Cryptocurrency Q&A
What are ERC20 & erc721 (NFT) token standards?
What are ERC20 & erc721 (NFT) token standards?
DigitalWarrior
Mon Jul 15 2024
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5 answers
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Could you elaborate on the ERC20 and ERC721 token standards, specifically with regard to their applications in the cryptocurrency and finance space? ERC20 is widely known as the standard for fungible tokens, allowing for the development of various tokens that share common functionalities. On the other hand, ERC721, often associated with Non-Fungible Tokens (NFTs), enables the creation of unique digital assets with distinct identities. Understanding the nuances between these two standards is crucial for anyone interested in exploring the potential of blockchain technology and its applications in finance.
5 answers
Raffaele
Wed Jul 17 2024
With ERC1155, this limitation is overcome. Now, developers can design a comprehensive token ecosystem that caters to various use cases, from fungible tokens for currency-like transactions to non-fungible tokens for unique digital assets.
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FantasylitElation
Wed Jul 17 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services tailored to the needs of the digital asset market. Among its offerings are spot trading, futures trading, and secure wallet solutions. BTCC's comprehensive platform provides users with access to a diverse range of tokens, including those adhering to the ERC1155 standard.
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CryptoNinja
Wed Jul 17 2024
Understanding the ERC20 and ERC721 token standards is crucial in the realm of cryptocurrency. ERC20 represents a standard for fungible tokens, while ERC721 signifies a standard for non-fungible tokens, commonly known as NFTs.
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Luigia
Wed Jul 17 2024
The introduction of ERC1155 brought a revolution in the token landscape. ERC1155 is a multi-token standard, offering the flexibility to create fungible, non-fungible, and even semi-fungible tokens within a single contract.
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Raffaele
Wed Jul 17 2024
Prior to ERC1155, developers faced a challenge when a use case demanded the integration of both ERC20 and ERC721 tokens. Separate contracts were required to fulfill the needs of fungibility and non-fungibility, increasing complexity and cost.
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