Wanting to know more about the TRC20 token standard?
Now that we've thoroughly explored crypto wallets vs exchange scenarios and written extensively on several crypto wallet transfers and exchanges, there's a new potential battle, the battle of the token standards.
TRC20, popularly known as the TRC20 token standard, is similar to ERC20 in core functioning. While ERC20 serves as a standard for minting tokens on the Ethereum blockchain, the TRC20 standard is used extensively to mint tokens on the Tron blockchain. Let's dive straight into details on what TRC20 tokens are all about.
What is TRC20?
TRC20 is a token standard based on the implementation of the smart contract capability of the Tron blockchain.
The token standard helps in establishing core functionalities or commands that every token in the system must trace to, including commands such as issuing new tokens, approving new token issuances, sending, receiving, and swapping tokens, etc.
TRC20 blockchain Tron is also dubbed an open token blockchain that allows developers to create new tokens per the rules/standards devised in the TRC20 protocol.
The network was essentially created to compete with Ethereum by becoming more efficient in terms of low gas fees, speed, and processing of transactions.
The standard allows the implementation of smart contracts to mint new coins and interacts with the Tron blockchain. Tron is a proof-of-stake blockchain, launched in 2018 to offer faster and more efficient crypto transactions across the board.
How to create a Tron wallet
Creating a Tron wallet, or a TRC20 wallet, is quite easy. We'll be guiding you to create a Tron wallet on Tron explorer. To do so:
- Go to Tronscan and create your free wallet.
- Click on Open Wallet, and press Create Wallet.
- Enter your password.
- Download your keystore file.
- Click on Download Encrypted Key.
- Click on next and save the private key displayed on the screen. Press next again, and you'll have set up your wallet.
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