Tokens can represent physical or digital items. When the ERC-20 standard (digital money, shares or basically any fungible items) was created, a new way to present ownership of a fungible item was born. The rising demand for having unique or super rare items lead to the creation of ERC-721 token standard (digital art, personal documents, cryptokitties, e.g.).
The ERC-1155 combines the best of both worlds in one single smart contract.
Define and configure both fungible and non-fungible tokens in one smart contract.
Send numerous unique tokens in a single transaction, to make transfers more efficient.
Save up to 90% on gas fees when minting tokens, as you don't need to deploy single smart contracts.
We leverage the usage of the ERC-1155 token and take the often non immutable part of the ERC-721 token - aka the JSON files that contains the metadata describing the token - and store it on a permanent storage called arweave.
ERC-1155 is the first and only Ethereum token standard that allows users to mint both fungible (identical) and non-fungible (unique) assets in a single smart contract—enabling the creation of every type of asset, from digital currency to tokenized real estate up to gaming items and digital art.
We believe that this amazing new standard can be leveraged by storing the metadata to a permanent storage. Granting then access just to the current token holders, offers nice ownership proofs and access models for digital items.
A token can be exchanged to any other token of the same type. if we make an analogy with the fiat currency - an euro bill can be exchanged for any other euro bill.
Non-fungible token cannot be replaced with another non-fungible token of the same type. If you lend a token to somebody else you expect yhat person to return you the same type. you connect exchange your birth certificate for a birth certificate of aother person.
All tokens of the same type aree identical in specification, each token is identical to another.
Each token is unique and different to all other tokens of the same type.
Fungible tokens are divisible into smaller units and it doesn’t matter which ubits you get as long as the value is the same. In an analogy with dollar. it’s the same if you get 1 dollar bill or two 50 cents or 4 quartes.
Non-fungible tokens cannot be divided. the elementary unit is one token and one token only.
The well known standard on the Ethereum blockchain that allows the issuance of tokens like OMG, SNC, TRX, ...
The new standard on the Ethereum blockchain that gives the possibility to issue unique, non-fungible tokens. Most well known use cases at the moment aree CryptoKitties and other crypto collectibles.
There are numerous use cases among them one that the token standard was designed for, the gaming industry. Here numerous assets are hold by a gamer or game developer. They also differ a lot as there are assets that are fungible (think of anything that exists n - times within a games as a game supporting asset or so), but there are also some rare things (assets you can archive or gain or buy) and some unique things (you own personal assets as certain designs or so).
This could be applied to documents, art, maybe donations, licenses and so on as combinations of the above are possible.
Managing Director, Product & Vision
Managing Director, Product & Vision
Managing Director, Product & Vision
Tokens and blockchain offer a new way how we can design licenses, combing the commercial, legal and technical part of an usage right to create the #futureoflicensing
Tokens and blockchain offer a new way how we can design licenses, combing the commercial, legal and technical part of an usage right to create the #futureoflicensing
Tokens and blockchain offer a new way how we can design licenses, combing the commercial, legal and technical part of an usage right to create the #futureoflicensing
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