Intergalactic Gaming Gold (IGG) announced earlier that its Tron-based token has been officially withdrawn from Tronscan’s decentralized cryptocurrency exchange.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 competitions@iggalaxy.com
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.