TRC-20 is a token standard that allows the creation of tokens on the TRON network. The TRC-20 standard requires the implementation of several functions so that the contract can work correctly with the protocol.
BlockchainTRON
TypeFungible
Popular tokenTether USDT (TRC20)
Required FunctionstotalSupply, balanceOf, transfer, approve, allowance, transferFrom
Released2018
Use casesUtility and Security Tokens
As a seasoned blockchain and cryptocurrency enthusiast with a deep understanding of token standards, I can confidently share insights into the TRC-20 token standard on the TRON network. My expertise stems from hands-on experience in the blockchain space and a comprehensive knowledge of various token protocols.
TRC-20, similar to its Ethereum counterpart ERC-20, is a token standard specifically designed for the TRON blockchain. It serves as the foundation for creating fungible tokens, enabling developers to issue and manage their own digital assets seamlessly on the TRON network.
The TRC-20 standard outlines a set of mandatory functions that must be implemented in the smart contract to ensure compatibility with the protocol. Let's delve into each of these functions and understand their significance:
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totalSupply: This function returns the total supply of the TRC-20 tokens. It provides transparency regarding the overall quantity of tokens in circulation, allowing users to verify the token's scarcity and market dynamics.
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balanceOf: The balanceOf function is crucial for determining the balance of a specific address or account. It plays a vital role in facilitating token transfers and ensuring that the sender has a sufficient balance to execute transactions.
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transfer: The transfer function is responsible for the actual transfer of TRC-20 tokens between addresses. It validates and processes transactions, updating the balances of both the sender and the recipient accordingly.
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approve: To enable secure and controlled token transfers, the approve function is implemented. It allows an account owner to grant permission for another address to withdraw a specified amount of tokens from their account.
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allowance: The allowance function is closely tied to the approve function. It enables an account holder to check the amount of tokens that a third-party address is approved to withdraw. This enhances security and prevents unauthorized transfers.
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transferFrom: This function executes the transfer of approved tokens from one address to another. It is an integral part of scenarios where token transfers are initiated by a third party with the approval of the token owner.
The TRC-20 standard, released in 2018, has gained popularity for its utility in various use cases. Notably, it has been employed for both utility and security tokens. An example of a well-known TRC-20 token is Tether (USDT), which operates on the TRON network.
In conclusion, the TRC-20 token standard on the TRON network provides a robust framework for creating fungible tokens with a focus on utility and security. Its adoption has contributed significantly to the tokenization landscape within the TRON blockchain ecosystem. If you have any further questions or need more insights, feel free to ask.
FAQs
Overview of TRC-20 Standard
What is the TRC20 standard? ›
TRC-20 is a technical standard used for smart contracts on the TRON blockchain for implementing tokens with the TRON Virtual Machine (TVM). This standard is fully compatible with Ethereum's ERC-20 standard, allowing developers to easily migrate their tokens and applications from Ethereum to TRON.
What does TRC20 mean? ›
TRC20 is the technical standard used for crypto assets on the Tron network. All crypto assets created and used on the Tron network must follow this standard format. So, all tokens with the standard can be sent to each other via the Tron blockchain.
Is TRC20 the same as USDT? ›
Deposit & Withdrawing Tether USDT (TRC20) TRC20, also known as USDT-TRON, is Tether's USDT that is issued on the TRON network. It is a technical standard token, and It works based on TRON's network or blockchain, using TRON's address, which means that all transactions made with the TRC20 take place on the TRON network.
What's the difference between ERC20 and TRC20? ›
TRC20 vs ERC20 are important in crypto. They are used on Tron and Ethereum networks. TRC-20 has lower fees and quicker transactions. ERC-20 is more widely used and has better security because of Ethereum's network.
Which wallets use TRC20? ›
There are several wallets that are compatible with TRC20 tokens like USDT. Some popular options include Trust Wallet, TronLink, and Ledger Wallet. These wallets allow you to securely store, send, and receive TRC20 tokens on the TRON blockchain, including USDT.
Is USDT TRC20 safe to use? ›
TRC20 tokens, like USDT (Tether) on the TRON blockchain, are generally considered safe to use, as long as you transact with reputable exchanges or wallets that support them securely.
How do I withdraw money from USDT TRC20? ›
To withdraw USDT, please follow the steps below:
- Log in to XREX and go to Wallet.
- Click Withdraw and select USDT.
- Click Blockchain withdraw.
- Select whether you want to use ERC20 or TRC20 and enter the receiver's USDT address.
With Bitget Wallet, you gain seamless access to the rich TRC20 DApp ecosystem, enhancing your crypto experience. Not just limited to TRC20, Bitget Wallet supports over 100 other mainnets, making it a comprehensive digital asset management tool.
How to withdraw money from a Tether wallet? ›
Tether withdrawal
- Navigate to your Wallet and click the Withdraw button.
- Select Tether wallet in the “Withdraw from” field.
- Select withdrawal address or add a new withdrawal address. ...
- Enter the amount of Tether you wish to withdraw.
- Click Review withdraw button.
- A confirmation screen will pop up.
Wallet addresses for TRC20 tokens are generated and used to send, receive, and store tokens on the TRON blockchain. These wallet addresses are alphanumeric strings that typically start with “T” and are followed by a series of letters and numbers.
How much does it cost to transfer USDT TRC20? ›
Binance typically displays the withdrawal fee for each cryptocurrency on the withdrawal page before you confirm the transaction. It's recommended to check the specific fee amount at the time of withdrawal to have the most accurate information. The transaction fee for withdrawing TRC20 USDT on Binance is 0.2 USDT ¹.
Which coin uses TRC20? ›
Bitcoin TRC20 (BTCT) is a token that operates on the TRC20 protocol, and is fully supported by Bitcoin (BTC).
How does TRC20 work? ›
A USDT TRC20 is a crypto wallet that uses the TRON network to store private keys and allow transactions. It utilizes USDT, a stablecoin pegged at 1:1 with the US Dollar, to facilitate cryptocurrency exchanges. TRON is a rapid-growing open-source blockchain network that's been gaining popularity as of late.
What is the most popular USDT network? ›
Among USDT on other networks, TRC20 tokens have the lowest transaction fees, and that's why it's the most popular and favoured amongst Tether token variations.
Does Coinbase use TRC20? ›
Litecoin TRC20 (LTCT) is not tradable on Coinbase.
How do I know if my USDT is ERC20 or TRC20? ›
The exchange will make it clear what type of chain they are using; however, one easy way to differentiate between these two is by the way the address is structured. An ERC20 Address only starts with '0' and 'x'. For example: 0xbc6e. A TRC20 Address only begins with a capital 'T'.
Which exchange uses TRC20? ›
Compatible with Most Exchanges and Wallets
Most crypto exchanges, like Binance, Bitfinex, Kucoin, etc., support the token.
What is the USDT TRC20 payment method? ›
What is USDT TRC-20 payment? Tether payment allows merchants to accept the USDT cryptocurrency as a means of payment for goods or services. Tether is a cryptocurrency with a stable price, which is pegged to the US dollar exchange rate in a ratio of 1 to 1.
