ERC-1155 stands for “multi-token standard”. The multi-token standard represents a standard interface for contracts that manage multiple token types. A single contract deployed may contain any combination of exchangeable or immutable tokens and other configurations.
What is ERC-1155 (Multi Token Standard)?
ERC-1155 is a standard used to create NFTs on the Ethereum blockchain and is also known as the multi-token standard. In other words, the multi-token standard is the only non-modifiable token standard that allows its users to create all types of assets, from real estate and currency to gaming items and digital art. The numbers after ERC represent the serial numbers of “requests for comment” for which these standards are proposed.
The multi-token standard aims to create a smart contract interface that can represent and control any number of exchangeable and immutable token types. Thus, the ERC-1155 token can perform the same functions as the ERC-20 and ERC-721 tokens, as well as both at the same time. In addition, it can improve the functionality of both standards, making them more efficient and correcting obvious implementation errors in the ERC-20 and ERC-721 standards.
What Does the Multi-Token Standard Do?
The multi-token standard provides the most efficient operation for bulk transfers and bulk approvals. Transactions using the multi-token standard can be grouped together to help reduce the cost of trading tokens. In addition, thanks to the multi-token standard, the balance of more than one asset can be learned at once. ERC-1155 functions can be listed as follows:
- Bulk Transfer: It enables the transfer of multiple assets in a single call.
- Bulk Balance: Balance of multiple assets can be found out through a single call.
- Bulk Approval Mechanism: All tokens can be validated using a single address.
- Trigger: It can be used to extend or replace smart contract functionality for tokens.
- NFT Support: If the supply is only 1, NFT support is provided.
- Safe Transfer Rules: For safe transfer, it is acted within the framework of some predetermined rules.
The ERC-1155 standard uses smart contracts on the Ethereum blockchain. With this standard, transactions can only be made on the Ethereum network. The multi-token standard, unlike ERC-20 and ERC-721, does not require a new smart contract for each token type; can create, store and transfer different types of tokens through a single smart contract. In this way, network congestion can be avoided and transaction costs can be reduced.
Besides being able to cover different types of tokens in a single smart contract, ERC-1155 also supports bulk transfer of these assets. In other words, multiple different types of tokens can be transferred in a single transaction. However, unlike ERC-20 and ERC-721, it features a secure transmission mechanism. If you send your asset to a wrong address, you may have a chance to get it back.
What are the Differences Between ERC-1155 and ERC-721?
There are some differences between ERC-1155 and ERC-721 in terms of creating NFTs. ERC-1155 is easy to use, low cost and supports bulk transfer of different types of tokens compared to the ERC-721 token standard as it supports different token types in the same smart contract. That’s why the multi-token standard has a high transaction speed compared to ERC-721. In addition, it is not possible to recover assets sent to the wrong address in ERC-721. On the other hand, in the multi-token standard, if the transfer is not completed, control of the asset passes to the sender again.
