A new token standard tied to the Ethereum blockchain protocol has officially launched as Saturday saw Enjin – a leading social network and gaming-oriented blockchain platform – announce that they had successfully committed over 3.8 million Enjin Coin (ENJ) toward the creation of the first-ever set of ERC-1155 tokens.

Via Enjin’s announcement on Saturday, the team shared that they “are thrilled beyond words to announce the successful launch of our smart contracts on the Ethereum Mainnet.”

Whilst details will emerge relatively soon, the Singapore-based Enjin did reveal that “more than 30 types of special items” had been created as part of this historic minting. Initially, ERC-1155 will be associated with the gaming industry (e.g., game developers minting their own ERC-1155 tokens so as to create game items, collectibles, and in-game currencies). Before too long, however, Enjin suggests that its use case may extend into other sectors.

Specifically, “everything from supply chain management and social media networks & apps, to licencing 3D industrial models and facilitating security for autonomous vehicles” are seen as potential use cases for the new token standard – which the team feels is “bound to replace [ERC-20 and ERC-721], due to its superior technological features.”

Why the ERC-1155 Token Standard?

Authored by Witek Radomski (CTO & Co-Founder, Enjin) and Andrew Cooke (Senior Lead Software Engineer, Enjin) the ERC-1155 token standard applies to “items” that are stored in a single contract.

With Ethereum’s ERC-20 token standard limited to fungible tokens, and its ERC-721 standard only applicable to smart contracts with individual unique copies of items, Enjin’s ERC-1155 standard allows for the bundling of complex transactions into a single contract.

The benefit? Less congestion experienced by the Ethereum transaction pool, meaning users do not have to spend as much on gas fees.

To date, these are the most advanced and complex smart contracts placed on Ethereum.” – Enjin

In time, ERC-1155 crypto tokens created on Enjin’s platform will be compatible with other offerings that comprise the Enjin ecosystem, such as EnjinX (web-based, universal blockchain explorer) and Enjin Smart Wallet (multi-cryptocurrency wallet).

For those wanting more on Enjin, the Enjin Coin, and the ERC-1155 standard, either read through the team’s whitepaper, or watch the following video presentation from Pat LaBine (VP of Engineering, Enjin):

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