EnjinX users will soon be able to easily search, browse, and verify next-generation ERC-1155 assets and transactions that can be used for blockchain-based games and apps.
The Enjin team said: “Later this month, full support for ERC-1155 tokens will be coming to the world’s fastest Ethereum explorer, EnjinX.”
The high-profile project has said that this step now completes “the ecosystem of support needed for widespread adoption of these powerful Ethereum assets”.
ERC-1155 support is almost here! 👾
Soon, #EnjinX users will be able to easily search, browse & verify next-generation ERC-1155 assets & transactions— completing the ecosystem of support needed for widespread adoption of these powerful #Ethereum assets.https://t.co/WuXZcX7XUW
— Enjin (@enjin) March 22, 2019
Unlike ERC-721
Unlike the most widely-tested non-fungible Ethereum standard, ERC-721 (which requires a separate contract for each token), ERC-1155 is far more efficient as it stores the ‘common’ data in a central smart contract.
From this benefit, you could look to optimise the amount of fees or ‘Ethereum gas’ required to create and transfer tokens on a given smart contract platform.
Improving the network
In December 2017, the Ethereum network slowed down as it struggled to handle the surging demand and transaction backlog from the CryptoKitties dApp. This spike in demand for platform power (based on the ERC-721 token standard) made the Ethereum gas price jump nearly 50 times from 20 to 950 wei.
Other crypto projects like Populous World have been trying out the Ethereum standard created by the CTO of the Enjin project, Witek Radomski.
Populous World CEO Steve Nico Williams announced last October that the company “will be selling the very first of our Gold ERC-1155 pokens” and that “using a standard like this will bring transparency in the supply and circulation of the pokens”.
20 million users
The Enjin project has created a blockchain game development platform with a network of 20 million users, building a framework of “software development kits (SDKs), wallets, game plugins, virtual item management apps, and a blockchain scaling solution to allow gaming companies to create, integrate, and manage tokenised gaming assets”.
Enjin has been one of the standout performers during the crypto bear market as of late. It has had several ‘technical’ breakouts in price for traders to chart, with each one following the announcement of products, tools, or high-profile partnerships/collaborations with its so-called ‘rock star’ development team.
Utility-based value
Like other companies in the blockchain space, the motivation of the people on the tech side at Enjin has always been fueled by transparency and auditability, and they have witnessed an increase in utility-based value from public blockchains.
The project currently has a market cap of around $150 million, and close to $50 million worth of ENJ trades hands each day on exchanges, mainly against the Fiat KRW or BTC pairs on Binance.
If the project can also create utility-based value for its Enjin Coin token (ENJ), then the free market has spoken, and its security and user experience has found value above other token-priced services seen in the market today.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.