What Specific Efficiency Improvements Does the ERC-1155 Standard Offer over ERC-20 for Large-Scale Token Operations?
ERC-1155, a multi-token standard, allows a single smart contract to manage both fungible and non-fungible tokens. Crucially, it enables batch transfers and batch approvals of multiple token types in a single transaction.
This drastically reduces the required transaction count and associated gas costs compared to the single-token, single-transaction limitations of ERC-20 and ERC-721.
Glossar
Erc-20
Architecture ⎊ The ERC-20 standard defines a uniform API for fungible tokens on the Ethereum blockchain, facilitating interoperability between decentralized applications and exchanges.
Erc-1155 Standard
Architecture ⎊ The Erc-1155 Standard represents a significant advancement in tokenization, enabling the creation and management of both fungible and non-fungible tokens within a single smart contract.
Fungible and Non-Fungible
Interchangeability ⎊ Fungibility, within financial instruments, denotes the property of an asset having units that are mutually interchangeable; each unit possesses equivalent value and characteristics, crucial for efficient market operation and standardized contract design.
Efficiency Improvements
Optimization ⎊ Efficiency improvements in cryptocurrency and derivatives trading involve optimizing network protocols and smart contract logic to reduce computational overhead.
ERC-1155
Standard ⎊ This refers to the Ethereum Request for Comment specification that defines a multi-token standard, allowing a single contract to manage both fungible and non-fungible assets simultaneously.