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Ledger Wallets support Tron’s TRC20 tokens now

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Ledger Nano S is probably the most popular hardware cryptocurrency wallet in the world because of its form factor which is reminiscent of a simple USB-stick. It’s small, reliable, robust and not expensive at all. It supports a very wide arrange of digital assets including TRX. But it didn’t support Tron-based TRC-20 coins.

And that’s just changed. The device’s support (as well as Ledger Blue, another hardware wallet manufactured by the same company) will now integrate Tron’s Foundation’s app so that all those TRC-20 tokens can be stored and managed.

An advantage of this kind of hardware wallet is that your digital wealth is not online, but in offline cold storage that you can carry in your pocket, so it’s unhackable because it’s out of the reach of any potential attackers. Of course, its small size requires that you don’t misplace it.

The new development in the wallet’s evolution was announced in the following tweet:

Tron SR CryptoChain announced a safer way to keep the private key to access the Tron assets on its Medium. TronLedger desktop wallet and Ledger Nano S will give the users access to their assets in the Tron Network while securing their private key.

Using TRX with a Ledger device

First, of course, you need the hardware wallet but also a computer. The supported operating systems are Ubuntu Linux 16.10, Windows 8, and MacOS 10.9 or more recent versions of any of them. You also need to be online on the internet and your Ledger Live and Ledger Nano S already initialized.

It’s all quite simple from here. You just install the Ledger Nano S and enter your wallet. It will show you a list of addresses for Tron. Each of those addresses is automatically activated as soon as you receive some TRX from the outside (another account or wallet, an exchange platform, etc.)

You can find all of your wallet’s information in the dashboard. It includes transaction history, energy, frozen amounts, bandwidth, TRC20 tokens balance, TRC10 token balance, TRX balance, and Tron power.

So now that your hardware wallet has some TRX in it, you can send and receive some or all of your TRX or TRC10 and TRC20 tokens, use them for voting or exchanging. Freezing TRX tokens also get you the bandwidth points you need so that transfers within the network is free of cost, and/or to get the energy that will enable you to transact with smart contracts, also for free.

Energy and freezing also get you Tron Power which is the thingy you need to vote for the network’s super representatives (the nodes that verify the blockchain and produce new blocks). And, once you meet with the freezing period, you can unfreeze your coins and use them in any way you please.

Ledger and USDT-Tron

The support for Tron’s TRC20 tokens was announced by ledger on last July 2018, so it’s been in the works for a while. And there’s still one such token that won’t be supported, for the time being, USDT-Tron. The stablecoin was added to the Tron environment earlier this month. The device supports USDT-ETH still, but owners should swap those tokens for the new Tron-based tokens as soon as they can. The company behind the ledger tells users that compatibility with USDT-Tron “it’s being looked into.”

Tether partnered with the Tron Foundation so that the USDT cryptocurrency is upgraded from the Bitcoin-based Omni blockchain to Tron’s. The latest platform to support it is Poloniex which is compatible with both versions now and will help holders to swap their tokens to the new version.

In further USDT-related news, there’s an airdrop coming for eligible users who hold USDT which will be distributed depending on the amount of USDT swapped. “Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex,” according to the exchange.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

All of Tron’s currencies now supported at MagnumWallet

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The MagnumWallet web site is an exciting cryptocurrency wallet service that doesn’t get the attention it deserves.

It’s an anonymous (and light) web-based digital asset wallet that supports more than 700 different tokens. It implements decentralization by not storing any user’s private keys (which means you remain in full control of your decryption keys, which, in turn, means you stay the undisputed owner of your digital wealth). And you don’t even need to create an account.

So how do you have a secure service without having an account at all? That’s one of the beautiful things that cryptographic-based technology can do for you.

The wallet is also very keen on supporting all kinds of airdrops to facilitate passive-income earning for users, and it has some in-house passive income models that can be quite interesting for any cryptonaut. And unlike other wallets, the lack of individual accounts also means that your country of residence is irrelevant in terms of becoming a user. It doesn’t matter where you are because the wallet doesn’t care.

Magnum includes all the big players (Bitcoin and all its forks as Bitcoin Cash ABC, Litecoin, and others, like Ethereum).

Participation in DPOS-like networks also allows users to earn passive income; you can even become a retail-banker of sorts by earning interest if you delegate or stake your funds in the Tezos or Komodo networks.

And those are the currently available features only, but the platform keeps working and observing the cryptoverse to incorporate and deploy all kinds of new profitable features without compromising security so that users can earn more income.

