2

I have read several differences between fungible and non fungible tokens. It cleared my few doubts though, I have few more remaining.

I have requirement to create a platform on which users can register and create their own token with passing token name, price and so. Is it possible to develop such contract to create different token for different users? And which token standard should be used in this scenario ERC721 or ERC1155

Improve this question

1 Answer 1

Reset to default
3

I have requirement to create a platform on which users can register and create their own token with passing token name, price and so. Is it possible to develop such contract to create different token for different users?

  • Using OpenZeppelin you can create either a fungible token ERC1155 or a non-fungible token ERC721.
  • In case you want each platform user to have a unique token then go for ERC721 else ERC1155 / ERC20.
  • I would recommend you to go with ERC20 as the OpenZeppelin community has already kept in place the ERC20 token development and openzeppelin is one of the prominent battle-tested library when it comes to smart contract development.

And which token standard should be used in this scenario ERC721 or ERC1155

  • If each user should have a unique token plus the token should be non-tradeable then ERC721 else ERC1155 / ERC20 as stated above.
Improve this answer
5
  • Thanks for your response! can we create a smart contract that will issue new ERC20 tokens for each user?
    – Div
    Mar 17, 2020 at 9:04
  • 1
    Yes, we can create a contract that issues new ERC20 tokens. For instance if you create the contract that issues token to be MasterContract.sol using OpenZeppelin then calling MasterContract's mint() function with the user's address will issue new tokens to the provided user's address. mint(userAddress, amount) For further clarifications check out mint() function of openzeppelin.
    – balajipachai
    Mar 17, 2020 at 11:50
  • Thanks! And is there any good code example to do the same for ERC721 tokens?
    – Div
    Mar 19, 2020 at 11:29
  • Understanding ERC721: kauri.io/understanding-openzeppelin-erc721/… Simple ERC721 Example: medium.com/coinmonks/a-simple-erc-721-example-c3f72b5aa19
    – balajipachai
    Mar 20, 2020 at 18:55
  • If you can help on this: ethereum.stackexchange.com/q/82106/39618
    – Div
    Apr 3, 2020 at 8:17

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge that you have read and understand our privacy policy and code of conduct.

Not the answer you're looking for? Browse other questions tagged or ask your own question.