Word of the Day | TRC-20

Word of the day - TRC-20

Word of the Day | TRC-20

TRC-20 is a technical standard used for creating and implementing tokens on the TRON blockchain network.

To explain it more clearly, let's break it down:

  1. TRON: TRON is a blockchain-based platform that allows developers to create and deploy decentralized applications (DApps), smart contracts, and digital assets.
  2. Token: In the context of blockchain, a token represents a digital asset or currency that can be created, transferred, and recorded on a blockchain network. Tokens can have various purposes, such as representing a digital asset, providing access to services, or serving as a medium of exchange.
  3. TRC-20: TRC-20 is a specific technical standard or token protocol that is used on the TRON blockchain. It outlines a set of rules and specifications that developers follow when creating their own tokens on the TRON network.

The TRC-20 standard provides a framework for creating and managing tokens on the TRON network, including functionalities such as token issuance, transferability, and interaction with other smart contracts. It ensures compatibility and interoperability between different TRON-based tokens, allowing them to be easily integrated and interact with various DApps and services within the TRON ecosystem.

Word of the day - TRC-20By adhering to the TRC-20 standard, developers can create their own tokens on the TRON network, enabling them to create decentralized applications, build token economies, and facilitate various blockchain-based transactions.

Other similar widely known token standards like ERC-20 (Ethereum) and BEP-20 (Binance Smart Chain) are not to be confused with TRC-20.

https://www.dbm.academy/faq for more blockchain vocabulary.