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TRC-20 Tether [USDT] Circulation On Tron Exceeds $12.4 Billion

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More than $12.4 billion in the stablecoin Tether [USDT] has been issued on the Tron [TRX] blockchain as revealed by the foundation’s CEO Justin Sun.

This development comes three weeks after the project founder had revealed a milestone of $9.3 Billion USDT issued on Tron which was achieved after 644 days. The number of USDT issued on the blockchain has increased significantly since the first-ever 10 USDT was issued all the way back on the 17th of April, 2019.

The world’s largest stablecoin is also issued on a myriad of chains including Bitcoin Cash, EOS, Liquid, Solana, and Algorand.

And for the longest time, a great majority of Tether were minted using Ethereum’s ERC20 standard. However, the minted stablecoin using the TRC20 standard has seen a much larger transaction count in 2021.

Tron has rapidly emerged as the fastest-growing blockchain for USDT issuance.

Coin Metrics

TRC20-based USDT has seen a higher transaction count than ERC20-based USDT tokens every day this year. According to the latest chart compiled by Coin Metrics, it was found that Tron captured more transactions than both Ethereum and Bitcoin combined.

In a recent edition, Coin Metrics’ ‘State of Network’ report had revealed,

“Tether activity has increasingly shifted over to the Tron version of the stablecoin. Since the beginning of 2021, the amount of USDT_TRX active addresses has eclipsed the number USDT_ETH active addresses.”

Why Has Tron Been Successful In Attracting More Users?

The shift in this sentiment is undoubtedly the massive transaction fee in the Ethereum network that has resulted in users looking for affordable alternatives. In the case of Ethereum, the transaction fees have risen due to rising demand stemming from the flourishing decentralized finance [DeFi], while Tron fees, on the other hand, have remained minuscule.

Hence, the TRX network has managed to attract the issuance of not just teh most popular and widely used stablecoin but also other digital assets on its blockchain. The blockchain now hosts TRC-BTC, TRC-ETH, WBTC, WETH, WLTC, and TRC-AMPL.

Moreover, Sun had also hinted that more ‘wrapped’ digital assets will be issued on the network.

“Steps Up and Forward”: What has Changed on Tron Weekly Mining Program?

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“Steps Up and Forward,” a slogan recently being placed next to the Tron Weekly Journal’s official logo in the mining updates, does not only presents a signature of the project’s resiliency but also serves as a start of new chapters and new milestones for Tron Weekly, especially for the community.

Part of this new chapter is the revision of the existing reward system of our mining. Throughout the first seven weeks of the program, we have been observing its current structure and gathering feedback from the community.

It is to make sure the investors’ and the community’s interest to the token are being taken care of, and fair opportunities are being exercised for everyone. We have come up with a new program for mining so let’s go and know what has changed starting May 9th SGT.

  • There will be no base reward pool. No reward caps

By removing the base reward pool and removing the limitations on it, the community can now mine with more freedom and as much as they can. Before, we have actually set a limit to the max reward that can be given per week and it was 1 million Tron Weekly. Although that amount was only reached this past week, mining without that restriction will still be significant.

  • Mining will now be a pure point-based program

Unlike before where the rewards depend on the percentage of your contribution to the reward pool, Tron Weekly Mining will now rely totally on the points you will accumulate every week. In this new structure, the participants will get Tron Weekly in a ratio of 100 points = 10 Tron Weekly (minus the 3% CTP, to be explained below)

  • Creation and Launch of the CTP

The CTP (Contribution to the Pool) will be a fund where its 85% of it will be transferred to an address and will be burned every month (reducing total supply), and the remaining 15% will be used for TRON’s in-network fees in sending the rewards. Each participant will be automatically contributing 3% of their weekly prizes to the CTP. All Tron Weekly amount that will be collected for the monthly token burn can be viewed through the TRON wallet address provided below:

https://tronscan.org/#/address/TS51LjQa8bGSX9W2Tron WeeklyeZjHyfEA1pfB99B

So you might have a question here. Why are we going to burn some Tron Weekly tokens monthly? That has something to do with supply and demand. We consider and protect the collective interest in the token’s economy, and part of that is to reduce the maximum quantity. The other end, the demand, is connected to the additional necessary functionality of Tron Weekly which is to be announced to the public very soon.

This change to the mining program will ensure that everyone gets a fair chance of the getting the most rewards and a reasonable opportunity to contribute to the growth not only of the mining but also the overall Tron Weekly community.

