ERC Standards Overview
📆 6-25-2023
Learn the basics about the different ERC standards with me!
Have you ever wondered what all these ERC xyz standards are?
In this article I will explain the most popular standards.
The two main characters:
✅ ERC-20 - fungible token
✅ ERC-721 - non-fungible token
Today I will focus on the non-fungible token standards.
Let’s start with ERC-721:
✅ Today’s main Ethereum NFT standard
✅ Non-fungible. Each token has distinct value and properties
✅ Interoperable standard. Powers NFT market growth, DApps, and marketplaces
✅ Can’t be implemented without ERC-165
I want to add ERC-721-A due to current relevance for @Azuki Elementals
Additions of ERC-721-A
✅ Removing duplicate storage from OpenZeppelin ERC-721-Enumerable
✅ Updating owner balance once
✅ Updating owner data once
All this to safe you Gas!
Original Link: https://twitter.com/Azuki/status/1479235139167207432
The improvement of ERC-721 to ERC-721-C
✅ Royalties are now on-chain (Marketplaces can’t put them to zero)
✅ Creators can better influence where their tokens are traded
✅ Royalties can now be programmed and used for community-building initiatives
Original Link: https://twitter.com/gabrielleydon/status/1668700827475931142?s=20
Here is two more valuable threads on the ERC-721-C standard
Thanks to @huntersolaire_ & @heythisisleon
Original Link: https://twitter.com/huntersolaire_/status/1658115962258829316?s=20
Original Link: https://twitter.com/heythisisleon/status/1670168371797581824?s=46
Rarely heard of, up next the ERC-998
✅ Non-fungible
✅ Composable (allows to own both ERC-20 & ERC-721)
ERC-998 tokens merge multiple ERC-721 and ERC-20 tokens into one ERC-998 token.
Characteristics of ERC-1155 tokens
✅ Representing fungible, semi-fungible, and non-fungible tokens.
✅ Can perform the function of ERC-20 and ERC-721 and even both simultaneously
✅ Is applicable for creating NFTs, redeemable shopping vouchers, ICOs, and so on
The differences btw ERC-721 and ERC-1155
✅ ERC-1155 can support an endless number of tokens within a single smart contract
✅ With that ERC-1155 offers a mechanism for token production that is more scalable.
The differences btw ERC-998 and ERC-1155
✅ ERC-998 tokens merge multiple ERC-721 and ERC-20 tokens into one ERC-998 token.
✅ ERC-1155 registers fungible, non-fungible, and semi-fungible tokens into one smart contract
A little off topic but very important the ERC-4337 standard aka the account abstraction
✅ Wallet recovery
✅ Multi-sign transactions
✅ Bundle Transaction
✅ Custom limits & 2FA
✅ Gasless & Sponsored transaction
and many more incredible things
Original Link: https://twitter.com/Rohan_0g/status/1631719688349843458?s=20
More on the ERC-4337 on these two external links by @zeneca & @ledger
Zeneca: zeneca33.substack.com/p/letter-36-all-about-erc-4337
Ledger: www.ledger.com/academy/ethereum-erc-4337-standard-explained
Last but not least another gamechanger the ERC-6551
✅ Gives NFTs the ability to operate as their own smart contract accounts
✅ These token-bound accounts can do things like collect other NFTs, store ERC-20 tokens, log into web3 apps, vote in DAOs, collect POAPs, and buy and sell tokens.
@ParallelTCG is one project implement the ERC-6551 standard
Original Link: https://twitter.com/ParallelTCG/status/1671237427417980931?s=20
ONE MORE THING: What are Ethscriptions?
✅ You may know about Bitcoin Ordinals, did you know Ethereum can do the same!
✅ Ethscriptions are essential because they provide an affordable alternative to L2s in cases where decentralization takes precedence over Turing completeness
Links on Ethscriptions:
Origianl Link: https://twitter.com/dumbnamenumbers/status/1671174104383193089?s=20
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