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. So, it 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. Also, tron makes use of blockchain and p2p(peer-to-peer) technology. This is used for eradicating any sort of intermediaries to allow content creators to sell their works directly to the users. It has integrated smart contacts and decentralized applications, tokens and a delegated proof-of-stake consensus mechanism. So, Tron is hailed as an improved comparison of Ethereum. TRX creates 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. While speaking of token standards, Tron has only one particular token standard – TRC20. Now, let us look into it…
TRC 20 token – An Overview
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.
TRC20 token – 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. So, the Tron protocol, being one the world’s largest blockchain oriented operating systems in the world, offers a wide range of public blockchain support. In that case, 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). Also, 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 tokens list in marketplace
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. Also, 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.
- JUST NETWORK
- IG Gold
- Proof Of Liquidity
In that case, the above mentioned are some of the prolific tokens created using the TRC20 token standard. So, 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 creating a TRC20 Token
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 token?
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 Tron token development company in the crypto ecosystem. One such company with technically sound experts and experienced developers is Zab technologies. Having such a renowned Tron token development team of experts for assistance will provide an entrepreneur with a huge technical edge over their competitors.