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Imagine how beneficial it would be to create a token on a blockchain that processes 10 million transactions per day. Will it be an honor to be a part of a blockchain ecosystem with a total value of $7 billion locked up? Can you guess what? Let me unlock it! Learn how to create a TRC20 token in Tron Blockchain which is known for scalable, efficient, and cost-effective asset transactions.
TRC20 token is a utility token standard from the Tron blockchain network. This token can serve diverse use cases including crowdfunding, payments, and rewarding users. The TRC20 token is empowered by the robustness and usability of Tron, making it a perfect choice for both business and individual investment. So, if you want to develop a TRC20 token, this is the comprehensive procedure you should follow.
This blog highlights the benefits, features, and costs of creating a TRC20 token. Further, the blog discusses how to create a TRC20 token that is ideal for different use cases. Let us now get into the blog by referring to some fundamentals…
What is a TRC20 Token?
TRC20 token is a cryptocurrency token built on the renowned Tron blockchain. This token serves different purposes like utility and governance based on needs. Similar to the ERC20 token, this token also supports smart contract capabilities. Further, TRC20 tokens support basic functionalities including transferring, receiving, and tracking balances. Their low-fee structure, security, and scalability attract businesses and individuals to create TRC20 tokens.
Furthermore, this fungible token is compatible with decentralized applications connected with the Tron ecosystem. TRC20 tokens are the functional component of decentralized exchanges, DeFi lending, and borrowing platforms, and staking protocols. So when you create a TRC20 token, you can gain business collaboration with industries like gaming, supply chain, asset tokenization, and more. Some real-time examples of well-performing TRC20 tokens are,
- USDT – A stablecoin pegged to the US dollar built with TRC20 token standard
- JST – A native token of the JUST DeFi ecosystem for governance purposes.
- WIN – A TRC20-based native token of WINkLink, a decentralized oracle system.
Why Should You Create a TRC20 Token?
Creating a TRC20 token on the Tron blockchain leverages more potential benefits for businesses. Here’s a closer look at them.
- High Scalability and Speed: The TRC20 token belongs to the Tron blockchain network which is capable of executing thousands of transactions per second. So the token will be highly scalable and capable of meeting the industry requirements efficiently.
- Low Transaction Fees: When compared to Ethereum, the transaction fee is minimal in the Tron network. So when you create a TRC20 token, you can save a lot of transaction costs.
- Interoperability and Compatibility: TRC20 tokens are designed to operate with other applications connected to the Tron network. So they can offer refined interoperability which is an essential element for DeFi-based decentralized applications
- Growing Demand and Ecosystem: Being built on one of the largest blockchain networks, TRC20 tokens can serve diverse industrial use cases. Especially considering the growing DeFi space will ensure more business collaboration in the near future.
- Diverse Use Cases: Depending on the purpose, create a TRC20 Token as utility token, stablecoin, governance token, and reward token. So they are the preferred option for DeFi, dApps, gaming, crowdfunding, payments, and more use cases.
Also read: Utility Token Development In 8 Simple Steps
- Community Support: Similar to the Ethereum blockchain, Tron has an active community contributing to the blockchain growth. So the TRC20 token will be innovative and comparatively better in performance.
With these strong reasons and benefits, creating a TRC20 token is highly beneficial for individuals and businesses. So you may now be interested to know…
How to Create a TRC20 Token in Just 5 Steps?
Here are the 5 simple steps that will help you create TRC20 tokens for different use cases.
1. Understand Your Requirements
Before starting to develop a TRC20 Token, you should be clear on your token purpose. Like the role of the token, the intent of the token, and the features needed. Accordingly, you can set up a development environment, the tools required, and a crypto wallet.
2. Smart Contract Development
Smart contract development is the process of coding the smart contract depending upon the token purpose. The token parameters like supply, type of transfer, balance, mode of approval, and allowances will be programmed in the smart contract.
3. Deploy TRC20 Token
Once the smart contract is coded, the TRC20 token is now ready to deploy in the Tron blockchain. Tron box is a popular compiler used to compile and create a TRC20 token on the Tron blockchain. The successful deployment gives the TRC20 token a permanent blockchain address for access.
4. Test the Token and Smart Contract
This is the stage to test the smart contract as well as the token for performance and security. You can use a tronlink or other tron wallets for token testing.
5. Promote and Manage the Token
When creating a TRC20 token, conducting promotional activities can help the token gain value. A working token should be listed in exchange and promoted to gain value and market demand. Further, managing the token as per industry requirements and purpose is possible through frequent updates and real-time maintenance.
These are the procedures you should consider to create a TRC20 token.
Also Read – How to create crypto token
However, to serve the intent it created, implementing the necessary features is important.
Essential Features of a TRC20 Token
Here are the astonishing features that govern TRC20 to serve different applications.
- TRC20 tokens are powered and managed by an efficient smart contract. The automated and secure transactions enable the TRC20 token to offer highly scalable and quicker transaction execution.
- The interoperability lets the TRC20 tokens easily connect with DeFi applications and platforms built on the Tron blockchain.
- This token has customizable features like minting, burning, and pausing according to the requirements.
- The higher throughput of the Tron blockchain enables you to create a TRC20 token with high-speed transactions at lower transaction costs.
- TRC20 tokens are empowered by the Tron network’s security with the delegated proof of stake consensus mechanism.
- TRC20 token has flexible infrastructure allowing developers to customize the token functionality as per client requirements easily.
So with these features, TRC20 tokens are designed to operate at low cost, efficiently, and highly interoperable. So choosing the right set of features for your TRC20 token is essential for meeting the intended purpose. However, keep in mind that based on the feature integration, the development cost will vary.
Cost of Developing a TRC20 Token
The cost to create a TRC20 token with basic features and functionality would be approximately $5000 to $6000. However, this is not a fixed term. It will vary on the several factors listed below.
- Purpose of the token
- Complexity of the token functionality
- Tech stacks needed
- Method of development
- Security Auditing and Smart contract testing
- Supply, demand, and distribution
- On-time support and upgrades
The cost of creating a TRC20 token will vary depending on these parameters. But when it comes to business we can not compromise on the features to reduce the development cost. In this case, seeking professional expert guidance from the Tron Token Development Company would help in determining the cost-effective development. They are experienced in creating TRC20 tokens for different industrial use cases. They know very well how to shortcut the development cost without compromising the Token qualities.
Why Should You Choose Pixel Web Solutions for TRC20 Token Development?
Pixel Web Solutions is a leading Crypto Token Development Company in the crypto industry specializing in Tron token development services.We are a team of blockchain experts having professional experience in creating a TRC20 token with industry-first core and security features. With more than 12+ years of industry presence, we helped many startups create cryptocurrency tokens on different blockchains. Our transparent and comprehensive guidance will keep you in control right from idea gathering to deploying the token.
Further, our experts prefer the most relevant tech stacks to create a TRC20 token in a hassle-free manner. Based on your needs, we provide cost-effective development solutions without compromising quality standards. So why are you still waiting? Book a free consultation with our experts. Let us together create TRC20 token fine-tunes for your business endeavors!
