The TRON Foundation was founded in September 2017 by Justin Sun, and in less than a year, TRON hit a major milestone by launching its mainnet in May 2018. Same as Ethereum, TRON token development allows the development of Decentralised apps using a smart contract on its network.
Currently, the network is most recognized for its lightning-fast transaction rates and its interactive CEO. TRON can handle 2000 transactions per second.
Recently in April Tron foundation launched its first algorithmic stablecoin pegged with US dollars called USDD. TRC20 token development is a process of developing a token that is compatible with the TRC20 token standard.
This standard allows for the creation of tokens that can be used on the TRON network. TRC 20 standard is a set of rules that govern how these tokens are created and used.
Tron blockchain is very much similar to Ethereum blockchain, it allows users to make payments worldwide with faster speed and negligible transaction fees.
Tron has TRC10, TRC20 and TRC721 token standerds. While TRC20 is an updated version of TRC10, TRC 721 is used for non-fungible tokens.
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What is TRC20 Token Development?
The TRC 20 token protocol allows for the creation and trading of tokens on the TRON network. The protocol also allows for the creation of smart contracts and decentralized applications (DApps) on the TRON network.
The protocol is designed to be scalable and allow the creation of high-performance DApps. The TRC20 protocol is also compatible with the Ethereum network, allowing for the creation of cross-chain applications.
The TRC20 token standard is an open-source, decentralized, peer-to-peer protocol that was created to solve compatibility problems between different tokens and wallets.
How Do ERC20 and TRC20 Tokens Differ?
Despite the fact that they are both token protocols or token standards, they differ in numerous respects. These crucial crypto token standards have developed throughout distinct time periods. These token standards differ from one another in some key ways.
Therefore, before establishing a token standard and creating a token for your firm, it’s crucial to understand those differences. The most notable technological distinctions between ERC20 and TRC20 crypto tokens are listed below in this regard.
Network for Tokens
The main difference between ERC 20 and TRC 20 is that ERC 20 is a token standard for Ethereum while TRC 20 is a token standard for the TRON network.
ERC 20 defines a set of rules that all Ethereum tokens must follow, while TRC 20 defines a set of rules that all TRON tokens must follow.
Blockchain for Token
ERC 20 tokens are stored and transferred using Ethereum’s blockchain, while TRC 20 tokens are stored and transferred using TRON’s blockchain.
ERC 20 tokens can be used in Ethereum smart contracts, while TRC 20 tokens can be used in TRON smart contracts.
The address style starts with 0 and x for ERC tokens, while it starts with T for TRC tokens.
ERC 20-based tokens take anywhere from 5 to 10 minutes and TRC tokens take seconds to a few minutes.
The average fee for ERC tokens is around 30 USDT and starts at 2 USDT for TRC-based tokens.
ERC tokens have significantly higher security measures as compared to TRC-based crypto tokens.
ERC-based tokens exhibit a moderate amount of options for trading while a smaller amount of higher frequency is used for TRC tokens.
Transactions Per Second
While ERC tokens can process 20 transactions per second, TRC-based tokens can process about 2000 transactions per second.
Speed of TRC-Based Tokens
The speed of TRC-based tokens is slightly faster than ERC-based crypto tokens.
Above are some of the most important technical differences between ERC-20 and TRC-20 tokens. Every entrepreneur working in this industry or trying to enter should be well aware of these differences. By having knowledge of these, you can create your own business offering including crypto tokens in a seamless way.
The Benefits of Developing a TRC20 Token
TRC20 uses the P2P transaction method to eliminate all intermediaries which save time and money and gives security.
Optimized Gas Fees
TRC20 has a highly optimized and minimum gas Fee structure compared with its competitors.
Tron is compatible with other blockchains, making it easier to transfer digital assets from one blockchain to another.
TRC20 tokens are fully compatible with the TRON Virtual Machine (TVM) and can be used with any TRON dApp.
