TrustNote’s TRC20 Standard: Custom Token Innovation Made Easy
With the launch of its TRC20 token specification, TrustNote is opening a new world of possibilities for tokenized applications. Based on the world’s first minable DAG public ledger, TrustNote provides a solution for tokenized applications and microtransactions that is fast, easy to use, low-cost, and scalable.
TRC20: Issue, Transfer, and Manage Tokens With Ease
TrustNote’s TRC20 standard directly benchmarks Ethereum’s ERC20 token standard, but offers innovative solutions to many of the barriers preventing mainstream adoption of the Ethereum network. Creating an ERC20 smart contract is a difficult task that requires a high degree of programming knowledge. It is also easy to make a slight error in coding which can have catastrophic effects once the smart contract is implemented. TrustNote’s revolutionary new TRC20 standard makes it easy for anyone on any device to issue and transfer their own tokens.
All TRC20 tokens are supported by TrustNote directly, making them far more secure than ERC20 smart contracts. Through the simple interface provided by the TRC20 protocol and the APIs which will soon be made available, it becomes much easier for developers to incorporate token management and transaction functionalities into their app. This will start a new wave of innovation, with TrustNote’s distributed DAG ledger making many new microtransaction based applications possible.
TrustNote: Instant, Scalable, and Truly Decentralized
The classical blockchain model used by Bitcoin and Ethereum is subject to high transaction costs and bottlenecks at time of peak network congestion. This makes most existing blockchain solutions ill-suited to tokenized applications looking to utilize high-volume microtransactions. TrustNote’s Directed Acyclic Graph (DAG) based distributed ledger eliminates the problems of blocksize and network congestion by allowing unlimited transactions to verify each other in parallel. Combining instant low-cost microtransactions with TrustNote’s easy-to-use token issuance capabilities opens a huge range of possible use cases, from gaming and social networking to microfinancing and microleasing.
TrustNote is also fully committed to true decentralization. DAG pioneers such as IOTA and Byteball have conceded some degree of decentralization in designing a process of transaction verification that will apply in all circumstances. IOTA’s Coordinator and Byteball’s 12 Witnesses both guarantee transactions are able to be verified in situations where insufficient parallel transactions are occurring, but both of these solutions comprise on true decentralization.
TrustNote is the world’s first minable DAG public ledger, with a Proof of Work (PoW) consensus model that incentivizes and guarantees transaction verification without compromising on true decentralization.
TrustNote founder Jeff Zhou believes that true decentralization is the only way to bring trust to a trustless environment and empower future thinkers and innovators to create the change they want to see. TrustNote’s commitment to openness and decentralization means that the project has been released using a MIT open source license, which anyone can view by visiting TrustNote’s Github repository at https://github.com/trustnote/.
Micro Innovation for Every Person on Every Device
TrustNote will soon release a Cloud based platform that allows users to easily issue and manage their own crypto tokens and digital assets. The entire process of issuing a new token can be completed within minutes, making it easier than ever before for non-expert users to create their own token. A simple guide has been created by TrustNote developers, which allows anyone to issue their own token on TrustNote’s testnet simply by modifying a few lines of code.
The TRC20 token standard makes it easy for everyone to create conditional payments. TRC20 tokens can be stored, managed, and transferred from TrustNote’s Super Wallet, which will also soon be compatible with major cryptocurrencies including BTC and ETH. The benefits of TrustNote will be available to every person on every device, being designed to offer full support to smartphones and IoT devices.
Democratizing Game Development
Gaming has been one area quick to embrace microtransactions, with in-game purchases becoming a big part of the modern gaming industry.
Slow transfer speeds and high transaction costs make most existing cryptocurrencies a poor choice for this type of microtransaction. The Ethereum network experienced severe bottlenecking when the ERC20 based Crypto Kitties peaked in popularity. If the Ethereum network was unable to adequately process transactions associated with this minor viral game, it’s hard to imagine it scaling for bigger projects.
TrustNote’s DAG distributed ledger is the perfect solution for gaming microtransactions. Seamless in-game microtransactions require a high degree of concurrent transactions and instant transfer times. These are inherent advantages of TrustNote’s TRC20 token standard over Ethereum’s ERC20.
The ease of issuing new TRC20 tokens also means that even low-budget developers and small games studios can easily integrate in-app or in-game microtransactions powered by TrustNote. Empowering digital creatives is one of the primary goals of the TrustNote platform. By putting the tools for creating innovative new tokenized applications in these developers hands, TrustNote is providing the platform for a new wave of revolutionary tokenized innovation in gaming and smartphone apps.
BIT.GAME, the world’s first exchange for blockchain games, has already announced it will give listing priority to TRC20 tokens. The BIT.GAME exchange will connect to the TrustNote Super Wallet, meaning gaming tokens issued on TrustNote can effectively achieve automatic listing on BIT.GAME.
A Revolutionary Microfinance Platform
TrustNote’s secure and easy-to-use conditional payments open up a huge range of possibilities for microfinance and microleasing. Using the simple TRC20 protocol, together with trusted data providers — oracle, anyone can arrange for a payment to be made once specified conditions are satisfied. This makes it possible to safely and securely engage in decentralized P2P loans, sports betting, prediction markets, and insurance. TrustNote’s distributed DAG based ledger will significantly reduce the fees and waiting times currently associated with these types of microtransaction. If the conditions aren’t met, the staked amount is simply returned.
This micro financing model provides a decentralized alternative to crowdfunding methods such as Kickstarter and GoFundMe. Moving micro financing to TrustNote’s TRC20 tokenized applications could completely revolutionize the concept of crowdfunding.
At the moment, backers of a Kickstarter campaign typically receive some kind of goods or services in return for investing in a start-up project. TrustNote’s easy-to-create tokens make it possible to offer a greater range of incentives in return for microfinancing. For example, a filmmaker or artist seeking funding for a project could create a TRC20 token on TrustNote that automatically distributes a share of the project’s profits to microfinance investors.
While Ethereum’s ERC20 smart contracts technically make such microfinance and microleasing possible, the coding knowledge required to issue ERC20 tokens plus its prohibitively low performance and high cost makes it extremely difficult to do in practice. TrustNote aims to make it possible for these types of conditional payments to be created quickly by any person on any device at a low cost.
TrustNote: Empowering Tokenized Innovation
TrustNote simplifies and streamlines the process of token issue, creation, and transfer. Using the TRC20 protocol and APIs which will soon be made available, developers will be able to quickly and easily integrate their own TRC20 tokens into new tokenized applications. Offering superior security, ease-of-use, and speed and cost benefits over Ethereum’s ERC20 standard, TrustNote makes a new world of tokenized micro innovations possible, without compromising on decentralization.
Users can set up their own Super Wallet right away on the TrustNote website at https://trustnote.org . Those interested in diving deeper into the project and experimenting with TRC20 token creation can also check out TrustNote’s GitHub repository at https://github.com/trustnote/ .