Ethereum has proven to us time and time again to be a very resilient platform with many different use cases. Its first & primary use case at the moment is easily transferring money worldwide via a decentralized blockchain. Since its conception, creative developers have been looking at interesting ways to use its smart contracts.
The foundation of Ethereum has greatly accelerated the amount of ICOs on the market. Most of these projects have been based on Ethereum and are known as ERC20 tokens. You can read more about ERC20 tokens here. Recently, new token standards have been released but are not quite widely adopted yet. These new token standards include ERC721, ERC725, ERC735, & most interestingly ERC1155.
Most of these new standards offer a proof of ownership or tokenized asset, cannot be split and are not fungible. ERC1155 is very different than those other standards. It was specifically created to strengthen the link between video games & cryptocurrencies. Created by Witek Radomski CTO of Enjin, it is meant to increase Ethereum’s functionality in games.
ERC1155 allows storage of multiple items in a single contract & requires very little data to distinguish the tokens from others. This new standard can also send multiple transactions in one step. This will most likely lower congestion on the Ethereum blockchain and lower transaction costs.
Whether ERC1155 will be widely adopted in the future or not, remains up to the public, the many Solidity programmers and Ethereum enthusiasts. The future of Ethereum’s implementations in the world of video games looks bright, however.
We at Game Protocol are looking at the new standard, ERC1155 with increasing interest. It is more than possible that we will allow developers to create their in-game currency in either ERC20 or ERC1155, depending on their preference.
The Game Protocol team is always very glad to hear of improvements that could strengthen the link between cryptocurrencies and games.