ERC-1155 is a technical standard used in smart contracts on the Ethereum blockchain for implementing tokens. After a year in review, it was confirmed as an official token standard on the Ethereum mainnet in June 2019. ERC-1155 combines capabilities of both the ERC-20 (fungible) and ERC-721 (non-fungible) technical standards by allowing users to create fungible, non-fungible, and semi-fungible tokens on the Ethereum blockchain.
After Enjin Coin's ICO and the launch of their ERC-20 token, development work began on optimization of gaming assets for the blockchain. The effect that the Cryptokitties craze had in slowing the Ethereum network in December 2017 led the developers of Enjin Coin to believe that the existing ERC-721 standard for non-fungible items (those most likely to represent unique gaming assets) could be significantly improved, relieving pressure on the Ethereum network and improving the experience of gamers.
The ERC-1155 standard was co-developed with several other contributors in the Ethereum ecosystem, including Philippe Castonguay of Horizon Games, developers of the game SkyWeaver which is being built on the ERC-1155 standard and backed by Reddit co-founder Alex Ohanian.ERC-1155 was approved as an Ethereum token standard in June 2019.
The ERC-1155 token standard can be used to create multiple token types (both fungible and non-fungible tokens), and multiple asset types within one smart contract, and allows for more efficient use of the Ethereum blockchain by cutting down on the amount of redundant code used to issue each token. ERC-1155 also allows for bulk transactions and atomic swaps, saving gas fees on trading, as well as compatibility with ERC-721 tokens.ERC-1155 defines a common list of rules for blockchain asset tokens to follow within the larger Ethereum ecosystem, allowing game developers with minimal blockchain programming experience to ensure asset interoperability across games. ERC-1155 tokens can be used by game developers to fundraise via Initial Asset Offerings, similar to Kickstarter campaigns.
Several video games are developing on the ERC-1155 standard, which has also thus far it has been used to tokenize trophies, coupons, vouchers, and gift cards, charitable donations, certificates of authenticity, digital art, books, and tickets.
