Let’s delve into the concept of TRC20 and its relationship with the Tron blockchain. In our step-by-step guide, we will clarify what it entails and how to leverage it for your purposes.
What Is Tron Blockchain?
The Tron blockchain is a decentralized platform designed to facilitate the creation and execution of smart contracts and decentralized applications (DApps). Founded by Justin Sun in 2017, Tron aims to build a global digital content entertainment ecosystem through blockchain technology. It offers high throughput, scalability, and low transaction fees, making it attractive for developers and users alike. Tron’s native cryptocurrency, TRX, fuels transactions and provides incentives for network participants, including validators and content creators.
What Is TRC20?
TRC20 is a technical standard used for tokens on the Tron blockchain. It functions similarly to ERC20 on Ethereum, providing a set of rules for issuing and managing tokens. This standard ensures compatibility and interoperability among different tokens within the Tron ecosystem. TRC20 tokens can represent various assets, such as cryptocurrencies, digital collectibles, or utility tokens, and they can be easily transferred and traded on decentralized exchanges. Smart contracts play a crucial role in the creation and functionality of TRC20 tokens, enabling programmable features like automated transactions and token burning.
Tokens are digital assets that represent value and can be issued, transferred, and stored on a blockchain. They can serve various purposes, including representing cryptocurrencies, loyalty points, digital collectibles, or access rights to services.
Polular Tokens on TRC20
Tron is a highly popular blockchain platform, hence there is a vast number of TRC20 tokens in circulation. These tokens can be categorized into three types: fully unique tokens available exclusively on the Tron blockchain, official tokens issued by developers for multiple blockchains such as Tron and Ethereum, and tokens that replicate the main tokens within the Tron network. The latter type represents solutions from third parties who integrate tokens into the Tron ecosystem through their solutions, often utilizing swaps.
TOP TRC20 tokens:
- Stablecoin USDT TRC20
- Stablecoin USDD TRC20
- BitTorrent Token (BTT)
Top TRC20 Tokens. Source: Coingecko
Obtaining a TRC20 Address for Your Tokens
Now that we’ve clarified what TRC20 and the Tron blockchain are, let’s move on to practice and obtain a TRC20 address for receiving and sending tokens. The process itself is very quick and can be completed in 3 steps: installing Gem Wallet, selecting the desired TRC20 asset from the list of assets, and clicking “receive”. That’s it - here’s your address for receiving TRC20 tokens, and you can have your tokens sent to it, for example, from an exchange or by asking friends. Alternatively, you can purchase TRC20 tokens directly from the wallet using a credit card – this is a simple and fully automated process that eliminates the possibility of making mistakes in the receiving address, a common error that can lead to the loss of the entire transfer. Simply navigate to the page of the desired TRC20 asset and click the “Buy” button, then follow the simple instructions.
Please note that the address for TRC20 tokens is the same for all TRC20 tokens. That means if you first receive USDT TRC20 and then want to receive BTT TRC20, don’t be surprised that the address remains the same - it’s your unique address on the Tron network, including for the native TRX token of the Tron blockchain.
What You Need to Know about Storing TRC20 Tokens
When it comes to storing anything, the main concern is always about security and preserving value. In the cryptocurrency space, there are numerous solutions for storing and managing your TRC20 assets. In Gem Wallet, we’ve crafted a combination of optimal technologies and ideas to achieve maximum security and reliability without compromising convenience and functionality. Here are the key features:
- Self-custody: This means that access to your TRC20 tokens is solely in your hands, and you alone decide what to do with that access.
- Open source: Our wallet is open to cybersecurity researchers and transparent to users. You can always verify that the stated functions work exactly as described. In case of any discovered errors or bugs, they will be promptly addressed.
- Privacy: Ensuring high privacy for our users is a priority for us.
How to Send TRC20 Tokens to Another Address
To send your TRC20 tokens, you’ll need two things: the TRC20 address of the recipient and a small amount of TRX to cover the transaction fee. Transaction fees on the Tron blockchain are very low, but they exist, and without having TRX in your wallet, you won’t be able to send the transaction.
What Else Can You Do with TRC20 Tokens?
At a more advanced level beyond basic operations like transfers and storage, you’ll find the swapping of TRC20 tokens. Many users overlook these possibilities, though they are worth exploring as they can greatly enhance your experience with the Tron blockchain, making it more enjoyable and convenient.
Swap TRC20 Tokens
Swapping TRC20 tokens involves exchanging one token for another. For example, you might swap BTT TRC20 for USDT TRC20. Swapping is a quick and convenient way to acquire your desired asset onto your balance without additional registrations or other actions. You can perform TRC20 asset swaps directly within the Gem Wallet interface or through the web interface of popular Tron DEX exchanges like SunSwap. Simply authorize your Gem Wallet on SunSwap and select the desired asset.
TRC20 Tokens Swap. Source: sunswap
