TRC20 Token development – An exclusive guide

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TRC20 token development
TRC20 token development

Cryptocurrency tokens are commonly referred to as unique virtual currency tokens. These tokens get involved in deciding on how cryptocurrencies are denominated. These tokens mostly exhibit fungible as well as tradable assets that exist on their native blockchains. Crypto tokens, for most part, are used for fundraising, but they are also capable of serving as a subsidiary for several other things. These tokens are generally created, distributed across the network, sold and are circulated using conventional Initial Coin Offering(ICO). 

Cryptocurrency tokens are primarily created over an existing blockchain and this makes the creation process more feasible & cost-efficient. In that regard, some of the world-renowned blockchains used for token creation are Ethereum blockchain, Binance smart chain and Tron blockchain. Among the mentioned blockchain platforms, Tron blockchain is an ambitious project that is dedicated to reinforce the infrastructure for an entirely decentralized internet. Tron blockchain is mostly preferred for its versatility and efficiency. 

What is TRON?

Tron is a blockchain oriented operating system as well as a smart contract platform that aims to create a completely decentralized internet. Tron makes use of blockchain and p2p(peer-to-peer) technology for eradicating any sort of intermediaries to allow content creators to sell their works directly to the users. Tron, with an ulterior motive, has integrated smart contacts and decentralized applications, tokens and a delegated proof-of-stake consensus mechanism. Tron is hailed as an improved comparison of Ethereum and as a matter of fact, TRX was initially launched on the Ethereum network before migrating as an independent network.

The native token of Tron is called Tronix(TRX) and this token is used to fuel programs that are based on the Tron network. Tron aims to host entertainment systems on a global scale and share digital content in a cost effective manner. In order to fulfill these purposes, Tron is built over varied token standards based on the use cases and purposes. Token standards are briefly classified into fungible and non-fungible token standards. When talking about fungible token standards, Tron makes use of two different standards viz. TRC10 and TRC20.

TRC 10:

The TRC10 token standard was the very first token standard based on the Tron blockchain. This standard was released on the Tron’s Mainnet and is supported widely. Majority of the popular wallets support the TRC10 tokens and this makes it relatively easier for investors to take part in the ICO campaign. In addition to that, another reason to consider TRC10 as a go-to ICO token is the cost-efficient manner. The only cost factor associated in forming bandwidth makes it an ideal initial token to reel in the interest of potential investors. 

TRC 20:

TRC 20 is a common standard of the TRON network. Tron network has created this standard for allocating specific principles to the smart contract implemented to that token. The principles vary from one token standard to another. In simpler terms, the Tron token standard aids in creating TRC20 tokens along with integrating smart contracts accordingly. TRC20 standard comes with a wide bandwidth range when it comes to sharing data and executing trades.

TRC10 vs TRC20:

Despite both tokens having their own specific use cases as well as varied learning curve, it would be thought provoking to learn what these tokens are capable of doing. Even though there are not a lot of differences between both the standards, TRC10 and TRC20 can be differentiated based on the basic principles. In addition to that, the most considerable difference between both the token standards is the implementation protocol over a large scale. When segregating both their operationalities, there are certain differentiating aspects that should be noted while creating a token. They are:

  • Initially, the developer’s learning curve will be considerably easy for the TRC10 standard when compared with the TRC20 standard.
  • TRC10 does not come with a customizable interface whereas TRC20 comes with a default customization option.
  • The Application Programmable Interface can be easily accessed using the TRC10 standard and on the other hand, processing Application Programmable Interface is not an option in the TRC20 standard.
  • While running the Initial Coin Offering campaign, the Graphical User Interface is available in TRC10 standard, whereas it won’t be in the case of TRC20 token standard.
  • The learning curve for investors comprising token structure is relatively easy in the TRC10 standard due to the implementation of commonly known structure. On that flip side, the TRC20 standard requires learning of every single token structure before sending it to the contract address.
  • When talking about learning curves for wallets, the token structure is quite feasible for the TRC10 token standard. This is quite contrast with the TRC20 token standard where the learning will be quite challenging and one needs to be aware of all the token structure before sending it to the intended address.
  • The tracking facility for TRC10 token standard comes as a built-in process and is executed as an in-house process. On the other hand, the TRC20 token standard requires a third-party to carry out the tracking platform.
  • There is no decimal point support for the TRC10 token standard as opposed to the TRC20 standard where one can implement up to 18 decimal points.
  • The development phase of the TRC10 standard consists of Tron Virtual Machine in order to support the developers. Developing phase of the TRC20 standard is quite feasible as it is compatible with the most common ERC20 token standard.
  • The transaction fee that comes with integrating the TRC10 standard is very much lower than the TRC20 standard due to the usage of Application Program Interface and not smart contract. Whereas, the fee for transaction will be relatively higher for the TRC20 token standard in reflection to the dynamic use case and versatility.
  • The transfer protocol for using the TRC10 standard includes an application programmable interface for executing them, but there is a catch. In order to use an API for transferring one needs to implement smart contracts and bandwidth points. On the other hand, to use the TRC20 standard for transferring, only the Bandwidth points and Energy is required. In simpler words, the TRC20 standard has an increased bandwidth for sharing information and executing trades.
  • When talking about the TRON’s frozen balance, it is highly advisable to store it in a TRC20 wallet rather than the TRC10 wallet.

