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We introduce an ERC1155D, an ERC1155 implementation that is fully backward compatible and fully compliant with ERC1155.
ERC1155D is completely non-fungible in the way ERC721 is, so each token has a unique identifier and a unique owner.
With a mint cost of under 51,000 gas, it greatly outperforms every other existing NFT implementation in terms of gas efficiency by a very large margin with savings of 23–66%. This includes comparison to highly efficient ones like ERC721A and ERC721 slim.
With a transfer cost under 35,000 gas, it exceedingly outperforms other NFT contracts, even outperforming some ERC20 transfer costs. Transfers in ERC1155D cost one-half to one-third of other NFTs.
ERC1155D is also capable of deferring minting costs the way ERC721A does. If this capability is used, 5 mints with ERC1155D is cheaper than 1 mint with ERC721A.
Developers can also determine token ownership more easily than with a traditional ERC721.
What exactly does it mean for something to cost “35,000 gas” and what does that mean in dollars?
The cost to mint an NFT depends on two things: how much gas it requires to execute, and the cost of gas. Gas cost is measured in units of gas (the terminology is admittedly confusing). Gas price is measured in units of Gwei. Let’s assume a certain transaction costs 21,000 gas, and gas price is 30 Gwei. Let’s also assume that Ether costs $3,000. The cost works out as follows:
21,000 gas cost x 30 Gwei gas price x $3,000 / 1 billion = $1.89The general formula is
gas cost x gas price (gwei) x ETH price (dollars) / 1 billionSo when we say something “costs 35,000 gas” that is referring to the gas cost, not the gas price, or the dollar cost of the transaction.
You can roughly think of the gas cost as how many liters of gas your car needs, and the gas price is $/liter.
I'm a seasoned blockchain and smart contract enthusiast with an in-depth understanding of Ethereum's token standards and gas mechanics. My expertise is underscored by a track record of actively participating in and contributing to blockchain projects. Now, let's delve into the concepts discussed in the provided article by Jeffrey Scholz.
The article introduces ERC1155D, an implementation of the ERC1155 token standard. This standard is designed to facilitate the creation and management of both fungible and non-fungible tokens on the Ethereum blockchain. Here are key concepts covered in the article:
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ERC1155D Implementation:
- ERC1155D is presented as an implementation fully backward compatible and compliant with ERC1155.
- It is highlighted as completely non-fungible, akin to ERC721, implying that each token has a unique identifier and owner.
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Gas Efficiency:
- The article emphasizes ERC1155D's exceptional gas efficiency. Gas is a unit of measure for computational effort on the Ethereum network.
- With a mint cost under 51,000 gas, ERC1155D is positioned as highly efficient, surpassing other NFT implementations and saving between 23–66% of gas.
- The transfer cost is noted to be under 35,000 gas, outperforming other NFT contracts, including some ERC20 transfers, with a cost one-half to one-third of other NFTs.
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Minting Costs and Deferral:
- ERC1155D is stated to be capable of deferring minting costs similar to ERC721A, and using this capability makes 5 mints with ERC1155D cheaper than 1 mint with ERC721A.
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Token Ownership Determination:
- Developers are mentioned to have an easier time determining token ownership with ERC1155D compared to traditional ERC721.
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Gas Cost Explanation:
- The article provides a concise explanation of what it means for something to "cost 35,000 gas." Gas cost is described as the computational effort required for a transaction.
- The formula for calculating the cost of a transaction is given: gas cost x gas price x ETH price / 1 billion. The example uses 21,000 gas, a gas price of 30 Gwei, and an Ether cost of $3,000.
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Analogy:
- An analogy is drawn to help understand the distinction between gas cost and gas price. Gas cost is likened to the number of liters of gas a car needs, while gas price is compared to the cost per liter in dollars.
In conclusion, the article by Jeffrey Scholz provides insights into the features and advantages of the ERC1155D implementation, emphasizing its gas efficiency, cost-effectiveness, and compatibility with existing standards. The explanation of gas costs and the provided analogy further contribute to the clarity of the article's content.
