ERC-1155
ERC-1155 is a multi-token standard that creates a smart contract interface to represent and control any number of fungible and non-fungible tokens on the Ethereum network. The standard has the functionalities of both the ERC-20 and ERC-721 standards, making it more efficient at correcting obvious implementation errors. [1]
ERC-1155 can store multiple items in a single smart contract, and the items can be transferred to one or more recipients in a single transaction. Its functions, including mass transfers as standard, multiple tokens in the same contract, integrated token type detection, and secure token transfer, have helped to overcome ERC-20 and ERC-721 limitations. [2][3]
Overview
Fungible token standards like ERC-20 and non-fungible token standards like ERC-721 require a separate contract to be deployed for each token collection. This, in turn, causes redundancy in bytecode on the Ethereum network, limiting certain functionality through the process of separating each token contract into its respective permission address. When the need to create thousands of token types arose for blockchain game protocols and game developers, it was necessary to implement a new functionality standard to support them. ERC-1155 is the token standard created to solve the limitations. The standard, used for minting fungible and non-fungible assets, helps transfer multiple token types at once, minimizing transaction costs. As much as ERC-1155 is not specific to games as it is suitable for many other applications, its major focus is to enable a single smart contract to govern an infinite number of tokens. [4][5]
History
ERC-1155, authored by Witek Radomski, Andrew Cooke, Eric Binet, James Therien, Philippe Castonguay, and Ronan Sandford, was introduced to the public in June 2017. The first version of the ERC-1155 multi-token standard was pushed to Ethereum’s Github repository and opened for comments and feedback. The standard received incredible support from the community, with over 50 revisions and 400 comments. On June 17, 2018, it progressed to final status and became an official Ethereum token standard. [5]
The proposal for ERC-1155 got started when Enjin, a non-fungible token (NFT) platform, began building "Monolithic Token Contracts," and they realized the existing standards, ERC-20 and ERC-721, were not flexible enough for the kinds of gaming items being built. Enjin then noticed that ERC-1155, which was still under Ethereum Improvement Proposals (EIPs) at that time, had some incredible benefits and use cases for gaming and other blockchain industries and could transform their project into a reality. EIPs are a critical step that specifications must pass through for community review and revision before becoming a standard. In response, they pushed for the standardization of the proposal to allow them to build their own smart contracts. The ERC-1155 standard, since it was launched, has paved the way for quicker adoption in exchanges, wallets, games, and every other project utilizing tokenized blockchain assets. [5][7]
Features of ERC-1155
ERC-1155 has some special characteristics, which include: [2][5]
- Support for an infinite number of tokens, unlike ERC-20 and ERC-721 tokens, which require a new smart contract for each token type.
- A safe transfer function that allows tokens to be reclaimed if sent to the wrong address.
- Support for semi-fungible tokens, such as concert tickets, in addition to fungible and non-fungible tokens
- A streamlined process that eliminates the need to "approve" individual token contracts separately, resulting in fewer transactions to sign.
- Support for atomic swaps of any amount of tokens in just two simple steps with no intermediate party involved and absolute security from fraud.
- A reduction in gas fees of about 80–90% when minting new tokens.
Use Cases
ERC-1155 can be used in diverse industries, including gaming, decentralized autonomous organizations (DAOs), digital art and collectibles, etc. [6]
Gaming
A multitude of in-game assets such as weapons, currencies, and skins are governed by ERC-1155. With ERC-1155, assets can be stored and used more efficiently in a single smart contract. [6]
DAOs
ERC-1155 can be used by DAOs that mostly operate on-chain as it enables the management of multiple token types, including fungible, semi-fungible, and non-fungible, in a single smart contract. [6]
Digital Art and Collectibles
Digital art and collectible tokens with different editions, rarity levels, and properties can be created and managed by ERC-1155, benefiting artists and collectors from the standard's flexibility and efficiency. [6]
Examples
Gaming - Enjin
Enjin employs the ERC-1155 token standard to create a wide variety of games. This standard allows the platform to enhance its blockchain and cryptocurrency wallet, enabling users to send up to 100 unique non-fungible and fungible Ethereum-based ERC-1155 blockchain assets in a single transaction. This process saves users considerable time and money on transaction fees compared to sending tokens individually. Additionally, the update integrates Ethereum Name Service (ENS) support into the Enjin Wallet, allowing users to send tokens and cryptocurrencies to simplified and easily readable Ethereum addresses, such as "mywallet.eth" domain. [8]
Furthermore, the ERC-1155 token standard has enabled Enjin to introduce a feature called "multi-token melting," allowing nearly 100,000 ERC-1155 token holders to batch "melt" (destroy) millions of Enjin's ERC-1155 tokens to extract the 12.5 million worth of Enjin Coin (ENJ) baked into them. Additionally, users can now approve transactions using their phone's fingerprint scanner and facial recognition, streamlining the process of sending, melting, and selling their tokens. Moreover, users can effortlessly list their blockchain assets and collectibles on the Enjin Marketplace, a platform utilized by the prominent cryptocurrency exchange Binance to facilitate peer-to-peer trading of its branded NFTs. [8]
DAOs - TributeDAO
TributeDAO is a modular and cost-effective DAO framework designed to address several key issues in DAOs such as: [9]
- Lack of Modularity: This has posed challenges in extending, managing, and upgrading DAOs.
- Rigid Voting and Governance Mechanisms: These limitations restrict the ability to experiment with alternative forms of governance.
- High On-chain Voting Costs: Especially problematic due to the expenses associated with on-chain voting.
- Single-Token DAO Structures: These make it challenging to separate economic and governance rights, as well as create teams or sub-groups within the DAO.
- Lack of NFT Support: This difficulty hinders the deployment of DAOs for NFT projects.
One of the design principles of the DAO involves utilizing the ERC-1155 token extension to establish a DAO that enhances its ability to manage and curate tokens within the ERC-1155 multi-token standard. This integration enables each token ID to represent a distinct configurable token type, each with its own metadata, supply, and other attributes. [10]
Digital Art and Collectibles - Ommniverse.AI
Ommniverse.AI is a platform that offers NFT drops and Fractional NFTs to individuals looking to participate in the market. The platform allows people to own a piece of unique digital art created using the ERC-1155 token standard. Within the Ommniverse ecosystem, creators can create, share, and monetize their digital assets and virtual experiences across multiple devices and platforms. [11][12][13]
