Just one year after Enjin CTO and co-founder Witek Radomski introduced ERC-1155 to the Ethereum development community, the multi-token standard has now become an official Ethereum standard.
The news was shared with Coin Rivet in a press release which states ERC-1155 is now available to the entire Ethereum development community. Enjin has also uploaded it’s own announcement on the achievement.
ERC-1155 enables the ability to issue mixed fungible and non-fungible tokens inside of one smart contract. These tokens are more powerful, efficient, and standardised than those offered by its ERC-20 and ERC-721 counterparts.
As a result of its standardised data structures, any game, app, or website that integrates one ERC-1155 asset can integrate any other ERC-1155 assets seamlessly and without much friction. This in turn creates an ecosystem primed for inter-platform operability of assets, more commonly known as a Multiverse.
The multi-token standard has been described by Witek himself as similar to a vending machine because developers are able to mint and manage a wide array of different tokens in the same smart contract.
One particular aspect of the standard which greatly benefits both game developers and players is the reduced gas costs.
Since every operation on the Ethereum network must be recorded by more than 25,000 nodes, having the ability to issue many tokens at once helps minimise the amount of code required to mint each token, thereby reducing the overall gas cost.
The multi-token standard is also designed to be backward-compatible with ERC-721, and developers can add adaptors to make ERC-1155 tokens act like ERC-20 tokens. This ensures projects can mint ERC-1155 tokens that function exactly like ERC-20 and ERC-721 tokens within wallets, exchanges, and marketplaces.
The standard has also been future-proofed to guarantee it is the final token standard for digital assets on the Ethereum blockchain, so developers who are looking to adopt the multi-token…