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Token protocol

Understanding the format

XXX 0000
The First three alphabetic caricatures reference the blockchain Network that is used
The number after refers to the protocol type

Network

ERC - Ethereum
BEP - Binance

Protocol

20
ERC-20 has emerged as the technical standard; it is used for all smart contracts on the Ethereum blockchain for token implementation and provides a list of rules that all Ethereum-based tokens must follow.
721
A token id has no concept of balance: each token is non-fungible and exists or doesn’t. The ERC721 balanceOf function refers to how many different tokens an account has, not how many of each.
1155
Uses a single smart contract to represent multiple tokens at once, accounts have a distinct balance for each token id.

In Depth

ERC20

The rise of smart contracts, allowed users to create special contracts, which can act like currencies. A lot of these got released, and consequently, it was becoming hard to keep track of all these different standards of writing virtual currencies smart contracts on the network. Hence came in the proposal of ERC20 Standards:
This standardized how a token contract should look, resulting in the seamless integration of tokens in different protocols and crypto-wallets. This eventually gave birth to some amazing solutions in the decentralized finance or DeFi space like Uniswap, Aave, MakerDAO, etc. Today, billions of dollars worth of crypto are traded in this space.
So, what exactly do ERC20 Tokens represent?
ERC20 tokens are basically what we will call “Fungible Tokens”. Fungibilityis the ability of a good or asset to be readily interchanged for another of like kind. Think of two 1 dollar notes. Both the notes are different, but their value is exactly the same. The same is the case in an ERC20 token. Each token is worth the exact same as the other tokens in value.
This consequently resulted in several applications of ERC20 tokens like stablecoins, governance tokens, but let's not get into that in this post.

ERC721

ERC721 represents an entity. It can be anything, which has its own value. An artwork, a music album, an agreement contract, etc. No two ERC721 tokens are the same when it comes to value.
ERC721 are what are called “Non-Fungible tokens”. Think of two ERC721 representing 2 soccer player:
First represents a high school student and one representing some popular figure like Cristiano Ronaldo. So now it's clear that the card representing Cristiano would be worth way more than the card of the Highschool student.

ERC1155

ERC-1155 is what we will call the best of both worlds.
ERC-1155 allows you to create Fungible, Non-Fungible, and Semi-Fungible in one single token standard. Both Fungible and Non-Fungible tokens can be created using the same standard.
So why ERC-1155?
Take the Mona Lisa . There is one Mona Lisa artwork, which is worth millions of dollars and can be represented by Non-Fungible ERC-1155. Now there can also be several other copies of the artwork, which can be sold as Fungible ERC1155. The ERC1155 gives accessibility, simplicity, and efficiency on the buyer side.
Another example use case can be games. You earn points and buy items using these points in a game. At the same time, you can exchange items too. The “items” can be represented by Non-Fungible ERC-1155 and “points” can be represented as Fungible ERC-1155.

MELI Uses:

ERC 20
BEP 20
ERC 721
BEP 721
ERC 1155
BEP 1155