Disclaimer: Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Ledger Wallets support Tron’s TRC20 tokens now

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Ledger Nano S is probably the most popular hardware cryptocurrency wallet in the world because of its form factor which is reminiscent of a simple USB-stick. It’s small, reliable, robust and not expensive at all. It supports a very wide arrange of digital assets including TRX. But it didn’t support Tron-based TRC-20 coins.

And that’s just changed. The device’s support (as well as Ledger Blue, another hardware wallet manufactured by the same company) will now integrate Tron’s Foundation’s app so that all those TRC-20 tokens can be stored and managed.

An advantage of this kind of hardware wallet is that your digital wealth is not online, but in offline cold storage that you can carry in your pocket, so it’s unhackable because it’s out of the reach of any potential attackers. Of course, its small size requires that you don’t misplace it.

The new development in the wallet’s evolution was announced in the following tweet:

Tron SR CryptoChain announced a safer way to keep the private key to access the Tron assets on its Medium. TronLedger desktop wallet and Ledger Nano S will give the users access to their assets in the Tron Network while securing their private key.

Using TRX with a Ledger device

First, of course, you need the hardware wallet but also a computer. The supported operating systems are Ubuntu Linux 16.10, Windows 8, and MacOS 10.9 or more recent versions of any of them. You also need to be online on the internet and your Ledger Live and Ledger Nano S already initialized.

It’s all quite simple from here. You just install the Ledger Nano S and enter your wallet. It will show you a list of addresses for Tron. Each of those addresses is automatically activated as soon as you receive some TRX from the outside (another account or wallet, an exchange platform, etc.)

You can find all of your wallet’s information in the dashboard. It includes transaction history, energy, frozen amounts, bandwidth, TRC20 tokens balance, TRC10 token balance, TRX balance, and Tron power.

So now that your hardware wallet has some TRX in it, you can send and receive some or all of your TRX or TRC10 and TRC20 tokens, use them for voting or exchanging. Freezing TRX tokens also get you the bandwidth points you need so that transfers within the network is free of cost, and/or to get the energy that will enable you to transact with smart contracts, also for free.

Energy and freezing also get you Tron Power which is the thingy you need to vote for the network’s super representatives (the nodes that verify the blockchain and produce new blocks). And, once you meet with the freezing period, you can unfreeze your coins and use them in any way you please.

Ledger and USDT-Tron

The support for Tron’s TRC20 tokens was announced by ledger on last July 2018, so it’s been in the works for a while. And there’s still one such token that won’t be supported, for the time being, USDT-Tron. The stablecoin was added to the Tron environment earlier this month. The device supports USDT-ETH still, but owners should swap those tokens for the new Tron-based tokens as soon as they can. The company behind the ledger tells users that compatibility with USDT-Tron “it’s being looked into.”

Tether partnered with the Tron Foundation so that the USDT cryptocurrency is upgraded from the Bitcoin-based Omni blockchain to Tron’s. The latest platform to support it is Poloniex which is compatible with both versions now and will help holders to swap their tokens to the new version.

In further USDT-related news, there’s an airdrop coming for eligible users who hold USDT which will be distributed depending on the amount of USDT swapped. “Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex,” according to the exchange.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

All of Tron’s currencies now supported at MagnumWallet

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The MagnumWallet web site is an exciting cryptocurrency wallet service that doesn’t get the attention it deserves.

It’s an anonymous (and light) web-based digital asset wallet that supports more than 700 different tokens. It implements decentralization by not storing any user’s private keys (which means you remain in full control of your decryption keys, which, in turn, means you stay the undisputed owner of your digital wealth). And you don’t even need to create an account.

So how do you have a secure service without having an account at all? That’s one of the beautiful things that cryptographic-based technology can do for you.

The wallet is also very keen on supporting all kinds of airdrops to facilitate passive-income earning for users, and it has some in-house passive income models that can be quite interesting for any cryptonaut. And unlike other wallets, the lack of individual accounts also means that your country of residence is irrelevant in terms of becoming a user. It doesn’t matter where you are because the wallet doesn’t care.

Magnum includes all the big players (Bitcoin and all its forks as Bitcoin Cash ABC, Litecoin, and others, like Ethereum).

Participation in DPOS-like networks also allows users to earn passive income; you can even become a retail-banker of sorts by earning interest if you delegate or stake your funds in the Tezos or Komodo networks.

