With traditional financial assets not offering high returns, investors are turning to cryptocurrencies. Hence, there is an urgent need for decentralizing the global economy. July 2018 witnessed the rise of an intermediary-free digital currency? Which was that one? It was none other than TRON. Since then, investors have created 58 million accounts and processed 2.5 billion transactions. Likewise, entrepreneurs can increase their wealth by initiating TRON token development.
What are the different TRON token development prices?
TRC-10 development – Virtual assets issued by the TRON based smart contract are called TRC-10 tokens. Crypto enthusiasts can move, transfer their digital assets, and also execute peer-to-peer (P2P) payments with ease.
Importantly, TRC-10 tokens function without the TRON Virtual Machine (TVM). Thus, it is independent of the Delegated Proof of Stake (DPoS) consensus mechanism.
Whenever a new token is issued, real-time information is available on the TRON blockchain explorer. Anyone across the world can view information about the prices of TRX tokens, total value locked (TVL) in the TRON ecosystem, staked amount of Tronix, and the transaction volume daily.
Moreover, issues must mention data about the exchange rate to Tronix (TRX), the market capitalization of TRON, and the number of bandwidth points consumed per account.
TRC-20 Token Development – The exact opposite of TRC-10 is TRC-20 tokens. It operates as per terms and conditions established by the TRON Virtual Machine (TVM). The speciality of TRC-20 tokens is that it is completely compatible with the ERC-20 digital assets.
Therefore, commands and instructions will have to be followed for executing certain functions. Hence, live data is available about the total supply of TRC-20 tokens, token balance in each account, transfer of tokens from smart contracts to and public wallet addresses. There are 6 separate functions (balance, total supply, transfer, approval, and allowance for third parties to transfer digital assets).
TRC-721 Development – With NFTs exploding now, TRON has come out with a separate standard called TRC-721. TRON-based collectibles are completely compatible with ERC-721. Investors receive benefits like low transaction processing fees, integration with Decentralized Finance (DeFi) platforms, and access to rare collections established by artists.
Hence, whenever a content creator mints an NFT, the virtual collectibles would be assigned a unique URI. This ensures the quick discovery of rare crypto collectibles by investors. How does this function? This is because each token will automatically correspond to an index in the NFT list held by owners.
Check out the array of TRON related services
- Smart contract development – Adhering to terms and conditions (T&C) helps in the swift execution of tasks. Likewise, a crypto exchange solution provider will create smart contracts on the TRON blockchain network.
Trained developers will use the Solidity programming language and deploy the pre-programmed software on the TRONScan blockchain explorer.
TRONSCAN will showcase real-time information about the annual percentage rate (APR), circulating supply of Tronix, energy and bandwidth used, number of active and new accounts, the staked amount in TRX, staking rate, total value locked (TVL) in TRON, the total number of transactions, and the voting sharing ratio.
Besides that, investors can tap the filter and search panel and locate tokens, transaction ID, number of blocks, and wallet addresses.
- Integration with TRON-based wallets – Safe storage of digital assets is paramount for all investors. Therefore, a crypto development company will provide integration with digital wallets like TronLink and TRONLink Pro.
Hence, this ensures that investors can deposit their TRX holdings and can protect them via private keys. Moreover, TRON holders can also use hardware wallets like Ledger Nano S, Ledger Nano X, and Trezor.
- NFT marketplace development on TRON – While scalability is the main issue on the Ethereum blockchain, TRON solves that with ease. Entrepreneurs can use the Delegated Proof of Stake (DPoS) consensus mechanism.
As a result, 27 super representatives (SRs) will take responsibility for producing new blocks, processing transactions speedily, and receiving rewards for voting and making decisions.
Moreover, investors will get the upper hand through low energy consumption, integration with TRON based Decentralized Applications (DApps), Decentralized Exchanges (DEXes), and other DeFi projects.
Both content creators and investors will benefit from greater throughput, uninterrupted functioning of the pre-programmed software, profitable rewards distribution mechanism, and multilingual technical support.
- NFT marketing on TRON – Conducting promotional campaigns across the Internet is quite easy. Artists can share their exclusive work across instant messaging apps and social media platforms. This will lead to greater traffic, higher conversion rates, and greater awareness despite heavy competition.
Entrepreneurs can use several services like community management, email marketing, landing page optimization, influencer marketing, running paid advertisements on social media platforms, forum marketing on Quora and Reddit, search engine optimization (SEO), whitepaper preparation, and listing on cryptocurrency exchanges and Decentralized Finance (DeFi) platforms.
- Decentralized Application (Dapps) development – Removing intermediaries from all processes is the main aim of decentralization. Therefore, the crypto exchange development company would create a variety of decentralized applications.
This will help techpreneurs to enter different industries like education, e-commerce, entertainment, gaming, healthcare, logistics, etc. This will help in building a strong crypto venture with abundant scope for growth.
TRX, the native token of TRON, has been listed on around 130 crypto exchanges across the globe. It has offered immense value to investors and offered benefits like low gas fees, high value, and multi-layer security measures. Are you that entrepreneur who wishes to enter the era of decentralization now? Initiate TRON token development by connecting with a cryptocurrency solution provider soon.