ERC20 vs TRC20 network

[BrolySSJ]

These are the two networks that I have come across when I am making transactions, and I have noticed that there are some sites that only accept deposits or withdrawals on the ERC20 network or the TRC20 network and specify that it is network specific. Therefore, if the networks don't match up between the two wallets then you are likely to lose your funds. However, what is the difference between these two,

The ERC20 is the tether based network that is based on ETH (Ethereum), whereas the TRC20 is based on the TRON network. This is the reason for there being a difference in the transaction fees of these two networks as well, as ETH based transaction are often more expensive than TRC20 based transactions.

Were you aware of this difference? And have you made this mistake of sending coins over the wrong network before?

 

[springtech]

These are the two networks that I have come across when I am making transactions, and I have noticed that there are some sites that only accept deposits or withdrawals on the ERC20 network or the TRC20 network and specify that it is network specific. Therefore, if the networks don't match up between the two wallets then you are likely to lose your funds. However, what is the difference between these two,

The ERC20 is the tether based network that is based on ETH (Ethereum), whereas the TRC20 is based on the TRON network. This is the reason for there being a difference in the transaction fees of these two networks as well, as ETH based transaction are often more expensive than TRC20 based transactions.

Were you aware of this difference? And have you made this mistake of sending coins over the wrong network before?

Thanks for this thread
I have used both before. Funny enough I didn't initially know the difference between the two until later.
I was used to doing my transactions with ERC, until i was asked to use TRC to make a particular payment.
That was when my curiosity got heightened to know more

And NO, i haven't lost funds like that.

 

[BrolySSJ]

Thanks for this thread
I have used both before. Funny enough I didn't initially know the difference between the two until later.
I was used to doing my transactions with ERC, until i was asked to use TRC to make a particular payment.
That was when my curiosity got heightened to know more

And NO, i haven't lost funds like that.

It is quite considerate that they asked you to make the change between the two networks, because they are some websites where if you use the wrong network they will not credit the amount that you are sending, and they will not even refund you for the amount that you sent to them as well. To be honest I noticed this a few days ago when I was trying to deposit into a site and found that there was a warning to say that only ERC network is supported.

 

[Ltherman]

I haven't made such a mistake before but clearly a lot of people have. In fact with the recent surge in decentralized finance projects in the crypto space and binance also playing with the space BSC which is Binance smart chain is also another network protocol to be observed.

 

[idhans]

These are the two networks that I have come across when I am making transactions, and I have noticed that there are some sites that only accept deposits or withdrawals on the ERC20 network or the TRC20 network and specify that it is network specific. Therefore, if the networks don't match up between the two wallets then you are likely to lose your funds. However, what is the difference between these two,

The ERC20 is the tether based network that is based on ETH (Ethereum), whereas the TRC20 is based on the TRON network. This is the reason for there being a difference in the transaction fees of these two networks as well, as ETH based transaction are often more expensive than TRC20 based transactions.

Were you aware of this difference? And have you made this mistake of sending coins over the wrong network before?

I have used both networks severally, but I think the most used network is the ethereum network which is the erc20. you've done quite a great job in this article and I think so many people that come across this article will really learn from this.

 

[BrolySSJ]

I have used both networks severally, but I think the most used network is the ethereum network which is the erc20. you've done quite a great job in this article and I think so many people that come across this article will really learn from this.

Many thanks for the compliment on the article. I think that the most prominent place where you are going to see the trc20 network is on faucetpay. If I am not mistaken, I believe that the USDT coin on their site is on the trc20 network. This is quite different from the convention that I have seen on most other sites being erc20.

 

[Kayzzy3]

These are the two networks that I have come across when I am making transactions, and I have noticed that there are some sites that only accept deposits or withdrawals on the ERC20 network or the TRC20 network and specify that it is network specific. Therefore, if the networks don't match up between the two wallets then you are likely to lose your funds. However, what is the difference between these two,

The ERC20 is the tether based network that is based on ETH (Ethereum), whereas the TRC20 is based on the TRON network. This is the reason for there being a difference in the transaction fees of these two networks as well, as ETH based transaction are often more expensive than TRC20 based transactions.

Were you aware of this difference? And have you made this mistake of sending coins over the wrong network before?