And those are the currently available features only, but the platform keeps working and observing the cryptoverse to incorporate and deploy all kinds of new profitable features without compromising security so that users can earn more income.

Other of the wallet’s features include support for Trezos (XTZ only) and all ETH tokens. The wallet supports instant coin exchange from the directly from the Ledger device. There’s an airdrop claim option which allows you to keep getting the new (and old) forks of Bitcoin, Ethereum and others.

Last but not least, there’s the delegation option for DPoS currencies like Tezos. The coin, along with the Callisto Network improves UI for users too. And you can use among a variety of block producers (called bakers in crypto-jargon) if you want to stake some or all of your funds.

So the platform is already quite interesting and very complete. But something new is happening.

According to a tweet published by Justin Sun (Tron’s founder and CEO as well as BitTorrent’s CEO) last week, MagnumWallet now supports all of the Tron-based tokens in the market. This includes the tokens issued using both of Tron’s token technologies (TRC10 and TRC20). Furthermore, not only Tronix will be available at Magnum but also the BitTorrent Token (BTT) and, most interestingly, the new USDT-Tron based stable coin.

Tron keeps securing new and relevant strategic partnerships with all kinds of key players in the crypto verse thus ensuring that the project’s fundamentals remain solid. Which will drive the TRX price up sooner or later. As of now, it trades at USD 0.026992 in modest green numbers, and the trend is currently bullish which is good news for any TRX holder.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Tron Weekly charity-oriented mining program: Here is all you need to know

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Wish you could mine Tron Weekly token? That’s possible, already, and comes with a good cause. Last March 21st, Tron Weekly Journal officially launched its Mining program. It is a weekly activity where the payout is given every Thursday. In this post, we’ll provide you with details of this awesomely ‘rewarding’ crypto mining program.

[email protected]

[email protected] is a distributed computing project which is being operated in Pande Laboratory at Stanford University. Its main purpose is to study the causes of protein misfolding which results in several diseases including but not limited to Parkinson’s disease, Alzheimer’s disease, and Huntington’s disease, and cancer.

The project uses idle processing resources of the computers being used by the volunteers to simulate protein folding and to examine why it misfolds.

They are the pioneers in using graphics processing units (GPU), Message Passing Interface (used for computing on multi-core processors), Sony Xperia smartphones, and PlayStation 3s for distributed computing and scientific research. In 2007, Guinness World Records recognized [email protected] as the most powerful distributed computing network, with a computing power of 135 petaFLOPS (135 quadrillion floating point operations per second), as of 2018.

The Tron Weekly Mining Program

Tron Weekly Journal joined thousand of teams volunteering on the cause of finding cures and in improving drug design to several illnesses. We at TronWeekly encourage our users to join and share their computer’s computing power to the research and in return, give rewards to the participants as per certain terms. Hence the term “mining”.

The mining has a weekly cycle and it resets every Thursday at 1 PM SGT (UTC+8). After that, the payout rewards for each participant get calculated and sent within 1 hour. The rewards pool starts in a specific amount and it increases once we reached milestones per stage. We are currently in the third stage of mining.

Tron Weekly

Also, the participants who will be in Top 2 for two consecutive weeks will be eligible for a surprise reward. Moreover, there will be surprise rewards to be added to the reward pool once we cross every million points.

How to Mine and What’s in it For You

To Mine Tron Weekly, you just need to go to their downloads page and pick what’s applicable to you. The folding software, FAHClient, is available for Windows (64-bit and 32-bit), for MacOS (10.6 and up), and for Linux (32-bit and 64-bit). Alternatively, you can also mine using your Google Chrome browser. You just need to go to this link to start. Once you are ready, you just need to input your “Identity” as your wallet address and the “team” as 234953 and then click on start.

Joining the mining program will not only make you eligible to receive Tron Weekly based on your weekly points but also by running the folding software, you are contributing to a noble cause of computing research and finding cures to the illnesses which are affecting millions of people around the world.

Based on a BrainTest.com, there are approximately 46.8 million people having Alzheimer’s disease alone. So by sharing your idle computing resources to the network of [email protected] simulation, you are getting involved and playing a big part in developing the drug for treating these degenerative diseases.

For more information about the [email protected] project, you may visit their official website at https://foldingathome.org

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Tron and Tether join forces: The benefits of Tron-based stablecoin

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The largest stablecoin

An expression like “stable cryptocurrency” could seem like a contradiction in terms. That’s, of course unfair, since the cryptocurrency market has been less volatile over the last ten years than, say, Forex or the stock market if you go by objective indicators.

