Standard ERC Types

 

One of the features available on the Ethereum blockchain is ERC which stands for Ethereum Request for Comment. The standard ERC is the Ethereum blockchain for building smart contracts. There are several types of standard ERCs, including:

Since Ethereum is the most popular and dominating blockchain in the market, these three tokens are the most popular token standards currently used by various blockchain-based projects. Each of these token standards has special features that separate them from each other. ERC has various types that are distinguished based on their function. ERC-20, ERC-721, and ERC-1155 are the three main protocols or token standards approved by the Ethereum blockchain network for use in the ecosystem.

 
ERC-20
The ERC-20 token is a fungible token that was created on the Ethereum blockchain in 2015. What is meant by fungible is the ability of an item or asset to be easily exchanged for other similar items. As is well known, ERC-20 is a token that can be used for various purposes. This is what makes this token useful in helping with stablecoin creation, ICOs (Initial Coin Offerings), crowdfunding, and similar crypto projects. As of October 2019, more than 200,000 ERC-20 compatible tokens have been created on the Ethereum main network. ERC-20 has a very important role. The reason is, ERC-20 fulfills the entire list of general rules that all Ethereum tokens must comply with. Some of these rules include how tokens can be transferred, how transactions are approved, how users can access data about tokens, and the total token stock. The following is a list of crypto projects using the ERC-20 token:
Tether (USDT)
Chainlink (LINK)
Zipmex Token (ZMT) DAI

ERC-721
ERC-721 is a token that was created specifically as a non-fungible token. That is, these tokens are used for things that cannot be substituted for anything else. Basically, while ERC-20 plays an important role in helping crypto asset token projects be traded on exchanges, ERC-721 is very important for digital assets that don't necessarily exist in tangible form. One of the lists of ERC-721 tokens is NFT (non-fungible token), a crypto project that is currently booming among artists and digital artists. This protocol helps in creating a marketplace for artists, gamers, collectors and everyone who has something unique to sell. One of the unique stories of the NFT world is the sale of NFT digital art worth US$69 million by artist Beeple. The sale of digital art at such fantastic prices would not have been possible without this token standard.

ERC-1155
Created by Enjin's CTO Witek Radomski in 2018, ERC-1155 is a new window on the Ethereum blockchain. This token is able to allow users to print fungible tokens and non-fungible tokens in one smart contract. The presence of the ERC-1155 token seems to be a bridge for the two types of tokens above. Nowadays, anything you need about NFT can be done in one place. This is what makes the ERC-1155 considered the game changer. Not only that, the easy-to-use interface proves that the ERC-1155 is a much more efficient solution for new users. With the statement, “the main concept behind the ERC-1155 is that one smart contract is capable of managing an unlimited number of tokens.”
One of the advantages of this token is that it can reduce gas fees by 80 percent to 90 percent, which is another help for artists and gamers.