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Tron Foundation announces that TRC10 token names can be repeatable

Priya

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Tron Foundation announces that TRC10 token names can be repeatable
Source: Unsplash

Tron [TRX], the tenth-largest cryptocurrency by market cap, took the spotlight yesterday as Binance announced that BitTorrent’s crowdfund would be taking place on their new platform, Binance Launchpad, a token launch platform. This makes Binance the first gateway for the BitTorrent token [BTT], and BiTorrent, one of the first project to be launched on the platform, the other being Fetch.AI.

The token is going to be based on the Tron blockchain, a TRC 10 token. Additionally, several people in the community believe that the launch of the token is going to change the way the Internet is used. This announcement acts has a major boost to Tron, as BitTorrent is part of Tron’s Project Atlas – an integration of Tron and BitTorrrent. The project focuses on rewarding peers who seed torrents, infusing more resources into the Tron ecosystem. This would also act as a key player to the global payment and settlement of online content, pushing the Foundation’s agenda of ‘Decentralizing the Web’ forward.

Along with this, Tron was also put in the spotlight because of another announcement. This announcement, however, is pertaining to a recent proposal put forth by Tron One – a Super Representatives of the ecosystem. The proposal, labeled as Proposal 13, to allow the same token name.

This proposal received a lot of criticism in the community because of its disadvantages. The proposal allows businesses to the launch a token same as their brand name, even if a token with the same name already exists in the market. However, Tron Foundation has announced that the proposal has been passed.

Tron Foundation announced:

“TRC10 token’s name will no longer be unrepeatable after Jan 5 2019, 6:00:00 AM UTC. From that time going forward token ID will be the only identifier.”

At the time of writing, the proposal had a total of 24 approving votes. The voters included Justin Sun, Tron Alliance, KryptoKnight, uTorrent, Trons Tronics, Crypto Chain, Tron Society, SR Tron Europe, CryptoDivaSR, TRXMarket, TronWalletMe, Lianjinshu, CallmeSR, Raybo Tron, BitGuild, BitTorrent, Intergalactic Gaming, DApp House, Huobi Pool, Tron Spark, Blockchain Org, CryptoGuyInZA, and Infinity Stones.

In the official statement, the foundation stated that the approval of the proposal would mean that the token name of the project would not be the only identifier of the token. After the update, users will be determining the project based in the Token ID, which would become the sole identifier.

Subsidieland, a Twitterati said:

“To prevent fraud and claiming token names (like false tesla & alibaba ) . The name is no more unique. The ID of the token makes it unique. At the NAME+ID you can see who is the owner of the coin. I think there will be a mark if the coin is trusted (like blue flag on twitter)”

Laberrababer, another Twitterati said:

“Great so soon we have TRX, TRX, TRX, TRX …. guess which one is the right one? I will trade TRX for TRX and cant be sure, if I got my real TRX or a fake TRX … awesome proposal! You maybe should have considered to let people create tokens for a HIGH FEE of 500k TRON instead !”



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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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