What Is ERC-1155?
ERC-1155 tokens are secure, tradable, and resistant to hacks.
ERC-1155 can be used to create fungible tokens, which offer utility in the form of currency on various platforms.
Efficiency and Security Boost
ERC-1155 includes optimizations that make transactions more efficient and secure. Transactions could be bundled, lowering the cost of transferring tokens.
ERC-1155 is an upgrade of older token standards, including ERC-20 and ERC-721.
Ethereum’s ERC-20 (for fungible tokens) and ERC-721 (for non-fungible tokens, NFT) token standards are widely used in the ecosystem.
Smart Contract Execution via ERC-1155 Tokens
The strict set of rules that a token must follow allows for an incredible feature of the ERC-1155 token standard.
These tokens are the first type that is capable of executing a deterministic smart contract function simply by sending a token to an address.
Simply sending a token to a DEX exchange address could result in the exchange immediately returning another token to the sender’s address.
Tokens could be wrapped, converted, crafted, or escrowed without having to interact directly with the smart contract.
Address Verification
This is especially useful when we make a mistake in the transcription or copying of addresses and instead send our tokens to an incorrect address, rendering our transaction inoperable.
The transfer is void in that case, and the issuer recovers the tokens, allowing it to verify the address again and retry the operation.
There are also a number of rules in place to prevent double-spend attacks.
When compared to ERC-20 and ERC-721, the utility and technical superiority of ERC-1155 appears to be enormous, indicating that it will gradually take on more and more space.