Yes, TRAC (OriginTrail Decentralized Network Token) is an ERC20 token.
Being an ERC20 token signifies that TRAC adheres to a specific technical standard for tokens issued on the Ethereum blockchain. This standard defines a common set of rules that all ERC20 tokens must follow, ensuring interoperability within the Ethereum ecosystem.
What Does Being an ERC20 Token Mean for TRAC?
For TRAC, its compliance with the ERC20 standard offers several key advantages and functionalities:
- Wallet Compatibility: As an ERC20 token, TRAC can be securely stored in a wide range of wallets that support Ethereum and ERC20 tokens. This includes popular software wallets and hardware wallets, providing users with flexibility and security for managing their TRAC holdings.
- Ease of Integration: The ERC20 standard simplifies the integration of TRAC with various cryptocurrency exchanges, decentralized applications (dApps), and other blockchain services built on Ethereum.
- Standardized Transactions: All transactions involving TRAC, such as sending or receiving, follow the well-defined ERC20 protocol, ensuring consistent and predictable behavior across different platforms.
Storing TRAC: Compatible Wallets
Thanks to its ERC20 compliance, TRAC can be stored in any Ethereum Virtual Machine (EVM) compatible wallet. This broad compatibility makes it convenient for users to manage their TRAC tokens. Examples of such wallets include:
- Software Wallets:
- MetaMask
- Trust Wallet
- MyEtherWallet
- Hardware Wallets:
- Ledger
- Trezor
These wallets allow users to hold their TRAC tokens securely, interact with decentralized applications, and participate in the OriginTrail ecosystem. The ERC20 standard is fundamental to how TRAC functions within the broader blockchain landscape, enabling seamless interaction and robust security for its holders.
