How does the ERC-1155 standard differ from ERC-20 and ERC-721?

Okay, no problem. Let's talk in plain language about what makes these things different.

Hey friend, that's a great question. Many people get a bit dizzy when they first encounter all these "ERC-xxx" standards in blockchain. Don't worry, it's not complicated at all. I'll give you a few analogies, and you'll grasp it instantly.

You can imagine these ERC standards as different types of shipping containers. They all follow the rules of Ethereum, which is like a "global freight system," but what they can carry and how they carry it varies.

ERC-20: The Standardized "Money Box" (Fungible Tokens)

This is the most common and basic type.

• Analogy: ERC-20 is like the Renminbi (Chinese Yuan) in our wallets. My 100 yuan bill and your 100 yuan bill, apart from different serial numbers, are completely identical in value and use; they can be freely interchanged. You wouldn't care if you received my bill or someone else's.

• Core Features:

  • Fungible: Every token is identical and interchangeable.
  • Divisible: Just as 1 yuan can be divided into 10 jiao, an ERC-20 token can also be divided into smaller units (e.g., 0.001 token).

• Typical Applications:

  • "Utility tokens" for various projects (e.g., Uniswap's UNI).
  • Stablecoins (e.g., USDT, USDC).

Simply put, ERC-20 is used to represent things that are quantifiable and divisible, like "money" or "shares."

ERC-721: The Unique "Collectible Display Case" (Non-Fungible Tokens, NFT)

This is the famous NFT standard.

• Analogy: ERC-721 is like a property deed, the original Mona Lisa painting, or a concert ticket with a specific seat number. There's only one in the world; each one is unique and cannot be interchanged. Your house and my house differ in value, location, and size; we can't just swap them and call it even.

• Core Features:

  • Non-Fungible: Each token has a unique ID, making them irreplaceable.
  • Indivisible: You can't tear a painting in half, can you? An NFT is a complete whole.

• Typical Applications:

  • Digital art, collectibles (e.g., Bored Apes, CryptoPunks).
  • Unique in-game items, equipment.
  • Domain names (e.g., .eth domains).
  • Digital identities or certificates.

The Problem with ERC-721: If you want to create 1000 different items in a game, using the ERC-721 standard, you would theoretically need to create 1000 separate smart contracts, which is both cumbersome and expensive (due to high gas fees).

ERC-1155: The Versatile "Super Container" (Multi-Token Standard)

ERC-1155 is an upgrade and combination of the previous two; it's incredibly flexible.

• Analogy: ERC-1155 is like a gamer's backpack or a large supermarket shelf.

  • In this backpack, you can carry 99 "health potions" (they are all the same, thus fungible).
  • You can also carry 1 "Dragon Slayer Sword" (there's only one in the world, making it non-fungible).
  • And you can carry 10 "silver keys" (they are also identical, another type of fungible item).

  Crucially, all these different types of items can be managed within this single "backpack" (smart contract)!

• Core Features:

  • Hybrid: One contract can simultaneously manage countless types of fungible (ERC-20-like) and non-fungible (ERC-721-like) tokens.
  • Efficient Batch Processing: This is one of its major advantages. You can transfer "10 health potions + 5 silver keys + 1 treasure map" to your friend all at once, paying only a single transaction fee (Gas Fee). With older standards, you would have to make 3 separate transfers and pay 3 times.
  • ID Identification: It uses an ID to differentiate between item types (e.g., ID=1 represents health potions, ID=2 represents the Dragon Slayer Sword), and then uses a quantity to indicate how many there are. If the quantity is 1, it's an NFT; if the quantity is greater than 1, it's a fungible token.

• Typical Applications:

  • Complex in-game economic systems (items, materials, currency, etc.).
  • Ticketing systems (for the same concert, there can be both general standing tickets and VIP tickets with specific seats).
  • Platforms needing to issue multiple types of assets.

To summarize, a table provides a clearer view:

I hope this explanation helps you fully understand their differences. Simply put, it's an evolution from a "box that can only hold one type of standard goods," to a "cabinet that can hold unique works of art," and finally to a "super container that can hold anything and even transport several different items at once." Pretty cool, right?