What is TRC-10 (TRON)?
Let's find out TRC-10 (TRON) meaning, definition in crypto, what is TRC-10 (TRON), and all other detailed facts.
TRC-10 is a native token on the TRON blockchain (unlike the TRC20 token) that is a standard of basic token production and does not require the TRON Virtual Machine (TVM). You can access TRC-10 through an API. The transaction fees of the TRC-10 token are 1,000 times lower than the ones of the TRC20 token. Though it does require more bandwidth for API transactions and deposits.
In the beginning, TRC-10 tokens were a part of the Ethereum blockchain until TRON's mainnet opened, and at that point, they were traded and moved to its own blockchain network. They are compatible with all major cryptocurrency wallets and are entirely free to use (in most cases).
Transactions in TRON are conducted with the help of bandwidth points. Every TRON account gets 5,000 free bandwidth points each day. TRX (native TRON token) holders can receive TRC-10 by storing their tokens in a suitable wallet. When tokens are transferred via smart contracts, both bandwidth points and energy are consumed.
Note that a TRC-10 token can be created by any TRON account user for a minimum of 1,024 TRX. When making these tokens, the issuer has to specify the token name, TRX conversion value, the total value, definition, circulation length, token stake, total bandwidth point usage, and maximum bandwidth points per account. Besides, account-holders can individually lock up their TRC-10 tokens.
In addition, there are no listing costs to pay when using TRC-10 tokens in an ICO project, and no prior knowledge of programming is required to produce TRC-10 tokens. The supply of TRC-10 tokens can be increased once they are issued, or they can be burned if the tokens are returned to their original address.
The main ways a TRC-10 token is used include:
- In initial coin offerings (ICOs)
- With blockchain-based products
- As a payment method in decentralized applications (DApps)
The major benefits of TRC-10 tokens consist of:
- TRC-10 tokens are fast and scalable, and they can be accessed using smart contracts and APIs.
- TRC-10 tokens have an integrated tracking system and transaction costs that are many times lower than TRC20 tokens.
- TRC-10 tokens allow users to download files faster in comparison to decentralized file-sharing systems.
Banking and finance, retail, real estate, supply chain management, healthcare, education, media, gaming, virtual reality, augmented reality, and aviation are industries that use TRC-10 tokens.