to build video games on the blockchain, with support for fungible and non-fungible tokens to represent game items. The coin, with the name ENJ, is ranked 163 on CoinMarketCap, with a value of $0.05.
The ERC-1155 token standard allows for the creation of tokens, with a slight twist. The items are stored in one contract, as opposed to previous standards, where each token had to define a new contract for itself. The contract contains the minimum possible amount of data required for distinguishing the contained token from others.
The new token standard also allows for easier atomic swaps between tokens. As illustrated by Radomski in his Medium post, a swap between two tokens established on previous standards would require 4 steps. This is due to the additional approval step required for each token being swapped.
The ERC-1155 tokens can be swapped in just 2 steps, as there is only one approval step as opposed to multiple steps for each. It can also allow users to send any number of items to one or many recipients on the blockchain in one transaction, saving gas costs and congestion.
Moreover, the standard allows for the creation of fungible and non-fungible items. Fungibility is the property of a commodity wherein individual units of the said commodity are interchangeable. Video games feature both of these kinds of assets, with ammunition, health kits, and other such assets being fungible, and armor, weapons, and other items being non-fungible. As said by Radomski:
“When you need to attach unique history, provenance, and identity to every copy of a certain weapon, these would be designed as non-fungible items. ERC-20 is limited to fungibles, and ERC-721 is limited to contracts with individual unique copies of items. The two token types are not very compatible or mixable.”
The ERC-1155 contract can also allow anyone to create their own tokens through the Enjin program, which features a GUI to create and launch tokens. The token standard has been released to the game development and Ethereum community to encourage adoption and support. Radomski ended the post by saying:
“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.”