The TRC20 standard is very easy to integrate into existing platforms and applications.
The TRC20 standard allows for a high degree of flexibility, which enables developers to create custom tokens that meet their specific needs.
The TRC20 standard is highly secure and has been successfully tested in many real-world applications.
The TRC20 standard is scalable, meaning that it can handle large volumes of transactions without any degradation in performance.
TRON can handle 2000 transactions per second which are faster than its competitors.
Easy Process for Developing TRC20 Token
- To develop a TRC20 token, You’ll need to connect to the TRON network. TRON is a Decentralised public ledger built for scalability and efficiency. TRON also has a number of features that make it attractive for developers, such as smart contracts, delegated proof of stake, and high availability
- First, you’ll need to install Tronlink. Tronlink is a digital wallet that allows you to store, send, and receive TRX and other TRON-based tokens. You can download the Tronlink plugin in your browser.
- To create a TRC20 token you at least need 1000TRX Tokens in your Tronlink wallet
TRX is needed in different stages of TRC token development
- Because it does not allow users to add code directly to it, you must save the code to your computer by XYZ.sol file name
- Once you save the code you have to deploy your smart contract on Tronscan, you can do it by clicking the “ upload contract file” button and then under the code window click the “deploy “ button
- Once your code is deployed, you will need to configure your token. You can do this by setting the total supply, the decimals, and the symbol. You will also need to set the name and the website of your token
More About to TRC20 Token
- Make sure to give a proper name to your token because the Tron network is very sensitive about the token name and you can’t name your token anything you want
- Congratulations your token has been created on the Tron network but you cannot do anything with it until your smart contract is verified. In the verification process, Tronscan will match your code with the smart contract code uploaded on the blockchain network for authenticity and transparency.
- After filling in all the information on the Tron verification form click on the “ verify and publish” button
- Once your smart contract code is verified by the Tron network, putting your Token information on their records is an essential step without putting it on records your new token will be worthless
- In the record window first, choose Token type (TRC20, TRC10, TRC721, TRC1155) then fill in the record information and press confirm button, and wait for the results
Simple Guide to Switching Over Your TRC20 Token
View here a complete guide to switching over your TRC20 token with easy step-by-step. Also, we mentioned why and how to switch to the TRC20 token.
Why Switch to TRC20 Token?
If you’re considering switching over to a TRC20 token, there are a few reasons why you might want to do so. First, TRC20 tokens are more user-friendly than traditional ERC20 tokens.
They can be easily transferred and are compatible with a variety of wallets and exchanges. Second, TRC20 tokens are more secure than traditional ERC20 tokens. They are built on the Tron blockchain, which is one of the most secure blockchains in the world.
Finally, TRC20 tokens offer a higher level of liquidity than traditional ERC20 tokens. They can be traded on a variety of exchanges, which means they can be easily converted into other cryptocurrencies or fiat currencies.
How to Switch Your TRC20 Token
If you have a TRC20 token, you may be wondering how to switch it over to the Tron mainnet. Below is a step-by-step guide on how to do this.
- First, you will need to create a Tron wallet. There are many different wallets available, but we recommend using the TronLink wallet. This is the official Tron wallet and it is available for both desktop and mobile devices
- Once you have created your Tron wallet, you will need to transfer your tokens from the Ethereum blockchain to the Tron mainnet. This can be done using the TronScan website. Simply enter your TRC20 token address and the number of tokens you want to transfer, and hit the “Transfer” button
- Your tokens will then be transferred to your Tron wallet. To switch your tokens over to the Tron mainnet, open your Tron wallet and click on the “Mainnet” tab. Your tokens will be shown under “Token Balance”. Click on “Token Swap” and follow the instructions to swap your tokens over to the Tron mainnet
That’s it! You have now switched your TRC20 token over to the Tron mainnet.