Other of the wallet’s features include support for Trezos (XTZ only) and all ETH tokens. The wallet supports instant coin exchange from the directly from the Ledger device. There’s an airdrop claim option which allows you to keep getting the new (and old) forks of Bitcoin, Ethereum and others.

Last but not least, there’s the delegation option for DPoS currencies like Tezos. The coin, along with the Callisto Network improves UI for users too. And you can use among a variety of block producers (called bakers in crypto-jargon) if you want to stake some or all of your funds.

So the platform is already quite interesting and very complete. But something new is happening.

According to a tweet published by Justin Sun (Tron’s founder and CEO as well as BitTorrent’s CEO) last week, MagnumWallet now supports all of the Tron-based tokens in the market. This includes the tokens issued using both of Tron’s token technologies (TRC10 and TRC20). Furthermore, not only Tronix will be available at Magnum but also the BitTorrent Token (BTT) and, most interestingly, the new USDT-Tron based stable coin.

Tron keeps securing new and relevant strategic partnerships with all kinds of key players in the crypto verse thus ensuring that the project’s fundamentals remain solid. Which will drive the TRX price up sooner or later. As of now, it trades at USD 0.026992 in modest green numbers, and the trend is currently bullish which is good news for any TRX holder.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Binance lists BTT, available for trade in 3 pairs

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A couple of days ago, Justin Sun, the founder and CEO of Tron, the 8th popular cryptocurrency in the world, informed the crypto enthusiasts through his twitter account that BitTorrent’s token BTT, which is based on Tron’s TRC-10 cryptography, has been officially launched on Binance (which is considered as the global leader in terms of trading volume in crypto verse).

Interested people can trade BTT with Binance (BNB), Bitcoin (BTC), and Tether (USDT), the tweet concluded.

Binance, which unquestionably has established themselves as the most vibrant digital currency exchange in the crypto-sphere, has been working with BitTorrent and Tron to launch TRC-10 based token BTT and to conduct the public sale (ICO) of the said token on its launchpad which was held few days ago and caught attention when it took unimaginably short time to complete the sale.

Changpeng Zhao, the CEO of Binance applauded the process where 59 billion BTT were sold under 18 minutes. Later Justin Sun, the CEO of Tron also talked about it on twitter.

“It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds. #BTT $BTT #BitTorrent #TRON”

The news brought a lot of excitement to the Tron community, and they have welcomed the news with open arms and thanked the news bearer in their own unique whole-heartedly way.

Another Tron lover encouraged the efforts of the crypto creator by saying they have their total faith upon him and wish to see him make another miracle like what he did with TRX.

More about BTT

BitTorrent’s users will now be able to utilize BTT (BitTorrent token) as a medium of exchange to tip content providers, purchase downloadable media, and also to participate in crowd-funding on BitTorrent.

People will also be able to use BTT to reward the original owner of the files shared on the platform. In simple words, the token will serve as the payment instrument on the Torrent Network.

The idea behind the creation of this token is to streamline the already running process of peer-to-peer file sharing on the BitTorrent platform, which has a large user base of hundred million, said by Justin Knoll, leader of the BTT protocol, Project Atlas last week.

Image courtesy of PixaBay.

LoveHearts token migrating to Tron TRC20 technology

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The TRC20 technology is one of two Tron-based cryptocurrency technologies (TRC10 being the other one) that any Tron community member can use to issue his/her very own cryptocurrency or ICO, much in the same way in which Ethereum also allows almost anybody to create a new coin. Even Tronix, which is now independent, started life as an Ethereum-based coin.

Yesterday LoveHearts, a very particular cryptocurrency, disappeared from all decentralized cryptocurrency exchanges because it started the process of migrating from its current technology to Tron’s TRC20. So not to worry, the coin is still there, and it will resume trading as soon as the migration is completed, but you won’t find it in the market for now.

https://twitter.com/LoveHeartsToken/status/1082638587441627136

It’s a digital asset that you can send in a Twitter or Telegram message to anyone you want. “Sending LoveHearts shows you really care” according to the coin’s website.

The project calls its users the “Heart Army” and it encourages them to send some tokens in Twitter instead of just giving likes in Twitter.

You may think this is cheesy at first, but it actually has a use case. LoveHearts has a strategic partnership with HummingPay.io (a remittance service that has also partnered up with Tron), so those LoveHeart tokens can indeed be turned into actual fiat money.

Also, there is the LoveHearts Lounge. It will be an online shop in which you can trade your tokens for goods and services. It will all start with a British sweet manufacturer that is very well known for its involvement in charities and charitable causes. That partnership is supposedly already in the bag, and more agreements are expected to follow soon.

