Why we added Tron network (TRC20) transactions to MyConstant
If you’ve been looking to deposit USDT on MyConstant you’ll notice that we now give you the option to use the Tron (TRC20) network for deposits at lower prices and faster speeds.
Here’s a bit of background on why we’ve added TRC20 integration through the Tron network.
Why Tron is a faster and less expensive to use when transferring stablecoins
While stablecoins like USDT are valued equally on an exchange, they’re priced differently when withdrawn. This is because different wallets charge different fees based on how much computing manpower has to be exerted. The bigger the blockchain is, the better financial reward the miner receives.
For example, if you withdraw USDT to an ERC20 wallet you’ll be charged $5. In comparison, withdrawing USDT on Tron’s TRC20 is free.
Why is this you might ask? Because Tron is still relatively new, you’re able to receive non-existent transaction fees. Once Tron climbs to the level of Ethereum, things might change.
In addition, TRC20 has faster transfers and deposits into smart contracts with higher bandwidth. Plus, it can handle 2,000 transactions per minute.
Some background on Tron
Tron is the brainchild of crypto entrepreneur, Justin Sun. Sun’s name might sound familiar as he made international news in early 2020 when he paid a staggering 4.6 million US dollars to have lunch with Warren Buffet.
The company is spearheading a movement that some call the ‘third web.’ Although it sounds futuristic, the creators of the third web (web 3.0) hope to enable you to use the internet as it was originally intended — as a decentralized, free, and open network.
Tron sees content distributors like Netflix and Amazon as ‘middlemen.’ You have to pay for their service in order to view or share content. This is why Tron wants to remove the middleman and allow users to exchange content freely and to use Tron’s native coin, TRX, to pay for services.
The company has grown so steadily, that Samsung and Singapore’s bike sharing platform, oBike have even integrated the Tron blockchain into their companies — making it possible to pay for services using TRX.
At MyConstant we’re always on the lookout for ways to help you save money when converting your coins to cash to vise versa. Remember to check your inbox and our social media to stay up to date on new features and updates.
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