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- Decentralization becomes a global requirement; people demand to get the Financial Sector completely decentralized!
- With the introduction of Non Fungible Tokens (NFT), people have switched from traditional cryptocurrencies to Tokens
- 2020 marked a positive year for NFT World while generating a transfer volume of $2 Billion!
- Tokens are human interactive and holds potential to replace the traditional crypto like Google
- Ethereum, TRON, EOS offer some of the best NFT standards; however, Ethereum has set foot in all market sectors around the Universe
Decentralization becomes a significant theme for the world after an increase in adoption of cryptocurrencies globally. People seek decentralization in every sector and utmost in the Financial sector because its implementation would decrease corruption and money laundering kind of frauds. For this purpose, various Blockchains have introduced Tokens. Tokens represent specific assets or hold a particular value which may be Fungible or Non-Fungible.
A Happy Year For Non Fungible Tokens
2020 signified a positive year for Non Fungible Tokens. One can classify various sectors based on them as Digital Art, Collectibles, Gaming, Finance, Virtual Land and many more. The Sector of Art and Gaming have emerged massively compared to all other sectors on NFTs. Still, the relation between Blockchain and NFT is youthful. An emerging interaction of humans with distributed ledger technology denotes that NFTs will overrule the traditional cryptocurrency. And there may be a time when NFT will replace Traditional Cryptos.
The Evolution Of Google
Ethereum, EOS, Tron, NEO are some fame names working on Token standards and the growth of Fungible, Non Fungible Tokens. Primarily tokens focus on the ‘Human Interaction of Crypto World.’ Like Google, Tokens can rule the Universe!
In the present scenario, Google is the most preferred and globally utilized platform. Different generations have different needs. Google understood the association of technology with human life and with the passage of time launched brand new versions to offer the mass. It is one of the major reasons for the success of Google! Absolutely no platform in the world is even close to the products and services Google offers!
Non-Fungible Token Standards on Ethereum
Did you know ERC is an acronym for Ethereum Request for Comments!
ERC721: The Token Standard enables users to create a non-fungible token in one smart contract. Furthermore, it is expensive and consumes more time since it allows a single operation for each transaction. These traits may be responsible for the reduction of efficiency in users. Sorare, Rarible are some famous ERC721 use cases.
ERC1155: The ERC1155 Standard is free from the flaws of ERC721. It enables users to create multiple tokens, both fungible and non-fungible in a single smart contract. ERC1155 also simplifies the transactions, making them cheaper by allowing multiple operations for each transaction. $BAT, Opensea are some of the major platforms working on ERC1155 Standard.
Non-Fungible Token Standards on TRON
Did you know, on the TRON blockchain, users can devise and issue tokens!
Also, the network provides two token standards TRC10 and TRC20.
TRC10: TRC10 are technical token standards supported on the TRON blockchain natively. The transaction fee on TRC10 Standard is 1000x lower than TRC20. It utilizes API in transfers and deposits but costs bandwidth points.
TRC20: The TRC20 standard is a bit expensive. The transaction fee charged is 1000x more compared to TRC10 standard. Furthermore, the standard also utilizes API in transfers and deposits but costs energy and bandwidth points.
Top TRON games: Traps, Blockchain Cuties.
Non Fungible Tokens On EOS
Did you know EOS has the largest community of Dapp users!
EOS has done an excellent job creating an environment where Decentralized applications and developers that make them can thrive. Furthermore, EOS carries a new approach to traditional smart contracts and the dapp ecosystem. This is another trait that makes it a ‘super appealing’ concept for developers. In a nutshell, EOS is trying to become a go-to, scalable, cheap, and easy to use blockchain platform for dapp developers to build things on and for users to interact with dapps.
EOS enables off-chain data storage and authentication mechanisms, whereas developers on Ethereum need to build a complete web or mobile application to talk with the Blockchain externally. When a developer formulates some application on EOS blockchain, he is already allotted the needful resources like cloud infrastructure, data storage infrastructure, authentication mechanism, and more. Top EOS Games: Upland, CryptoDynasty.
Ethereum Tokens are the Best. Why?
Ethereum Standards: From Vitalik’s Brain to Human Lifes. Compared to all the Blockchain Standards Ethereum Standards can be termed the Best. The ERC20, ERC721, ERC1155 standards have set foot in the markets be it any sector: Digital Art, Gaming, Collectibles, Finances or any other field. However, the TRON, EOS, NEO Standards are not further behind. They may overrule ERC Tokens once they enter every sector of the market. These Token Standards focus more on the Gaming sector compared to other sectors.
The ERC Token Standards are comparatively scalable. They utilize layer 2 scaling, which demolishes expensive blockchain applications, makes them feasible, and the number of transactions done does not matter in blockchain games like platforms. ERC Standards offer Low Latency, meaning they make the process lag-free and fast. Even amongst all tokens, the Ethereum Tokens offer widely understood technology. Thus like Google Ethereum can grow at a good pace.
The Future!
ERC20 is a Fungible token standard offered by Ethereum. The Fungible Token developers understood a need for decentralization and devised Non-Fungible Token Standards such as ERC721 and ERC1155. Now, one can understand the multilevel hierarchy which starts from ERC20 and gravitates to ERC721, ERC1155, i.e. the evolution of fungible tokens to non fungible tokens! The Future of Traditional Cryptocurrency is here.
To know more about NFTs, you can refer to our previous article.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