Nevertheless, crypto has developed that reputation, and it’s going to be years before it can leave it behind. But we digress. Within crypto, there is such a thing as a “stablecoin” which is a cryptocurrency whose value is not supported only by its blockchain and speculative forces, but also by being pegged with some physical thing that guarantees at least a minimum value.

Case in point: the Tether blockchain project issues a cryptocurrency called USDT which is pegged to the USD. In other words, according to Tether, each USDT is backed up by an actual dollar, besides the additional value that speculation and the blockchain’s value can confer to it.

The main point is that the USDT price can’t go below USD 1.00 even during crypto winters as harsh as the current one. And the market seems to bear this out. As we write this, USDT is trading at USD 1.01, and it’s the ninth cryptocurrency by market capitalization. USDT is not the only stablecoin in the industry (IBM, for instance, is working with Stellar Lumens to come up with one as well) but it’s the largest one by far.

While there are distinct advantages to a project that combines the power of the blockchain technology with the alleged stability of the world’s most crucial fiat currency, the Tether network is far from perfect. The system is exceedingly slow, and transfer fees are quite expensive. But not to worry, all of the Tether blockchain challenges are about to be solved by Tron.

Tron and Tether

This March 4th, the Tron Foundation announced it would join forces with Tether in a strategic partnership that would allow the Tron network also to issue USDT tokens. It’s going to be a spectacular crossover, and it will go live by the end of the year’s second quarter.

As USDT is issued using Tron’s TRC20 token technology, it will be fully compatible with Tron’s network, decentralized applications, and smart contracts. The collaboration will enhance both Tron and USDT in many ways:

  • The Tron network is very fast. Payment solutions in Tron are instantaneous and so cheap that they’re practically free (there is a cost for gas, but it’s very low indeed). So as the partnership matures, USDT will find a network in which its transactions will be equally fast and low cost.
  • USDT will be able to take advantage of Tron’s smart contract technology.
  • Tron will adopt USDT in full, almost as if it was the network’s native token. This won’t create competition with TRX, but it will allow USDT holders to use Tron’s wide variety of decentralized applications.
  • Liquidity will improve for both TRX and USDT.
  • It will increase confidence in TRX among potential institutional investors.
  • This is an exciting development for Tron and the cryptoverse which will undoubtedly yield fascinating results.

Image courtesy of PixaBay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Tron enthusiasts should not worry; good time might be imminent, here’s why

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Tron, founded and lead by one of the most recognizable faces in recent times in the crypto sphere, Justin Sun, has been in the mainstream news ever since its inception.

There could be many reasons supporting this fact, its vision to forge the entire internet network decentralized, the uniqueness in its procedural architecture, ever readiness trait of the foundation and its leader’s energy to look out for the opportunities that could provide TRX community means to excel in their routine business are few which surely stands out.

Launched in September 2017, Tron was introduced in the crypto verse with its token hosted on the Ethereum blockchain with an idea to become the content distribution platform for the digital industry. Sun-led cryptocurrency has now evolved into an utterly different entity and currently stands as one of the most popular cryptocurrencies in the market.

Last year in June, Tron launched its own mainnet (simply put its very own blockchain) with a purpose of migrating its previously circulating tokens in the market to its proprietary Blockchain.

Ever since then, Tron has turned to one of the major players in the crypto mania. Tron’s acquired BitTorrent facilitates its rapidly growing community to share and use content available on the peer-to-peer decentralized platform without a middleman famously dubbed as the Project Atlas.

Although the journey has not always been smooth, Tron has achieved many landmarks up to this point of time. The project quickly changed the opinions of its naysayers who weren’t really impressed with the foundation’s future by considering it a scam when it initially kicked off.

Tron has seen a significant rise in TRX’s price in the past one year which is around 26%. The blockchain has also reached 2 million mainnet accounts mark just at the beginning of this month. The achievement is also worth noting because the time it took is no way near to its close rivals such as Ethereum or EOS.

Another exciting news circulating in the community nowadays is the promising partnership of the two major players Tron and the stable coin Tether (USDT).

Earlier this month, the announcement of the strategic partnership between Tron and Tether brought excitement among the both coins’ communities as the decision is considered to be a game-changing one for both companies and their respective communities. As per experts, the migration of Tether’s token onto the Tron’s Blockchain (TRC-20) will strengthen both coin and the companies significantly.

