04.10.2022
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What is the TRC-20 token standard?

TRC-20 - what is it

We are used to seeing cryptocurrency names with an alphanumeric designation next to them. For example, ERC-20, BEP-20, BEP-2 or TRC-20. What do they mean?

We have covered ERC-20 tokens earlier in our review “All about the ERC-20 token standard”. In this article, we will take a closer look at what the cryptocurrency standard TRC-20 stands for.

What are token standards for?

The token standard is a technical norm for smart contracts for the circulation of tokens on the network. It is a set of rules governing the blockchain’s requirements for issuing, transferring between participants, and accessing data for a particular token in a particular blockchain. The standardisation of this procedure has enabled developers to issue their tokens based on smart contracts, without launching a separate blockchain for them.

The most popular among crypto investors today are virtual coins of the BEP-20, ERC-20, BEP-2 or TRC-20 standards. That is, cryptocurrencies issued on blockchains that have just standardised this procedure: Binance Smart Chain, Ethereum and Tron.

TRC-20 is the standard that governs the technical norms for smart contracts on the TRON blockchain network.

What is the TRON blockchain platform

What is the TRON blockchain platform

TRON is a large, decentralised blockchain-based digital platform. TRON has a lot in common with Ethereum, so they are often compared.

The network began its existence in 2017 and reached full decentralisation last year. It was developed under the leadership of young Chinese businessman, Justin Sun. The project CEO has pursued an aggressive marketing policy. He stated that TRON had every chance to become the “Ethereum killer”, and for this he was constantly criticised by the crypto community. He was accused of plagiarizing other projects, especially Ethereum.

The platform has managed to achieve significant success. Despite the questions of the community about the origin, the blockchain demonstrates the lowest commissions and the highest speed of transactions compared to other platforms. Therefore, it has achieved a strong market position.

Tether USDT as the most significant and well-known project based on the TRC20 standard

Tether USDT TRC20 standard

Tether USDT Stablecoin, an analogue of the US dollar in cryptocurrency, was launched on the TRON network in April 2019. USDT is issued by Tether Limited. Attractive commissions were declared by the blockchain from the start, ensuring the rapid rise of the Tron USDT systеm in the cryptocurrency market. The average cost of a USDT TRC-20 transaction is less than $1, while the fees for a stabelcoin transfer on the Ethereum network range from $15-30. In mid-2022, USDT TRC-20 was capitalised at around 50% of Tether’s total issuance of this type of cryptocurrency on all blockchains globally. By the beginning of autumn, the total number of TRON network accounts exceeded 109 million.

On AnyExchangeBest website, you can exchange USDT TRC20 for cash dollars or hryvnia quickly and without commissions.

Best wallets and exchanges for TRC-20

Best wallets and exchanges for TRC-20

TRON has developed its own wallet, TronLink Wallet, which functions as a browser-based as well as a mobile app. In the list of independent multi-currency wallets supporting the TRC-20 standard, the most popular today are:

  • Trust Wallet
  • Exodus
  • Guarda
  • Safepal
  • Ledger
  • Safepal
  • Trezor
  • Klever
  • MathWallet

Among the alternative exchanges and exchangers working with TRC-20 are Binance, Huobi, Poloniex, Bitfinex, Okcoin.

And in the selection → TOP best cryptocurrency wallets, you will learn where it is best to store cryptocurrency.

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