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Enjin's ERC-1155 Token Standard Gets Adopted by Ethereum

On the 17 of June 2018, Enjin's ERC-1155 token standard has been officially adopted by the Ethereum Foundation, marking a major upgrade in NFT functionality on the Ethereum blockchain.. On June 17, 2018, Enjin submitted the first version of the ERC-1155 Multi Token Standard to Ethereum's Github repository, sparking a flurry of community engagement that culminated in over 50 revisions and 400 comments. This collaborative process was instrumental in refining ERC-1155 into an exceptional Ethereum token standard.

ERC-1155's Final status signifies its official acceptance into the Ethereum ecosystem, allowing developers to integrate ERC-1155 assets into their applications with confidence, knowing the standard is both stable and future-proof.

See ERC-1155 on Ethereum.org
Enjin invented the single contract to generate and manage infinite token types, it changed Ethereum forever.
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The Quest for Token Optimization

Enjin's vision for ERC-1155 was to transcend the limitations of existing ERC-20 and ERC-721 standards, which restricted tokenization to specific use cases. Initially termed the "Monolithic Token Contract," Enjin's goal was to develop a versatile framework capable of supporting diverse gaming assets and beyond. The ERC-1155 standard was born out of the need for a more adaptable, efficient, and multifunctional token contract system.

A Single Contract for Infinite Tokens

ERC-1155 revolutionizes tokenization by allowing a single smart contract to manage an unlimited array of tokens. This multi-token standard simplifies token creation, significantly reducing operational and computational costs. ERC-1155 facilitates batch transfers and atomic swaps, enhancing transaction efficiency and security.

A critical feature of ERC-1155 is its streamlined creation of new token types, eliminating the need for deploying separate contracts for each token. This improvement addresses redundancy and inefficiency present in earlier standards, promoting a sustainable and clutter-free blockchain environment.

ERC-1155 introduces strict standards, enabling deterministic interactions with smart contracts, increasing reliability and expanding the potential use cases of tokens. This functionality ensures token transfers can automatically trigger predetermined contract actions, opening new avenues for smart contract design and interaction.

Metadata and Performance Optimization

ERC-1155's innovations in metadata handling set it apart from its predecessors. By externalizing metadata to JSON files and employing ID substitution, ERC-1155 enables scalable and flexible token information management, facilitating localization and minimizing on-chain data storage.

The development of ERC-1155 represents a triumph of collaboration within the blockchain community, with key figures contributing to its success. This standard is not only a leap forward in token technology but also underscores the potential of collective innovation within the Ethereum ecosystem.

As ERC-1155 became the new norm for Ethereum-based assets, its adoption and implementation will likely pave the way for more sophisticated blockchain applications. Enjin's groundbreaking work, together with the Ethereum Foundation’s support, set a new standard in blockchain technology's evolution.

Partnering to Extend Human Life on Earth

Enjin and the Ethereum Foundation collaborated to introduce a charity NFT Collection to raise funds for the SENS Research Foundation. Dedicated to curing age-related diseases and advancing human longevity, SENS partnered with Enjin and Ethereum Foundation to revolutionize charitable donations by making them more transparent, engaging, and interactive.

The initiative aimed to gamify the fundraising process by offering donors tangible rewards in the form of unique blockchain-based collectible items known as non-fungible tokens (NFTs). By recording all donations on a public blockchain, this system provided donors with unprecedented transparency and traceability.

The NFTs, collectible and tradable, encouraged donors to complete their collections. Complete NFT portfolios granted collectors special rewards, fostering a sense of engagement and community in the fundraising process.

Maxim Blagov, CEO at Enjin, expressed enthusiasm for this innovative approach, stating: "By creating a more exciting, playful, and incentive-based system for people to donate, we will encourage the ecosystem for active ongoing contributions with strong potential to go viral globally, instead of one-time donations."

The collaboration between Enjin, Ethereum Foundation, and SENS Research Foundation showcased the potential of utilizing blockchain technology and gamification to transform traditional fundraising models, opening the door for a more interactive and rewarding donor experience.

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