Tron’s super representatives are hard at work as we write this article. Last Friday, they reviewed the “Allow same token name” proposal and a decision will be announced sometime soon. This could seem like a cosmetic initiative, but it will have real effects on the Tron community’s sector that is using or issuing TRC10 tokens (TronWatchMarket, TWX, SEED, IGG, although IGG is migrating its token to TRC20 technology as we write this).
If the initiative is approved, new TRC10 will be allowed to use the same token names as currently existing tokens. Why should anybody want to have a token name that could lend itself to confusion so easily is anybody’s guess, just don’t ask us what’s the point in that?
This will force Tron-based exchanges to adopt an additional tag beside the token name so that each individual coin can be referenced without confusion.
Developers in Tron’s community are working to update applications, trading platforms, and Tron-based wallets so that a smooth transition is possible if the initiative goes through. A new tag, called “TOKEN ID” will be the new proper way to identify individual tokens. All necessary steps are being taken to ensure that dApps in the Tron network will use this new identifier.
TRC10 token's name will no longer be unrepeatable after Jan 5 2019, 6:00:00 AM UTC. From that time going forward token ID will be the only identifier. For more details please check the announcement in the link. #TRON #TRX $TRX https://t.co/qTdNa5UnzL
— TRON DAO (@trondao) January 4, 2019
This is unusual news for Tron. Why is it so important to allow for duplicate token names? We can’t possibly imagine, but maybe Tron’s super representatives will explain that to us, and to you, once the decision is passed.
TRC10 and TRC20 are Tron’s technologies that allow Tron community members to issue their own tokens and ICOs much in the same way in which Ethereum’s ETC20 technology has enabled lots of projects and users to issue brand new cryptocurrencies.
Indeed, projects like Tron and EOS came to life running over Ethereum’s network and issuing Ethereum-based tokens. So Tron understands exactly how important it is to keep things neat, clear and transparent when it comes to new digital assets.
Yet another interesting layer over this piece of news is that BitTorrent will be issuing a new token called BitTorrent Token (BTT). This coin’s use case will be to reward seeders in the BitTorrent network (which is the world’s largest decentralized network) for sharing their content over the network. This new token will be available at Binance for BitTorrent users to collect as they keep sharing their content.
This is relevant because it will be a TRC10 token (the kind that will admit repeated token names). So what happens if you or I get a Tron account and issue another token called BTT. As mentioned before, there will be a new tag that will allow users to tell the difference between my own (or yours) fake BTT token and the real, significant BTT. Still, what’s the point in allowing redundant tags?
In any case, Tron’s leadership has a history of taking the correct decisions and boosting the coin’s value, the project’s power and use-cases, so don’t take us too seriously as we question this particular move, which is not even official yet. We’ll see what happens, and how the community (and the markets) react.
Image courtesy of PixaBay.