TRON is one of the fastest-growing blockchain networks at present. This blockchain network was launched in the year 2017 specifically to develop and deploy decentralized applications more efficiently. Like other blockchain networks such as Binance and Ethereum, TRON also encourages the usage of smart contracts as well as token standards that remain the base for its native token TRX.
TRON Token Development includes various token standards such as TRC20, TRC10, TRC721 etc. This article is a detailed guide for TRX tokens and here we will discuss the TRC20 Token Development Process, its features and cost.
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Table of Contents
What is TRON and How Does it Work?
TRON is a decentralized blockchain-based blockchain network with its cryptocurrency, Tronix or TRX. The Tron Foundation, a non-profit organization based in Singapore, founded Tron in 2017. Its mission is to host a global entertainment network for the reasonably priced exchange of digital content.
Tron, which was first promoted primarily in Asia, is now available everywhere. As of August 2021, the site had more than 50 million accounts.
The TRON Virtual Machine (TVM) is a small, complete virtual machine developed for the TRON ecosystem. Delivering a customized blockchain system that is efficient, stable, usable, safe, and scalable is its goal. The TRC-20 technical standard is used to create TVM-compatible tokens through smart contracts, and they are fully ERC-20 compliant.
The storage, core, and application layers are also a part of TRON’s architecture. The different components that make up the core layer are consensus, account management, and smart contracts. TRON uses a delegated proof-of-stake (DPoS) consensus mechanism to reach a consensus.
On TRON, an effective instruction set and a virtual machine based on stacks are employed. Smart contracts for TRON are created using complex programming languages like Solidity. Additionally, TRON’s unique distributed storage protocol is made up of Block Storage and State Storage. The concept of a graph database was incorporated into the architecture of the storage layer to better meet the need for varied data storage in the real world.
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Features of TRON Token Development
There are various efficient features of TRON Token Development. Some of those features are listed as follows:
- This is one of the proficient features as it is a smart contract-based token development that facilitates decentralized transactions to traders.
- Due to its decentralized nature, it would be providing reliable and transparent transactions. Since there would be not any intermediaries, more users will get attracted to complete their transactions.
- High-security features such as these tokens will be equipped with two-factor authentication, end-to-end encryption, KYC enabled etc.
- Since all the transactions will be completed smoothly, the base of global users will get enhanced.
- Highly scalable that accommodates more transactions without hampering the speed of transactions.
- Tokens built on the TRON blockchain are interoperable which means TRON Token Development facilitates cross-chain compatibility.
- TRON Token Development permits you to code smart contracts in solidity which are compatible with Ethereum.
Difference Between TRC10, TRC20 and TRC721 Token
TRON is having three token standards that are TRC10, TRC20 and TRC721. Each TRON Token Standard has its unique qualities and facilitates distinct crypto token development. Below are the major differences between all these TRON Token Standards.
| Basis | TRC10 | TRC20 | TRC721 |
| Customization of Interface | No, this feature is not there in this token standard. | Yes, customization of the interface is present. | Yes, customization of the interface is present. |
| Accessibility of Smart Contracts | TRC10 tokens are based on smart contracts. | TRC20 tokens are based on smart contracts. | TRC721 tokens are based on smart contracts. |
| Learning Curve of Token Structure | It is easy due to the common structure of TRC20 Tokens. | Medium as you will be required to learn structure before sending it to the contract address. | Hard as each token will be having unique structure. |
| Transaction Fees | The transaction fees are lower than TRC20 tokens. | The transaction fee is 1000 times higher than the TRC10 tokens. | Same as the TRC20 token. |
| Resources | It has a low number of resources. | It has a high number of resources. | It also has a high number of resources. |
| In Development | The TVM support would be wholly in the hands of developers. | TRC20 tokens are compatible with ERC20. | TRC721 tokens are compatible with ERC721 tokens. |
What is TRC20 Token? How to Create TRC20 Token?
The TRC20 token consists of highly usable smart-contract-based tokens and all-inclusive function requirements. The native tokens of TRON are TRC-20 tokens, which are compliant with ERC20 standards.
TRC20 standards facilitate quick and easy payment since they aim to establish simple, scalable, and immediate transactions. The ERC20 token’s code can also be expanded to include dependable operations, and it has a large bandwidth capacity. Many users have converted to the TRON blockchain as a result of these benefits.
Certain steps need to be followed to create a TRC20 token. These steps are described briefly as follows:
- Step 1: Create your smart contract address first, then code the smart contract according to your business rules.
- Step 2: Visit the TRON website after the smart contract has been developed and link your wallet to the Tronscan system.
- Step 3: To begin creating TRC20 tokens on the Tron blockchain network, select the Create token option from the drop-down menu by clicking the token track option.
- Step 4: The parameters for the token, including the name, symbol, decimal value, total supply, demand, and freeze and release times, are then requested in a dialogue box. Enter the information required for your company’s structure here.
- Step 5: After updating credentials and entering all the necessary information. To create TRC20 tokens, click Confirm and after that, you can deploy your tokens in the market.
All these steps will be requiring a lot of technical work and if you are not well-versed in the technicalities involved, a small mistake can lead to the collapse of the whole project. We recommend you hire a token development agency that would build the best tokens with great features.
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How Much does it Cost to Create TRC20 Token?
Every start-up has a specific budget for its business operations. Are you planning to launch your TRC20 token but are hesitant due to having lack of clarity about its cost? Are you curious to know how much it costs to create TRC20 Token?
Well!!!! It is not quite possible to cite the exact price as the cost to build a TRC20 token will depend on different factors as follows:
- The domain of your business.
- The complexity of the project.
- Features you want to incorporate in your token.
- Several tokens you will be issuing.
- Support and maintenance after the deployment of the token.
However, we can provide you with an estimated cost of developing a TRC20 Token that will be anywhere between $500 to $1500.
Why Choose Technoloader for TRON Token Development Services?
Technoloader is a leading TRON Token Development Company based in India and offering its services at the global level. The team of blockchain developers of this company is highly proficient in providing the finest blockchain solutions to their clients. They are experienced as well as skilled in developing tokens on TRC10, TRC20, and TRC721 token standards.
The TRON Token Development Services offered by us are the best in the market as our developers possess immense knowledge of the blockchain industry. We are experts in developing customized TRON Tokens which means you can add or remove any feature as per your business requirements.
Our services are cost-efficient and we are known for timely delivery so that your project does not get delayed as we do not leave any stone unturned to achieve your business goals.
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