What is TRC? A token standard on TRON network everyone should know
In the world of cryptocurrencies, there are different types of digital assets, such as coins, tokens, and NFTs, all with different properties and usages, which can be differentiated by their respective token standards.
Wondering what TRC is? Let's dive deep into it together!
What is TRC?
TRC is a token standard on the TRON network created through the work of Smart Contracts which is like a criterion for creating a new currency by specifying details such as usage, currency name, and supply limit.
However, the TRON network has different token standards for developers to choose from in order to support the desired usage.
What are the TRC token standards?
When it comes to networks where developers can write Smart Contracts, the points that need to be taken into consideration are dApps, DeFi, NFTs, and tokens. The TRON network is a network capable of creating a wide variety of tokens which the creators have differentiated through the Token Standards or TRC. Here are the 3 most commonly used standards:
TRC-10, The core standard on the Tron network.
TRC-10 is a core token standard that is built and based on the Tron blockchain and does not rely on the TRON Virtual Machine (TVM); a platform software used by developers, but creating the TRC-10 tokens requires 1024 TRX tokens.
The transaction cost of the TRC-10 standard token is 1000 times cheaper than the TRC-20 based on Tron Whitepaper V.2.
TRC-20, The widely used token standard
TRC-20 is a token standard that is created and run with smart contracts supported by TVM and compatible with Ethereum network ERC-20 tokens because the TRON platform software is built and referenced from the infrastructure of Ethereum Virtual Machine (EVM). This means that TVM and EVM are software platforms that developers consider to have similar functionality.
In terms of functionality, the TRC-20 and TRC-10 standards may seem similar and differ only in the gas cost in the transaction but from the developer's point of view, TRC-10 will be accessible by Smart Contracts and API as an intermediary for data transmission, but TRC-20 can only be accessed by Smart Contract.
TRC-721,The Beginning of NFTs on TRON
TRC-721 is a Non-Fungible Token (NFT) Standard that supports the unique characteristics of each token through Smart Contract, and this token standard is also compatible with Ethereum's ERC-721 token standards.
The TRC-721 token differs from the TRC-10 and TRC-20 which is a fungible token or an asset that can substitute each other and has no specific characteristics.
What is the difference between TRC and TRX?
TRC is a standard for creating tokens on the TRON network through the use of smart contracts for different implementations, while TRX is a native currency used in the ecosystem such as financial transactions, voting within the Tron DAO, staking on the network, or using other functions on TRON network.
Various token standards are designed on the TRON network to accommodate different applications for developers and users in the ecosystem. Token standards can be the foundation for the network's growth by creating more use cases and future use.
However, every network has different advantages and limitations. Investors should always research information before investing. It is like an investment immunity that allows investors to analyze and manage their risk effectively.