Tron token’s price is struggling at the moment (alongside the rest of the crypto market), as it was as high as $0.026 during the second half of January this year, and now (at pressing time) is available for trade at $0.023 in the market.

Still, many observers believe in the crypto space that once the implementation plan for migrating Tether (USDT) on to the Tron blockchain gets launched during the early Q2 of 2019, Tron’s price would rapidly flourish to the $0.05 mark and even higher according to some analysts.

So, if you are a Tron enthusiast, as things look, you do not need to worry much and remember one thing; patience is the key.

Earn points by sharing this page:https://www.tronweekly.com

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Fascinating airdrops of our Tron TRC20 token Tron Weekly to start next week

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Tron and the Tron Weekly Journal

Tron is a complex and extensive third generation blockchain project that includes many different things which incorporate the Tronix token (TRX), the BitTorrent network, and a lot more. As such, it’s rather hard to keep up with news regarding Tron which is why the Tron Weekly Journal exists.

The Tron Weekly Journal is an online digital content platform which aims to concentrate all the news about Tron in a single source. The community is very active, but there is no central portal so that investors, aficionados and community members can find out consistently what’s happening in the project.

Our team is comprised of experienced writers and analysts from all over the world who strive every day to bring the community the relevant news they need.

This platform is all about meaningful an relevant content, but it includes an additional ingredient: a native cryptocurrency. It’s called Tron Weekly, it’s a TRC-20 token (which means it’s based on Tron’s token technology), and it’s the means in which content creators are paid for their work, advertisers pay for ads and every economic activity related to publishing is carried out in the website.

Tron Weekly is already one of the most successful TRC-20 tokens, and the best news is that an airdrop is around the corner. Let’s dig a little deeper and find out all you need to know about the upcoming airdrop.

The Airdrop: What you need to know

It will be based on a snapshot of your Tron wallet. That snapshot will be taken on Feb 26th, at GMT+8, so make sure you have a few (the more the better of course) Tron Weekly.

The airdrop will happen on March 3rd (GMT+8), so that’s when you’ll get your tokens.

Every TronWeekly-holding wallet is eligible as long as your wallet address is listed as a holder wallet in Tronscan.

A ratio of 1:07 will be available for those who still have the same or higher amount of Tron Weekly from snapshot date to the airdropping date.

If by March 3rd, you have fewer Tron Weekly than on the snapshot, the ratio will be of 1:0.5.

After the Airdrop

So now you know. The next question is: what happens after the airdrop? We’re glad you asked.

A number of Tron Weekly tokens will be burn. We will burn as many tokens as the total amount captured on the snapshot date. This will help prevent inflationary pressure and keep the token’s value high.

The airdrop will be massive but it’s just one of the many incentives we want to provide to the community. If you read the articles published at the Tron Weekly Journal, or comment on them, or contribute in any way, you’ll also be rewarded with Tron Weekly tokens for your efforts. There will be something for everybody.

More incentives are to come, just keep tuned so that you learn about them.

What do you need to do?

Well… nothing, really. But you could make sure that your address is included at Tronscan as a Tron Weekly holder. That way you’ll know for sure you’ll be part of the airdrop.

And this is just a suggestion: don’t sell right away. Remember, there that we will be burning a lot of tokens so the price could just increase very quickly. Wait a bit, see what happens, you could earn a bit of tokens just by holding them.

Any questions? You can contact any of these fine people who will be happy to listen and answer to your questions, on Telegram: @Tronweekly @Anuroopz @getwhalesoon @Adu_m

Or direct message us on Twitter.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

LoveHearts token migrating to Tron TRC20 technology

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The TRC20 technology is one of two Tron-based cryptocurrency technologies (TRC10 being the other one) that any Tron community member can use to issue his/her very own cryptocurrency or ICO, much in the same way in which Ethereum also allows almost anybody to create a new coin. Even Tronix, which is now independent, started life as an Ethereum-based coin.

Yesterday LoveHearts, a very particular cryptocurrency, disappeared from all decentralized cryptocurrency exchanges because it started the process of migrating from its current technology to Tron’s TRC20. So not to worry, the coin is still there, and it will resume trading as soon as the migration is completed, but you won’t find it in the market for now.

It’s a digital asset that you can send in a Twitter or Telegram message to anyone you want. “Sending LoveHearts shows you really care” according to the coin’s website.

