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Why TRC20 has no transaction fees (TRC20 is feeless)

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Why TRC20 has no transaction feesEditor\’s note: This article is from据, authorize

Why TRC20 has no transaction fees (TRC20 is feeless)

Why TRC20 has no transaction feesEditor’s note: This article is from据, authorized to be reproduced by Odaily Star Daily.

Before September 28, 2020 (including block height), more than 60,000 addresses used tBTC as the recipient of transactions, but due to long transaction times, it incurred a large amount of fees and transfer costs. In the middle of August 2019, there were also over 70,000 transactions implemented through the TRC20 protocol. Why does TRC20 have no transaction fees and why doesn’t USDT issued by Tether support transaction fees? Let’s take a look at the conclusion!USDT is a cryptocurrency of Bitcoin Cash and is essentially a peer-to-peer electronic payment system. It can convert fiat currency into digital assets or perform other financial operations. Currently, many users use Bitcoin Cash to purchase Bitcoin. However, if it wants to become one of the world’s largest Bitcoin exchanges, it needs to first deposit USD into a custodial account to store funds and accept transactions. Of course, this still needs to be seen if it can run successfully and be widely adopted, as mainstream fiat currencies are currently maintaining an anchored exchange rate, making prices easily plummet.To reduce transaction fees, USDT has also become one of the main means of payment for many cryptocurrency exchanges. According to CoinMarketCap data, as of the time of writing, the total circulation of USDT has reached 2,777,250 tokens, with over 80% provided as collateral loans by Tether, and another 50% of USDT directly held by Bitfinex. This means that Tether’s tokenized stocks will start circulating in the next few days. This is a good choice for those who wish to participate in the Bitcoin Cash ecosystem.Although USDT does not affect the security and decentralization level of the Bitcoin blockchain, and there are still risks and challenges, it is crucial for miners who want to join the Bitcoin network because when you own Bitcoin, you must bear all possible losses. If you believe that you can derive value or gain any benefits from your wallet, please remember: do not click “here” lightly, as you will never be able to access your private key/mnemonic unless you can find your lost private key or mnemonic.

TRC20 is feeless

The zkSync2.0 testnet Medalla for Ethereum’s scaling solution was launched on February 10th at 21:00 Beijing time, with over 100 validator nodes participating. According to official announcements, if a user transfers 32 BTC to the network, they would need to pay a $20 fee for exchange fees, while the Gas fee for the transaction is 3 cents. This means that without any transaction fees, users can directly use the ERC-20 version for trading and deposits, completing transfers and withdrawals without paying any fees. At the same time, the official reminder states, “Due to the current network status and to prevent attackers from continuing to exploit blocks on other chains and earn more rewards, we recommend using TRC-20 tokens that do not alter the system, rather than general-purpose tokens like crv20.”

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