It is important to learn a thing two about any thing one wants to do so as not to make mistakes. If one sends an ERC token to a TRC address it is likely that that fund is lost forever.

Before transacting any site check the wallet specifications and act appropriately.

 

[Haveit]

I just got to know of ERC20 on binance as a network but didn't really know much about it so thank you for enlightening me and i have not made the mistake of sending to a wrong network

 

[FreshKaz11]

These are the two networks that I have come across when I am making transactions, and I have noticed that there are some sites that only accept deposits or withdrawals on the ERC20 network or the TRC20 network and specify that it is network specific. Therefore, if the networks don't match up between the two wallets then you are likely to lose your funds. However, what is the difference between these two,

The ERC20 is the tether based network that is based on ETH (Ethereum), whereas the TRC20 is based on the TRON network. This is the reason for there being a difference in the transaction fees of these two networks as well, as ETH based transaction are often more expensive than TRC20 based transactions.

Were you aware of this difference? And have you made this mistake of sending coins over the wrong network before?

They are two different crypto currency that your are talking about in this post,so their network won't be the same I guess because they are two different crypto currency in here.

 

[Justin]

I have heard of ERC20 even though I did not know what exactly that was. However, I had never heard of TRC20 based network. Thanks for enriching my knowledge on the TRON network

 

[Senator]

I have been made to be aware of these differences a long time ago. And each time I transact, i am always careful not to send to the wrong network

 

[Setfragil]

They are two different crypto currency that your are talking about in this post,so their network won't be the same I guess because they are two different crypto currency in here.

The original poster was talking about ERC20 and TRC20 under USDT tether network. I think the network that most people use when using usdt thether is the TRC20 due to it low transaction fee on Trx charges.

 

[Dowenship]

These are the two networks that I have come across when I am making transactions, and I have noticed that there are some sites that only accept deposits or withdrawals on the ERC20 network or the TRC20 network and specify that it is network specific. Therefore, if the networks don't match up between the two wallets then you are likely to lose your funds. However, what is the difference between these two,

The ERC20 is the tether based network that is based on ETH (Ethereum), whereas the TRC20 is based on the TRON network. This is the reason for there being a difference in the transaction fees of these two networks as well, as ETH based transaction are often more expensive than TRC20 based transactions.

Were you aware of this difference? And have you made this mistake of sending coins over the wrong network before?

Yeah, same thing is applied to bep20 or Bep2 of binance and this as a relative low transaction compared to that of ETH, although eth gas fee is becoming low this days.

 

[Niftyyem]

I think more awareness has been created by exchanges and wallets regarding these various networks which is very important when carrying out transactions. Over time we may have more networks which would help transaction fees reduce as traffic is spread across them.

 

[BrolySSJ]

I think more awareness has been created by exchanges and wallets regarding these various networks which is very important when carrying out transactions. Over time we may have more networks which would help transaction fees reduce as traffic is spread across them.

The network that you make use of this very important and you have to ensure that the receiver is able to accept the network that you are using as well.

 

[Nurudeen]

I definitely know about both Network and I use the one with the most minimal fee for transaction. It's very easy to use and seamless. However, the other should be worked on so that it will be relegated due to high fees

 

[BrolySSJ]

I definitely know about both Network and I use the one with the most minimal fee for transaction. It's very easy to use and seamless. However, the other should be worked on so that it will be relegated due to high fees

Generally people tend to want to actually using network with lower transaction fees because then it has minimal impact on the purchase that you are doing. It makes no sense to actually be paying the same amount of money to process the transaction then you are paying to purchase the product.

 

[Niftyyem]

The network that you make use of this very important and you have to ensure that the receiver is able to accept the network that you are using as well.

Yeah, and many have ignorantly lost funds due to this. With the bep and bep20 and so on, care is needed when carrying out our transactions.

 

[Nomad]

Tron network is very small compared to ethereum network. Ethereum blockchain is the most used blockchain platform to create tokens and cryptocurrencies. Dogecoin is created on ethereum blockchain.

 

[BrolySSJ]

Yeah, and many have ignorantly lost funds due to this. With the bep and bep20 and so on, care is needed when carrying out our transactions.

Exactly. I myself have faced that situation in the past when i chose the best transaction fee from binance only to realize that my wallet does not support that network and hence i had to forfeit all of the funds in that transaction.