The digital asset’s current supply is of 2 billion tokens after several token burns have taken place.

The TRC20 migration means that LoveHearts will join the Tron ecosystem in full so you’ll be able to trade it at Tron’s decentralized exchange for Tronix (TRX) tokens or for any other of the Tron-based tokens available. That, in turn, will enable you to join many of the other Tron-based projects and websites in which you will be able to do lots of things like playing online games or to gamble online at fair odds.

LoveHearts has been around since October 2018, and it’s been very active since then supporting some charitable causes. It became listed at two exchanges this month, so now it has a price determined by supply and demand.

Further plans for the project include a 60 million token donation to a charitable cause next month, and to keep selling tokens for the next two months until it reaches a 5 million TRX soft cap.

It currently has 130240 users, with 1,131,879,563 tokens in circulation. The total number of coins is 100 billion, but 80% of them are frozen and shall remain so until next year. The available supply is of about 2 billion because 18 billion coins have been burned so far.

It’s anybody’s guess how LoveHearts will do in the cryptosphere. It’s a bit like hallmark cards turned cryptocurrencies, but as long as it’s associated with the Tron token technology, it will be a useful asset for sure.

Image courtesy of PixaBay.

New policies for Tron TRC10 token naming

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Tron’s super representatives are hard at work as we write this article. Last Friday, they reviewed the “Allow same token name” proposal and a decision will be announced sometime soon. This could seem like a cosmetic initiative, but it will have real effects on the Tron community’s sector that is using or issuing TRC10 tokens (TronWatchMarket, TWX, SEED, IGG, although IGG is migrating its token to TRC20 technology as we write this).

If the initiative is approved, new TRC10 will be allowed to use the same token names as currently existing tokens. Why should anybody want to have a token name that could lend itself to confusion so easily is anybody’s guess, just don’t ask us what’s the point in that?

This will force Tron-based exchanges to adopt an additional tag beside the token name so that each individual coin can be referenced without confusion.

Developers in Tron’s community are working to update applications, trading platforms, and Tron-based wallets so that a smooth transition is possible if the initiative goes through. A new tag, called “TOKEN ID” will be the new proper way to identify individual tokens. All necessary steps are being taken to ensure that dApps in the Tron network will use this new identifier.

This is unusual news for Tron. Why is it so important to allow for duplicate token names? We can’t possibly imagine, but maybe Tron’s super representatives will explain that to us, and to you, once the decision is passed.

TRC10 and TRC20 are Tron’s technologies that allow Tron community members to issue their own tokens and ICOs much in the same way in which Ethereum’s ETC20 technology has enabled lots of projects and users to issue brand new cryptocurrencies.

Indeed, projects like Tron and EOS came to life running over Ethereum’s network and issuing Ethereum-based tokens. So Tron understands exactly how important it is to keep things neat, clear and transparent when it comes to new digital assets.

Yet another interesting layer over this piece of news is that BitTorrent will be issuing a new token called BitTorrent Token (BTT). This coin’s use case will be to reward seeders in the BitTorrent network (which is the world’s largest decentralized network) for sharing their content over the network. This new token will be available at Binance for BitTorrent users to collect as they keep sharing their content.

This is relevant because it will be a TRC10 token (the kind that will admit repeated token names). So what happens if you or I get a Tron account and issue another token called BTT. As mentioned before, there will be a new tag that will allow users to tell the difference between my own (or yours) fake BTT token and the real, significant BTT. Still, what’s the point in allowing redundant tags?

In any case, Tron’s leadership has a history of taking the correct decisions and boosting the coin’s value, the project’s power and use-cases, so don’t take us too seriously as we question this particular move, which is not even official yet. We’ll see what happens, and how the community (and the markets) react.

Image courtesy of PixaBay.

Green Flag, Red Flag: Tips to Evaluate a TRON ICO

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The simple saying ‘Better safe than sorry’ takes a lot of precedences these days when it comes to choosing an ICO to invest within the TRON ecosystem. We have witnessed an astronomical growth regarding transactions being handled by the TRON network, a lot of credit for that goes to the SRs and the projects running on TRON protocol.

In a short span of time, we have seen close to 1600+ tokens being launched using the TRC10 protocol which is also helping a lot in terms of enhancing the usage. Most of these tokens trade only using TRX pair, ICO purchase is also through TRX only.

All these are helping TRON eventually hold its ground in this bear market and also promises for a prosperous future as a lot of these projects gets into mainstream usage. TRON (TRX) has made the token creation process super simple and almost free with the cost of token creation being just 1024 TRX. This is helping a lot of projects which had an idea but lacked access to funds and resources to launch their projects.