As both the standards are relatively strong in their respective domains and use cases, it is entirely up to the developers & project teams for selecting their desired token based on its own benefits. The development phase as well as compatibility of the TRC20 token standard is much better than the TRC10 token standard. In addition to that, the decimal variation and tracking facilities embedded to the TRC20 token standard is much better than the TRC10 standard. On comparing both the token standards, it is safe to say that the TRC20 standard has emerged as the better choice on several fronts.

TRC20 – the Ethereum killer:

The TRC20 token standard, for numerous reasons, is regarded as the Ethereum killer. This is because Tron is a relatively ambitious project that is completely dedicated to establishing a truly decentralized internet over the long run. The Tron protocol, being one the world’s largest blockchain oriented operating systems in the world, offers a wide range of public blockchain support. This support comes with increased throughput, high scalability as well as high availability for every single Decentralized Applications(DApps) in the Tron ecosystem.

The recent acquisition of BitTorrent by Tron further reinforced the journey of Tron towards a decentralized ecosystem. When compared with Ethereum, the cost for creating smart contracts backed by Tron blockchain is relatively less. In addition to that, Tron is capable of carrying out a throughput of 2000 transactions per second, whereas Ethereum can execute 10-15 transactions per second(TPS). The Tron blockchain uses the Proof-of-Stake(POS) algorithm as opposed to Ethereum which uses the Proof-of-work(POW) consensus mechanism. 

Incorporating a POW(proof-of-work) algorithm will require relatively high computing power and the output will not be as efficient as expected. Having said that, the Ethereum standard cannot be considered as environment-friendly and is centralized for most parts. This is the main reason for the separation of Tron from the ERC standard. This is a major factor upon which the TRC20 standard is regarded as the Ethereum killer in the crypto market. 

TRC20 token list:

The TRC20 token standard is an improved  version of the TRC10 protocol and it is regarded as more secure and deploys smart contracts. Using this standard, there are numerous tokens listed and are performing proficiently based on the implemented use cases. These use cases include a list of rules explaining interaction between tokens that include transfer between addresses as well as data access. A few major TRC20 tokens of the crypto world are mentioned below.

  • Tether
  • Revain
  • JUST
  • WINk
  • JUST NETWORK
  • IG Gold
  • USDJ
  • Proof Of Liquidity
  • TRONbetDice

The above mentioned are some of the prolific tokens created using the TRC20 token standard. The TRC20 token is currently a demanding token in the crypto industry. Apart from the versatility and varied use cases, there are a plethora of benefits that come along with creating tokens based on the TRC20 token standard.

Benefits of TRC20:

There are some unique aspects that make the TRC20 token more effective and prolific. Along with being effective and productive, there are certain benefits that come along with creating cryptocurrency tokens based on the TRC20 token standard. Below are a few benefits of the Tron token standard (TRC20):

  • No Commission: In comparison with other blockchain standards, creating a token with the Tron blockchain is fairly cheap and it does not require any commission. For instance, the level of difference between creating a token using the Ethereum blockchain is relatively higher when compared with the Tron blockchain.
  • Bandwidth: Every single account for using the token standard comes with fixed bandwidth limitations. A conventional account will be provided with a maximum of 5000 bandwidth limitation. For every transaction or trade executed using the TRC20 token standard will use an average of 250 bandwidth units.
  • Energy: Just like the Bandwidth, the TRC20 token standard will collect a specific amount of energy for carrying out transactions that comes with a degree of limits. A specific amount of energy will be spent for every single transaction executed. The spent energy can be increased by freezing the account for a few days.

These are some of the prime advantages of using the TRC20 token standard. The level of sophistication that comes with integrating the TRC20 token standards speaks volumes and is unmatched on a huge scale. Therefore, more businessmen are exhibiting interest in implementing their ideas through the TRC20 token standard. Having said that, the creation process requires a professional touch and the steps for creating TRC20 tokens are given below.

How to create TRC20 tokens?

The below given steps are the roadmap for creating your own tokens based on the TRC20 token standard. It is a notable point that one should ensure to have made a few things right before proceeding with the creation.

  • Create a new address associated with a smart contract in order to construct a TRC20 token.
  • Make sure to connect the wallet to the Tronscan platform and ensure to create your tokens using Tron blockchain as the underlying blockchain technology.
  • Select the blockchain drop down box for enabling the token tracker option. The token tracker option comprises a “create token” option where one will be able to create a TRC20 token based on the Tron blockchain.
  • Moving on, one has to fill in the required details related to the token, viz. the total supply, the current demand of the tokens, the comparable worth of a token as opposed to TRON, freeze & release times of the tokens. Some additional information including smart contract address, white paper address, etc. must also be included.
  • If the above mentioned steps are followed uncompromisingly, one can feasibly create a TRC20 token. There is no fee structure detailed for creating TRC20 tokens due to the inclusion of smart contract addresses. 

Even though one can create TRC20 tokens on their own, there are specific technical complexions that come along with it. Hence, picking out the correct method of development is very crucial.

Why choose Zab Technologies for TRC20 token development?

By considering the above mentioned points, one might be poised to create TRC20 tokens on their own. Creating the TRC20 tokens on one’s own will require substantial technical expertise. Having said that, the process might be tedious for a single individual to endure. To avoid this scenario, it is highly advisable to approach the best TRC20 token development company in the crypto ecosystem. One such company with technically sound experts and experienced developers is Zab technologies. Having such a renowned TRC20 token development team of experts for assistance will provide an entrepreneur with a huge technical edge over their competitors.

About the author

Steve

I have started my career with Search Engine Optimisation and slowly concentrated on creative part as well. Now I'm working with a leading Blockchain Development Company in India - Zab Technologies

By Steve

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