ERC, which stands for Ethereum Request for Comment, is a standard conveying the essential technical notes and requirements to a group of developers and users. The ERC-1155 token standard was created to solve the limitations of more common token standards like ERC-20 and ERC-721, aiming to build upon their benefits while being more accessible and functional.
ERC-1155 is a fungibility-agnostic and gas-efficient token contract with the goal to improve on older token standards by taking ideas from ERC-20, ERC-721, and ERC-777. It brings tremendous opportunity to the Ethereum space and allows for more security and usability in its contracts, providing two functions in a single contract and bundling transactions, lowering the cost of gas.
A main feature of ERC-1155 is its secure token transfers. This feature verifies that transactions have been carried out, and, if not, they are reversed. This is important because if anyone were to accidentally send something to a null address, they can still recover their assets.
To learn more about common token standards, read What Are Token Standards? An Overview.
