TRC-20 is a token standard which is based on the implementation of smart contract when using TRON Network to issue any new token.
In order to swap, transfer, share token and be supported by wallets, all TRC-20 tokens should follow a series of specifications just like ERC-20 Standard which include 6 required functions and 3 optional functions.
- Token Name
- Token abbreviation
- Token Precision
contract TRC20 {
function totalSupply() constant returns (uint theTotalSupply);
function balanceOf(address _owner) constant returns (uint balance);
function transfer(address _to, uint _value) returns (bool success);
function transferFrom(address _from, address _to, uint _value) returns (bool success);
function approve(address _spender, uint _value) returns (bool success);
function allowance(address _owner, address _spender) constant returns (uint remaining);
event Transfer(address indexed _from, address indexed _to, uint _value);
event Approval(address indexed _owner, address indexed _spender, uint _value);}
This is a sample TRC-20 Smart Contract.
Let’s discuss the advantages of using the Tron Network (eg, USDT)
To summarise this one, we have taken a popular stable coin which is issued on the Tron Network by Tether. USDT aka the dollar-pegged stable coin which is issued on the network is able to complete issuance, holding, and transfer via smart contract on TRON, with a completely free and transparent process, zero transfer fee, and instant delivery.
There are two parameters that are used while calculating the fees on Tron Network. They are bandwidth and Energy. You take both of them and multiply it by a fixed price.
What is Bandwidth? This is the piece of the network that is required to execute and save your transaction. The price for which is almost fixed for simple financial transactions but it can vary for dApps and Smart Contracts (similar to Ethereum Network). But the biggest difference with the ethereum network is that it can be calculated in advance if you know the size (in bytes) your transaction needs.
What is Energy? The network certainly requires an X amount of power to compute and process the transaction. That’s called “Energy”. If you are asking for a simple transaction, then the energy amount you will need is zero. But Smart Contracts and dApps do require more amount of energy (like Gas in Ethereum), and different transactions cost different amounts.
TRX is the Tron Network’s currency. You can earn, spend and use it for various operations in the Tron Network. TRX consistently handles over 2000 transactions per second 24*7.
The biggest advantage of choosing Tron over other network protocols is that it charges almost nothing for transferring your currency from one account to another. Transaction fees are so low that some exchanges charge (0.1 USDT for TRC-20 USDT withdrawals), on the other hand, (17 USDT for ERC-20 USDT withdrawals).
Recently Tron is getting more popular than Ethereum which is the biggest development platform in the crypto industry. The lack of Ethereum’s ability to scale and meet demand is all that’s responsible for taking a toll on the network. Many USDT users including myself have shifted from Ethereum to TRON because of lower fees and faster transactions.
For a normal person, paying $20 or $30 for a single transaction makes no sense at all. If you are looking for cheaper ways to transfer smaller amounts of USDT from one wallet to other, the TRON network is your go-to solution. Tether’s CTO said that it’s logical for smaller transactions to use TRON especially as the younger project saw a good level of adoption across all exchanges. TRON of course isn’t the only alternative out there but certainly, it’s cheaper to operate.