Importance of Tron’s Native Coin TRX in the TRON Ecosystem
The TRC20 token is a new type of token that allows users to transact and exchange value on the TRON network. TRC20 tokens are similar to Ethereum’s ERC20 tokens in that they are both compatible with the TRON Virtual Machine (TVM) and can be used to create smart contracts.
TRC20 tokens differ from ERC20 tokens in that they offer a higher level of security and scalability. The TRC20 token is also easy to develop and deploy.
But to develop the TRC20 token and further operations in the Tron ecosystem you will need TRX coins. It is better to understand the importance of TRX tokens in the Tron ecosystem.
- TRX is a cryptocurrency of the TRON ecosystem. TRX is used to represent assets or utility on the TRON network. TRX can be used to create smart contracts, decentralized applications (DApps), and tokenized assets
- TRX Coins are required for all transactions on the TRON network. TRX Coins are used to pay for resources such as storage, bandwidth, and CPU. TRC20 tokens are also used to pay for fees associated with deploying and running smart contracts on the TRON network
- TRX Coins are minted by the TRON Foundation. The TRON Foundation is a non-profit organization that was founded by Justin Sun, the founder of TRON. The TRON Foundation is responsible for the development and maintenance of the TRON network
- TRX Coins are stored in a TRON wallet. A TRON wallet is a digital wallet that holds TRON’s private keys. TRON wallets can be used to send and receive TRON’s native coins
- TRX Coins can be traded on exchanges that support TRON. TRX Coins can also be converted to other cryptocurrencies such as Bitcoin, Ethereum, and Litecoin
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Cost of Developing TRC20 Tokens
The cost of making TRC20 tokens depends on the number of tokens that you want to create. The more tokens that you create, the higher the cost.
The cost of developing TRC20 tokens also depends on the complexity of your smart contract. If you want to create a simple smart contract, the cost will be lower. If you want to create a complex smart contract, the cost will be higher.
There is no fixed price or package declared by the Tron foundation but The answer to that question depends on a few factors, including the type of token you want to create and the features you want it to have. But generally speaking, the cost of creating a TRC20 token ranges from $1,000 to $10,000.
Why You Should Consider Working With a TRC20 Token Development Company
When you’re ready to create a TRC20 token, working with a reputable development company is important.
Here are some of the advantages of the TRC20 token development company.
- When it comes to creating a TRC20 token, it is important to work with a development company that has experience with the Tron blockchain. A development company will be able to help you create a token that is compliant with the Tron protocol. They will also be able to help you with marketing and distribution, which is essential for a successful token launch.
- The development company will help you create a custom token that meets all the requirements of the TRC20 standard. They will provide support and assistance during the whole development process.
- Working with a development company will also save you time and money because they have the experience and expertise and they will handle all the technical aspects of creating a token, which means you can focus on other important aspects of the business.
- A well-developed TRC20 token can provide a wide range of features and benefits for your business, including fast transactions, low fees, and global reach. Working with a professional development company can help you make the most of this exciting new technology.
Best TRC20 Token Development Agency- SAGIPL
Are you looking for a TRC20 token development company that can help you create a token for your business or project? If so, you may want to consider working with SAG IPL.
SAG IPL is a leading full-service TRC token development company that has a lot of experience in creating tokens for businesses and projects. We can help you create a token that conforms to the TRC20 token standard and can be used on the TRON network.
Some of the excellent services that SAGIPL provides are TRON DApp Development, TRC10, TRC20, TRC721 Token Development, TRON Wallet Development, Smart Contract Development, TRON DEX Development, and API Integration.
Understand that not all businesses or projects are the same, and hence we provide a tailor-made service for each of our clients. We will work with you to understand your specific needs and requirements, and then we will design a token that meets those needs.
Perceive that not all businesses or projects are the same, and hence we provide a tailor-made service for each of our clients. We will work with you to understand your specific needs and requirements, and then we will design a token that meets those needs.
If you would like to learn more about our TRC20 token development services, please contact us today. We would be happy to discuss your project with you and provide you with a free quote