All About TRC20: The Token Standard for The TRON Blockchain

Imagine a busy market where sellers can make and sell different items, but everything has to follow a common set of rules to ensure everything goes smoothly. That’s basically what TRC20 is for the Tron blockchain. TRC20 crypto is a smart contract token that runs on the TRON blockchain, a fast, scalable, and decentralized platform for building and running decentralized applications, or apps.

What is TRC20?

TRC20 is a technical standard for implementing smart contract tokens on the TRON blockchain. It is similar to the ERC20 standard on Ethereum, but it is designed to work only on the TRON network and can only be transferred to another blockchain network through bridges. Bridges are protocols that allow cross-chain communication and asset transfer between different blockchains.

Features 

High performance: The tokens can leverage the high speed and scalability of the TRON network, which claims to process up to 2,000 transactions per second and have a 3-second block time. This means that the tokens can offer faster and cheaper transactions than other token standards.

Interoperability: Tron TRC20 tokens can be compatible with other token standards on the TRON network, such as TRC10, which is a simpler and more lightweight token standard that does not require a smart contract. The tokens can also be bridged to other blockchain networks, such as Ethereum, Binance Smart Chain, or Bitcoin, through protocols like JustLink, JustSwap, or BTTC.

Innovation: The tokens can support a wide range of use cases and functionalities, such as decentralized finance, gaming, art, social media, identity, and more. Also, the token can benefit from the innovation and development of the TRON ecosystem, which includes projects like BitTorrent, Sun Network, JustStable, JustLend, SunSwap, and more.

About USDT-TRC20

USDT-TRC20 is a type of stablecoin that Tether issues on the TRON blockchain. A stablecoin is a cryptocurrency that is pegged to a fiat currency, such as the US dollar, to maintain a stable value. USDT-TRC20 follows the Tron TRC20 token standard, which is a set of rules for creating and issuing tokens on the TRON network and is used for various purposes, such as payment, voting, and liquidity, on the TRON network and its decentralized applications.

How to Create and Buy TRC20 Crypto?

To create a TRC20 crypto, you need to write a smart contract in a programming language that is compatible with the TVM, such as Solidity, which is also used for Ethereum smart contracts. 

You also need to have some TRX, the native cryptocurrency of TRON, to pay for the gas fees, which are the costs of executing the smart contract on the network. You can deploy the smart contract on the TRON network using tools like TronBox, TronStudio, or Remix.

You can buy the tokens from centralized or decentralized exchanges that list them, such as Binance, Huobi, Poloniex, JustSwap, or PancakeSwap. Furthermore, you can also swap the tokens for other tokens from the platform including JustSwap, TronTrade, or Uniswap. For minting platforms such as JustStable, JustLend, or MakerDAO are best. 

ERC20 VS TRC20: What’s the Difference? 

ERC20

ERC20 is the oldest and most popular way of making tokens on the Ethereum blockchain. It has a set of rules that make sure all tokens work well with each other and with smart contracts, which are programs that run on the blockchain.

Advantages 

Large and active community: Developers and users benefit from a vast support network and extensive documentation.

Security: Ethereum’s robust proof-of-work consensus mechanism offers a high level of security.

Liquidity: Many ERC20 tokens enjoy high liquidity, making them easier to buy and sell.

Disadvantages

Transaction fees: Ethereum’s network congestion can lead to high gas fees, especially during peak usage.

Scalability: The network faces scalability challenges, potentially impacting transaction speeds and costs.

TRC20 Crypto

The native standard of the Tron blockchain has gained traction with its focus on speed and affordability. It shares similarities with ERC20 but introduces some key differences.

Advantages

Faster transaction speeds: Tron boasts faster transaction processing compared to Ethereum.

Lower fees: Transactions on the Tron network are generally much cheaper than on Ethereum.

Scalability: Tron aims for high scalability, potentially accommodating a larger user base in the future.

Disadvantages

Smaller community: The developer and user base are still growing compared to Ethereum’s established ecosystem.

Security concerns: Some raise concerns regarding Tron’s consensus mechanism and overall security compared to Ethereum.

Limited liquidity: Many tokens have lower liquidity, potentially impacting their traceability.

Best TRC20 Wallet 

To store and use the tokens, you need the best TRC20 wallet that supports them. There are many wallets that support the tokens, but some of the popular ones are:

TronLink: TronLink is the official wallet of the TRON network. It is a browser extension that allows you to access TRON dapps and manage your tokens. It also has a mobile app version that you can download from the App Store or Google Play.

TronWallet: TronWallet is a mobile wallet that supports tokens and other TRON features, such as staking, voting, and swapping. It is available for iOS and Android devices and has a built-in dapp browser.

Ledger: Ledger is a hardware wallet that provides high security and convenience for your crypto assets. It supports TRC-20 tokens and other TRON features through the TronScan web interface. You need to have a Ledger Nano S or X device and install the TRON app on it.

Conclusion

TRC20 tokens are similar to ERC20 tokens on Ethereum, but they have some differences and advantages, such as speed, affordability, and scalability. The tokens can be created, bought, swapped, or minted using various tools and platforms. To store and use the tokens, you need a wallet that supports them, such as TronLink, TronWallet, or Ledger. These tokens are an important part of the TRON ecosystem and offer a wide range of use cases and functionalities.

FAQs

What is the difference between TRC20 and TRC10?

Both token standards are on the TRON network, but they have different features and requirements. TRC20 tokens are created and issued by smart contracts, while TRC10 tokens are created and issued by the TRON protocol. 

How can I check the balance and transactions of the tokens?

You can check the balance and transactions of the tokens using blockchain explorers, such as TRONSCAN, TRONEXPLORER, or Etherscan.