ERC-20, BEP-20, TRC-20, WRC-20 standards

Kosmonavt
ARTICLE BY
Kosmonavt
8 MIN READ
Analytics and guides
18 July 2023
Content
[show]
[hide]

What is a network?

What is a network

For the cryptosphere, the network is the blockchain. There are a large number of definitions that describe this technology in different ways. If we generalize as much as possible, a network is a digital space distributed between the nodes (nodes) of the network, which allows work to be carried out with maximum trust in data. 

This space can be used for a variety of purposes: transactions, computation, data storage, etc.

For a long time the concept of decentralization was discussed by a small circle of cryptographers. In academic circles, there was active work on creating technologies that could make it a reality.

Very often technologies appear before a request from a mass user is created. The 2008 crisis and the response of central banks to issue new money made people think about the risks of excessive centralization of power.

crypto-network Bitcoin

In response, the first crypto-network, Bitcoin, was created with the task of creating a decentralized payment system.

The most popular Ethereum network

Bitcoin's popularity was actively growing, active users and enthusiasts began to think about wider application of the technology.

The most popular Ethereum network

As noted above, the technology was first used to create a payment system, but Vitalik Buterin and his colleagues went further and proposed to create a network on which smart contracts (programs) could be run.

Explosive growth has begun, entailing the emergence of various crypto segments.

Development of the ERC-20 technical standard

Development of the ERC-20 technical standard

There were more and more tokens on the Ethereum network, there was a compatibility issue as they used separate smart contracts.

To simplify the life of developers, the Ethereum team decided to unify the rules for token deployment. On November 19, 2015, Vitalik Buterin and Fabian Vogelsteller published the new ERC-20 standard.

This further enhanced the growth of the projects as they were able to simplify the development.

1275 core tokens created on the basis of the ERC-20 standard.

ERC-20 standard

Since then, the market has continued to evolve, new approaches to working with tokens have emerged, which has led to the creation of new technical standards on the Ethereum network.

  • ERC-721 is the father of the NFT. Any NFT is created using this standard.
  • ERC-777 - allows you to create additional features on top of tokens. For example, increased confidentiality of transactions or disaster recovery to bail you out if you lose your private keys. Due to certain technical problems, it has not spread.
  • ERC-1155 - allows for more efficient transfers by combining transactions, thereby reducing costs. It also allows combining NFT and interchangeable tokens as a single token.
  • ERC-4626 is a tokenized storage standard designed to optimize and unify the technical parameters of revenue vaults in DeFi.
  • And many others.

The Ethereum network browser (explorer) is https://etherscan.io/.

Why so many standards, you may ask. The field is constantly evolving, new ideas appear, which forces to come up with solutions for their realization. That is why new technical standards are constantly appearing to simplify the work.

Because of the basic limitations of the Ethereum network, many projects have released modified copies of Ethereum that solve these problems (scalability, speed). The token standards and operating principles remain the same, so Ethereum and the new systems are interconnected. The projects improved the disadvantages described above and also took advantages - developers, community, volumes and so on.

Technical Standard BEP-20

Supported by the BNB Chain network. The project followed the way of improving and optimizing the shortcomings of Ethereum. Cheap commissions, fast speed, simplified development environment. Unfortunately, we had to sacrifice decentralization.

BNB Chain leads in the number of active users among all networks, but lags behind Ethereum in terms of transaction volume, number of active developers and projects.

1208 core tokens created based on the BEP-20 standard out of 3.4 million tokens.

Technical Standard BEP-20

BNB Chain has also adopted many of the technical standards from the Ethereum network.

  • BEP-20 is a tokenization standard in the BNB Chain network that extends the functionality of the ERC-20 standard.
  • BEP-721 is the analog of ERC-721 and is used for NFT operations.

The BNB Chain Observer (Explorer) is https://bscscan.com/.

Technical Standard TRC-20

Supported by the Tron network. The project went the same way as BNB Chain - increasing the speed of transactions, making commissions cheaper. However, Tron failed to create a serious competitor for Ethereum or BNB Chain. The main use of this network is transfers of USDT token, which is actively used by users.

77710 tokens created based on the TRC-20 standard.

Technical Standard TRC-20

Powered by Ethereum, Tron has also adopted many technical standards.

TRC-10 is the underlying standard for Tron blockchain tokens.

TRC-20 is a standard used to create smart contracts.

TRC-721 is the standard for working with the NFT.

TRC-1155 - allows for more efficient transfers by aggregating transactions, thereby reducing costs.

The Tron network browser (explorer) is https://tronscan.org/#/.

WRC-20 Technical Standard

WRC-20 Technical Standard

The WhiteBIT exchange is launching its WB Network blockchain to host both its own and third-party projects. It is currently undergoing testing, in which anyone can participate.

The active development and introduction of new services attracts a large number of users, which will ensure the adoption of the new ecosystem.

7478 test tokens created based on the WRC-20 standard.

сWRC-20 Standard

The WB Network is likely to borrow the core technical standards of the Ethereum blockchain.

WRC-20 is a standard used to create smart contracts.

WRC-721 is the standard for dealing with the NFT.

The WB Network browser (explorer) is https://explorer.whitebit.network/testnet.

If you want to learn more about cryptocurrencies and get skills, experience and tools that you can immediately apply in the cryptocurrency market - sign up for trading courses at the CRYPTOLOGY trading school.

Frequently asked questions about ERC-20, BEP-20, TRC-20, WRC-20 standards

What is the ERC-20 standard?

ERC-20 (Ethereum Request for Comment 20) is a standard for tokens on the Ethereum platform. It defines a set of rules and interfaces that must be followed to create tokens on Ethereum.

What are the main functions provided by the ERC-20 standard?

The ERC-20 standard defines the basic functions for working with tokens, such as transferring tokens, checking the balance, getting the total number of tokens and others.

What is the BEP-20 standard?

BEP-20 is a token standard on the Binance Smart Chain (BSC) blockchain. It is similar to the ERC-20 standard on Ethereum and provides the same features for token creation and management.

What are the advantages of the BEP-20 standard?

The benefits of BEP-20 include low transaction fees, fast confirmations, and compatibility with Binance Smart Chain wallets and decentralized exchanges.

What is the TRC-20 standard?

TRC-20 is a token standard on the TRON blockchain. It is similar to the ERC-20 and BEP-20 standards and is used to create and manage tokens on TRON.

What are the advantages of the TRC-20 standard?

The advantages of TRC-20 include high performance, low transaction fees, and compatibility with TRON-enabled wallets and exchanges.

What is the WRC-20 standard?

WRC-20 (Waves Request for Comment 20) is a token standard on the Waves platform. It is similar to the ERC-20, BEP-20 and TRC-20 standards and is used to create and manage tokens on Waves.

What are the advantages of the WRC-20 standard?

The benefits of WRC-20 include fast transactions, low fees, and support for storage and exchanges running on the Waves platform.
Latest posts
Latest posts —
Analytics and guides
Weekly-Plan 02.10 - 06.10. A detailed overview of all markets from the CRYPTOLOGY.KEY team
Analytics and guides
Weekly-Plan 02.10 - 06.10. A detailed overview of all markets from the CRYPTOLOGY.KEY team
Next week, the most important news and indicators will be related to the US dollar. Sentiment in the manufacturing and services sectors, and even the labor market, are very important for understanding the current inflation situation.
SUBSCRIPTION TO NEWS
Join our mailing list. No spam.
Only exclusive offers.