At press time, the second largest cryptocurrency and number one competitor to bitcoin is trading for about $462. This is roughly seven dollars higher than where it stood during the early hours of yesterday afternoon, and it appears recovery is on the horizon.
The same behavior has been witnessed in bitcoin, which experienced a $200 spike from $6,100 to $6,300. While it’s not much, these currencies must start somewhere, and it’s exciting to see a few jumps take the place of additional falls.
The rise could stem from the recent news that co-founder and CTO of Enjin.com Witek Radomski has developed a new standard for defining video game tokens on the Ethereum blockchain known as ERC-1155. Enjin.com allows users to build video games on the blockchain through the support of fungible and non-fungible game items. The coin – known simply as ENJ – is ranked #163 on Coinmarketcap.com, and is worth approximately five cents at the time of writing.
Radomski explains the purpose behind ERC-1155:
“When you need to attach unique history, provenance and identity to every copy of a certain weapon [in a game], these would be designed as non-fungible items. ERC-20 is limited to fungibles, and ERC-721 is limited to contracts with individual unique copies of items. The two token types are not very compatible or mixable. ERC-1155 brings a new level of efficiency and potential to any application that needs to work with tens, hundreds or even thousands of tokens, and removes barriers imposed by existing token designs.”
ERC-1155 allows players to create multiple tokens that are all stored in a single contract. In the past, each token has been defined by individual or unique contracts, though this new method allows for easier storage and easier swapping, which would have required up to four different steps through prior storage options. Now, this can be done through only two steps.
Radomski explains:
“ERC-1155 takes a new approach to defining tokens. Items are now stored in a single contract with the minimum possible amount of data needed to distinguish the token from other ones. The contract state contains configuration data per Token ID and all the behavior governing the collection.”
In addition, multiple items can be sent to varying recipients through a single transaction, which saves congestion and gas costs. ERC-1155 also allows for the creation of both fungible and non-fungible items, the former being products like armor, weapons, ammunition and heath kits. Basically, items that are interchangeable.
The ERC-1155 platform is now being released in an experimental phase to both the game development and Ethereum communities. Radomski explains that executives are looking for wallets, games and other projects to “build support for this new kind of token contract.” They are openly accepting all suggestions made by members on the ERC-1155 GitHub thread, and say they are looking forward to working with both groups to ensure that ERC is in tip-top shape for future utilization.
Despite the ongoing price drops, it appears Ethereum is not losing its following, and users feel as confident in the currency’s applications now as they did two years ago.
Ethereum Charts by TradingView
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