Having said this, there is a flip side to it; low entry barriers are also allowing a lot of ‘scamsters’ get into the system. They are creating tokens with the intent to exit scam at some point of time and escape with the investor’s fund.

Lack of regulation in this domain makes it all the more difficult for you to recover your funds once lost. The objective of this article is to assist you with 10 pointers which will help you evaluate a project and make an informed decision. Our humble request to all of you reading this article is not to gamble/speculate when it comes to ICO investments.

Success takes time; hence legit projects will take time, but the ROI will be phenomenal. Becoming millionaire overnight is a myth, it takes a lot of patience, perseverance, and knowledge to sail through this roller-coaster ride and achieve your financial goals. So be smart and choose wisely.

In this article we use a simple strategy to evaluate a project – Green Flag means the project is good to invest, the Red flag means we need to avoid investing in it. So here are our 10 pointers to conduct an essential evaluation of a project:

Product

This is the heart of any business. GREEN flag goes to the project which has a working or planned product, a clear use-case, has plans to launch BETA versions. Also, you need to evaluate if using blockchain actually makes it viable and useful.

RED flag a project which has vague or undefined use-case or is too simple that every kid off the blocks is doing it. Simple tipping/meme tokens are classic examples of this where you need to carefully access the usability and how the project differentiates itself from other off the mill projects.

Few note-worthy projects which can be given green flag on this aspect are – IGG, CyberTron, TronWatchMarket, TronWeeklyJournal, SEED, WIN, BeatzCoin, GEMS, Book.

Team

This is again one of the most important aspects to access a project. A team which is not public has a higher probability of pulling off an exit scam. The blockchain is about transparency, and if the unit itself is not transparent, then it’s a big RED flag. So look out if the project has a team, who are the developers, advisors, marketers.

Does the team has public profiles visible on the portal, do they have previous business / ICO / blockchain experience. Is the project happy to post the photographs of the team on the official website? Give it a RED flag if you don’t find these basic information, give a GREEN flag if the results of your finding are satisfactory.

Few projects which score green here are – TRWJ (Tron Weekly now), IGG, KsumNole, SEED.

Token supply and pricing

This is an excellent indicator to access the intent of the project. This differentiates the professionals from the noobs. A big RED flag goes to ICOs which creates ridiculously high supply which runs into thousands of billions/trillions with an absurd ICO price on www.tronscan.org ranging from 0.1 to 50 TRX for each token.

If you do simple mathematics you will realize that we will run out of all the TRX available and still the ICO will not be 100% sold, which means the creator doesn’t even intend to achieve full ICO sale, a clear exit strategy. If you observe this RED flag then immediately drop the idea of investing in that project as high chances you are dealing with a scam or a noob and both are not good for your investments.

GREEN flag goes to projects which if 100% sold at the ICO price covers only a small percentage of TRX supply thus leaving enough space for its value to grow and give good ROI to early investors.

White paper and website

These are the first impression of the project and again are a big differentiator between professionals and new kids of the block. Give a GREEN flag to a project which has a detailed whitepaper and website which clearly explains the project, product, use case, roadmap, key benefits, token distribution allocation, etc.

A RED flag goes to projects which either do not have these ready or it’s just for namesake. A project should have this basic stuff ready before they venture out to garner funds from the public.

Social Media

In the digital space, social media is the strongest tool available to create a huge global customer base. A legit team will strongly invest a lot of time and energy to build up their social media presence.

Give a GREEN flag to the project which is active on most of the social media channels like Twitter, Telegram, Reddit, Medium, Facebook, Instagram, Slack, etc. A RED flag goes to projects which create it for namesake and do not actually use it to build the community or engage proactively.

Communication of the team

The communication by the community managers and teams are a good indicator of accessing the true intent of the top bosses. Check if the community managers are engaging with the community to build relationships with them and spread awareness about the project, developments, future plans or are they just trying to hard sell the ICO.

Also, transparency of the community managers goes a long way in establishing the trust for the project. Give a GREEN flag where the admins are real and transparent, their social media profiles are matching in different platforms (i.e. they are the same person in the telegram, twitter, facebook, linkedin, Instagram, etc.) and they are actively involved in spreading knowledge and awareness.

Give RED flag to the admins whose real identity you cannot access. Real people who believe into an idea/project and are entrusted with the task of promoting it will never be required to hide their identity.

Pre-mine and freeze

A legit ICO will have a clearly defined roadmap for token release and distribution. GREEN flag goes to projects which follow their roadmap and keep the un-utilized tokens frozen as defined.

