TRON kickstarted its presence three years ago launched by Justin Sun as a decentralized blockchain network aimed at breaking the shackles of centralized control of the Internet by the big technology companies such as Facebook, Google, and Twitter. It wishes to solve the problem of scalability and offer a more affordable platform for developing Dapps. TRON has its own native cryptocurrency named TRX (Tronix). Many leading exchanges in the market such as Binance, Coinbase, and Huobi support the purchase of TRX.
In the TRON network, each users’ account can issue tokens equivalent to the value of 1024 TRX. Details such as the name of the token, total capitalization, the exchange rate fixed to TRX, the duration of the circulation, the maximum bandwidth allowed to consume per account, lock-in period, and the conditions when the token would be frozen would be specified.
A comparison between TRC10 and TRC20 tokens to be known by every TRON Developer
- TRC10 refers to the technical token standard supported by the TRON blockchain network natively without the TRON Virtual Machine (TVM). It was initially launched on the Ethereum blockchain network but later moved to TRON’s own blockchain network after TRON’s mainnet launch.
- TRC20 is the technical standard used for establishing smart contracts on the TRON blockchain network. It can be used for implementing tokens with the TVM and is also 100% compatible with the ERC20 token standard of Ethereum.
- TRC10 tokens have a 1000 times lower transaction fee than TRC20 tokens.
- TRC10 can be easily accessed through API’s while TRC-20 offers interface customization.
- TRC10 tokens are highly demanded as it is free in most cases costing only a minimum bandwidth consumption.
- The limitation of TRC10 tokens is that its supply cannot be easily increased after the tokens have been created by the developer. However, they can be burned completely by sending them to the TRON’s official burn address.
- TRC20 tokens are more flexible as the smart contract can set different rules for its usage and extra tokens can also be minted later solving the limitation issue faced when using TRC10 tokens.
- Though TRC20 tokens are more complicated and hard to set up than TRC10 tokens, it is more powerful and customizable. There is a need to learn the intricacies of each token structure before sending them to the contract address.
- TRC10 tokens have an in-built tracking facility while TRC20 tokens require a third-party platform to track its usage and circulation in the network.
- TRC10 tokens are accepted as payments by most of the wallets in the market and starting them does not require any programming knowledge at all.
- A TRON-based project may issue more TRC20 tokens to early purchasers by programming a bonus reward into the token’s smart contract.
Step by Step Process to Issue TRC10 and TRC20 Tokens
- Initially, install the TRONLink Chrome plugin.
- Prepare an account and link a functional hardware wallet with more than 10 TRX for issuing the tokens.
- Share details such as the token name, token symbol, and the total supply.
- Deploy the smart contract once the code has been prepared.
- Choose the token contract option as the token is the main contract.
- After a while, the TRONLink signature dialog box will pop up indicating successful deployment. Record the contract address that appears on the screen immediately.
- Add the tokens to the TRONLink after filling in the contract address on the asset management page.
- Once the addition of tokens has been successful, the transfer of tokens can be carried out seamlessly.
- The homepage of the contract can also be searched on the TRONScan tool similar to Etherscan. Include details such as contract history, contract name, compiler version, license, and optimization history.
- A popup dialog box will appear to confirm the issuance of the token. Once the Confirm button has been clicked, another popup will appear from TRONLink asking for your signature.
- The token will be successfully recorded on the TRON network soon.
How Do Transactions Occur With TRC10 and TRC20 Tokens on the Tron Development Solution?
- TRX coin transactions occur on a public ledger similar to other digital currencies in the market.
- It uses the UTXO model which stands for unspent transaction output.
- The basic output is an amount of money sent to a TRX user’s address alongside a set of detailed rules and conditions that will unlock that specific set amount. The final product will be in the form of an output called the UTXO.
Despite holding a lot of promise having influential people behind its project, the TRON network does suffer from some limitations as the ratio of tangible output with immediate cash flows is quite hyped. They have a 10-year long roadmap with six different stages and it is uncertain if TRON Development Company will deliver according to expectations. There are also serious allegations regarding the plagiarism of its whitepaper and the founders having indulged in tax evasion and insider trading. There was also a false rumour that the founder of TRON, Justin Sun had cashed out his $1.2 billion worth of TRX coins.
Since it plans to have a whopping 1 billion coins in circulation this year, it might lead to a significant loss in the monetary value of its currency. It will be accepted more in the future as its price is steadily rising and there has been an increase in the number of users on the platform especially digital content creators. As the Ethereum network faces congestion issues and a huge rise in gas prices, TRON will be increasingly adopted in the days to come.