The project calls its users the “Heart Army” and it encourages them to send some tokens in Twitter instead of just giving likes in Twitter.

You may think this is cheesy at first, but it actually has a use case. LoveHearts has a strategic partnership with HummingPay.io (a remittance service that has also partnered up with Tron), so those LoveHeart tokens can indeed be turned into actual fiat money.

Also, there is the LoveHearts Lounge. It will be an online shop in which you can trade your tokens for goods and services. It will all start with a British sweet manufacturer that is very well known for its involvement in charities and charitable causes. That partnership is supposedly already in the bag, and more agreements are expected to follow soon.

The digital asset’s current supply is of 2 billion tokens after several token burns have taken place.

The TRC20 migration means that LoveHearts will join the Tron ecosystem in full so you’ll be able to trade it at Tron’s decentralized exchange for Tronix (TRX) tokens or for any other of the Tron-based tokens available. That, in turn, will enable you to join many of the other Tron-based projects and websites in which you will be able to do lots of things like playing online games or to gamble online at fair odds.

LoveHearts has been around since October 2018, and it’s been very active since then supporting some charitable causes. It became listed at two exchanges this month, so now it has a price determined by supply and demand.

Further plans for the project include a 60 million token donation to a charitable cause next month, and to keep selling tokens for the next two months until it reaches a 5 million TRX soft cap.

It currently has 130240 users, with 1,131,879,563 tokens in circulation. The total number of coins is 100 billion, but 80% of them are frozen and shall remain so until next year. The available supply is of about 2 billion because 18 billion coins have been burned so far.

It’s anybody’s guess how LoveHearts will do in the cryptosphere. It’s a bit like hallmark cards turned cryptocurrencies, but as long as it’s associated with the Tron token technology, it will be a useful asset for sure.

Image courtesy of PixaBay.

The Tron based IGG token gets withdrawn from Tronscan DEX

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Intergalactic Gaming Gold (IGG) announced earlier that its Tron-based token has been officially withdrawn from Tronscan’s decentralized cryptocurrency exchange. This move follows the need to migrate the token from TRC-10 technology to TRC-20 (both are based on Tron’s protocols).

The IGG token is currently TRC-10 and it’s been traded on the Bancor protocol based decentralized exchange for more than a month. That exchange tends to be a little volatile, which is something the project wants to avoid.

IGG is in alpha stage for its testnet v1.0, which is quite advanced, and the next step in the way is to turn IGG into a TRC-20 token. Said token will be listed on TRXMarket which is an Order Book style kind of thing. The TRXMarket listing costs nothing but it has the advantage to make the token’s economics a lot more liquid.

So what’s the difference between a TRC-10 and a TRC-20 token, I hear you ask? Well, it’s all about flexibility and functionality. TRC-10 tokens are not that flexible nor functional, while TRC-20 tokens are standard resources in the Tron blockchain for smart contracts and they can be implemented via de Tron Virtual Machine (TVM).

Those features are essential if IGG’s vision for a tokenized standard in the online gaming industry is going to work at all. The token is meant to satisfy several use cases, and in most of them, being able to comply with a smart contract between platform users is crucial.

This is a pivotal time in IGG’s journey, and the project feels this is the moment to affect the migration towards a TRC-20. As mentioned above, that will enable the token to be deployed in smart contracts for users (which in this case are players). The players will be able to establish teams on the Tron blockchain quickly, instead of migrating once the teams are settled. And it will also allow for a freeze feature, among many others.

Besides improved functionality and use cases, the migration gives the IG project the opportunity to do a little marketing by rebranding the token that makes the IGGalaxy move. There’s a list of potential names at the project’s website for community members to cast a vote and suggest what the new token’s name should be.

The new name is already chosen and if your entry wins you’ll get a million tokens. You can join the competition by sending an email to [email protected]

The developing team is currently working on a script that will enable Glacticians to send their IGG to a wallet that will send them the new TRC-20 tokens back, on a 1:1 basis. The new token will be ready and functional in about 24 hours and thus will the swap process begin.

It’s important for users to know that the SR rewards and Loyalty rewards for IGG will be suspended until further notice. TRX rewards will, however, remain functional. But the suspended rewards will be backdated and honored once the new token is ready.

If you want to get official instructions for swapping tokens, just visit the project’s website, where you’ll find all the information you need. In the meantime, we suggest you be patient and prudent.

Image courtesy of PixaBay.