The benefit of implementing Ethereum’s 1155 standard on CCC
Non-fungible tokens, or NFTs, are increasingly widely utilized worldwide to represent ownership of digital artwork, music, and even real estate. They’ve aided investors, brands, crypto fans, and developers in exploring various new blockchain opportunities.
If you’re already familiar with NFTs and the various benefits they provide, then making your own NFT is undoubtedly something that would pique your interest. We’ll look at how implementing Ethereum’s 1155 standards on Crowd Creative Canvas would benefit users in this article.
What is a token standard?
A token standard is a collection of guidelines that describe the data and the functions that each token can perform. Currently, the most popular NFT standards in use are ERC-721 and ERC-1155. ERC-721 is the foremost standard that enables us to develop unique non-fungible tokens for digital collectibles; CCC canvas M-0 and M-1 were built on ERC-721 standards.
Limitations of the ERC-721 standard
Despite its widespread adoption, Ethereum 721 has several significant flaws. The level of difficulty of transactions with such tokens is one of the most notable instances.
It is impossible to obtain a token identification directly while utilizing ERC-721, making transactions significantly more difficult. Consider a case in which you need to send 10 NFTs to someone. You’ll need to complete ten different transactions, each with its own additional charge. As a result, the transaction costs connected with this standard are exorbitant.
Even though users wouldn’t have to pay such high fees on IC networks, limitations to drawing canvas are still important. CCC’s current canvas mechanism attributes canvas ownership randomly; at the end of each canvas countdown, the smart contract randomly selects a pixel that will own the whole canvas. It means everyone else is willing to lose their pixels to one lucky owner. That entire process is not sustainable. That is why CCC Architect designer and smart contract writer Leven had to rethink the whole approach and economy. He came up with a bright idea of bridging Eth ERC-1155 into the IC network.
Before we explain the benefit of implementing the 1155 standard on CCC, let’s briefly explain the whole standard.
What is ERC-1155, and how does it compare to ERC-721?
Although the ERC-721 standard works well for tokenization and the creation of unique assets that can be transferred between users, a collection of such tokens are often slow and inefficient. This is why many have now turned towards ERC-1155, as it takes care of many of the limitations seen with ERC-721. ERC-1155 tokens have often been lauded for their multi-token approach. They support batch transfers of multiple tokens at once at much higher speeds than an ERC-721 token.
We can compare ERC-1155 tokens to a vending machine. Each developer can deploy a single, smart contract that is often used to mint unlimited fungible and non-fungible tokens. On the other hand, the ERC-721 tokens standard only produces non-fungible tokens, which means that developers need to deploy a new smart contract for each new token.
Developers will use the ERC-1155 token standard to deploy a single, smart contract and then mint new tokens in seconds. They will keep using the one smart contract indefinitely, minting an unlimited number of fungible and non-fungible tokens.
There are various advantages associated with using ERC-1155 when compared to other token standards like ERC-20 and ERC-721. It allows developers to consolidate the logic in one contract and build an ecosystem around a single address. It also enables users to execute batch transfers in the same contract, which is possible at much lower costs. The primary idea behind ERC-1155 is that a single, smart contract can govern an infinite number of tokens.
Features of ERC-1155 tokens
Batch transfers
ERC-1155 allows users to send several tokens in one single transaction. This allows them to save up on costs and time. By using this standard, you will be able to build Atomic Swaps with the same design as well. This can help you exchange one kind of token for another with absolute security from fraud and no intermediate party involved.
Strict rules
This standard follows a stringent set of rules. By sending a token to an address, the tokens will perform a deterministic smart contract function. For example, suppose you send a token to a DEX exchange address. In that case, the exchange could immediately return another token back to the sender’s address. Similarly, if a blockchain game receives an ERC-1155 token from a user will execute a game feature. Without accessing ABIs or communicating with the smart contract directly, tokens could be wrapped, transformed, designed, or escrowed
ID substitution
A user can now point to an infinite number of token URIs without storing any additional data on-chain by using the substitution string “{id},.” This string can also be used inside the JSON itself to automatically link to imagery for each token. As a result, the Developers’ overhead for displaying metadata for large sets of tokens is significantly reduced.
Localization
Since token information is specified in JSON format, localization for multiple languages is now possible using {locale}. Alternate versions of token names, images, and other data can be displayed in wallets and applications that support multiple languages.
The benefit of implementing 1155 standard on CCC
Migrating to the 1155 standard will be very beneficial to the whole project now and in the future. It allows more flexibility in adding more features.
First, users will no longer lose their pixel from the last layer, at the end of the canvas countdown.
Users will be able to hold, sell or exchange their pixels holding from the last layer pixel because those pixels will have their own value in WICP. 1155 will bring a lot of growth to the project. Each canvas can be considered as a large piece of land owned by thousands of users. Willing to be trading between them as they grow in value over time.
Each canvas has its most heated pixels area, which are the most expensive pixels to own, also the on-chain painting video of each canvas will be displayed.
Going forward 1155 will put CCC on its most advanced level as it facilitates NFT staking and F-NFT trading on a crowd canvas where users can generate passive incomes.
The second article will be released after this one to explain in-depth the key points elements and mechanisms of staking and the new bonus pool.