RED flag for projects which put 100% of supply into circulation and trade on day one itself, high chances they just want to sell whatever they can before they pull the plug.

Market size and potential

Give a GREEN flag to the project which has identified a niche market and are leveraging blockchain to create a global customer base. Typically products which have a global use case, sizeable customers already spending money in that domain( which will shift to blockchain over a period of time) are good green flag indicators.

RED flag for the projects which hardly has any existing or future market because the use case is vague or non-practical.

Community

Communicating with the community can give you a lot of indications about the project. Give GREEN flag to a project where the community is loyal and knowledgeable; they vouch for the product and the team, discussions in the group is constructive and project-centric. A RED flag where the community is not aware of the project as high chances they were just bought or are bots.

Commitment

This parameter kicks in a little later but still helps in safeguarding your money from becoming ZERO. Give a GREEN flag to the team that values responsibilities and delivers on time – be it a product release, partnerships, merchant onboarding, events, commitments to investors, etc. Vice-a-versa for teams which frequently backs out from their own words.

Apart from these also be cautious about the fake/counterfeit tokens which almost look real to the legit tokens except for a small change in the alphabets. It is advisable to buy your tokens from legit exchanges / tronscan link shared by the project officials / from the official telegram channel of the project. You are venturing into risky domain when you enter private sale groups having low control over the fake tokens.

Very few things in the world are perfect, but we need to aspire towards perfection on a daily basis. So after evaluating a project on above parameters if a project scores 8-10 it could be considered safe, any score below five should definitely be skipped for the time being till the team proves it another way around.

Due diligence and a little time investment can go a long way in not only safeguarding your money but also to give you phenomenally high ROI in the long run. It’s just a hunt to avoid garbage and fill your bags with gold.

Hope all of you create massive wealth in years to come. Happy Investing!

Image courtesy of Pixabay.

Better Tron DEX, better trading: GOC is online!

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There’s a new cryptocurrency exchange platform specialized in TRC20 tokens (which are based on Tron’s blockchain). It’s called GOC, and it’s already online. It’s the first Tron-based decentralized exchange supporting TRC10 and TRC20 tokens.

The new platform launched on the 3rd of this month. It will allow users to exchange Tronix-based tokens paired against TRX. It also allows users to create their own tokens. This means that when TRC20 initial coin offerings become a thing, as ETH20 ICOs became in the Ethereum network, GOC will probably be the place that will hold them.

Tronscan, which is a website that functions as something of a control panel for Tron accounts, included a decentralized exchange system for the same kind of tokens in the beginning but those tokens have been slowly moving from Tronscan to GOC, so it’s expected that the latter will end up being the “official” Tron-token platform sooner rather than later.

The new website is very friendly but it charges transaction fees (0.2%), and that could open the way for the new Tron-based trading platform to appear in the market in the next few months.  On the other hand, GOC has no limits on the number of tokens you can trade in any given session, which is an advantage and allows for all these new tokens to be traded in higher values.

Some airdrops are on the menu, and they will start happening soon. Stay tuned in our website to find out the correct dates.

GOC is already listed by Cobo Wallet which is a mobile wallet designed to manage cryptocurrencies. It serves both institutional and retail clients. MathWallet is also supporting the DEX. It supports the TronLink plugin wallet just as Tronscan, which is probably the easier wallet to use since it’s just a free chrome extension you can use in any operating system to keep track of your TRX and other TRC20 tokens.

This development is important for Tron in particular and the cryptosphere in general because it’s another direct challenge to one of Ethereum’s strengths. As you probably know, Tron started as a project running on Ethereum’s network, where it stayed for half a year until it developed and launched its new main net.

Ever since it became an independent blockchain, it’s proven to perform way better than Ethereum in terms of speed, and also way cheaper because it doesn’t charge for gas (you do have to pay for energy and bandwidth, but that’s another story, and they’re relatively cheap). This has created the perception that Tron will end up being too attractive to current Ethereum users and developers to ignore, and that many of them will migrate their projects en masse. Justin Sun in person has expressed his interest to welcome the ETH refugees into Tron.

And now, with the new GOC online, that seems only more likely.

It’s an exciting time to watch Tron grow and develop as new things, and project come online every month, the platform keeps expanding and, slowly but surely, new decentralized applications are starting to appear in Tron’s network.

Last but not least, the token’s value is growing when compared to the rest of the market. Tron is already 10th by market capitalization, and it’s been quite solid as the bearish run has protracted for almost a year now. It overtook Cardano and Monero to reach the tenth spot, and its capitalization was as high as 1.01 billion only a few days ago.

Image courtesy of Pixabay.