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ByteDex: Project Info for Tron Newbies

By BellBlogs | ByteDex | 8 Sep 2021


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All About Tron's Blockchain

Bridging centralized exchanges and decentralized exchanges, ByteDex is a hybrid cryptocurrency exchange that allows users all of the liquidity and transparent fees of CEXs with the asset ownership and on-chain transacting of DEXs. Welcome to the future.

BYTEDEX tokens, first issued in TRC-10 format, may have been your first interaction with the Tron blockchain. As TRC-10 tokens, the first issuances could be sent with no fees at all, instantaneously.

Upon hitting the market, these TRC-10 tokens were replaced with their TRC-20 cousins, a more versatile type of Tron token. Now, to sell one's BEXT, the new ticker of the token, right at launch would be a silly thing to do, as buying a coin at ICO just to sell it before many of it's features are introduced would mean you stand no chance of benefitting from a possible significant rise in both price and utility.

So presumably, much of the ByteDex community is still sitting with BEXT tokens in their wallets, and if one doesn't know the difference between TRC-10 and TRC-20, that person might find themselves confused when they're unable to send the new tokens.

Energy. Ethereum's network requires it, as does BNB's Smart Chain, and Tron is no different. For TRC-20 tokens you need to pay "fees" in the form of energy. There are three ways to get energy on the Tron blockchain.

Freeze

By "freezing" Tron, the coin that fuels the blockchain, one can acquire rewards, voting power, as well as bandwidth and energy. The minimum time is 3 days, and each day you'll get an amount of energy until you unfreeze.

 

Rent

Some people have so much Tron and want to hold on to it for such a long period that they find themselves with more energy than they need. Luckily, they can sell this energy and you can buy it. If you don't have enough Tron to freeze, and want to do multiple things that require energy with your wallet, you can rent energy. This is the most cost effective way for those who lack the resources to freeze, but need a lot of energy.

 

Burn

Best left for single uses, burning is your last option. Burning destroys your Tron. Depending on what you're doing, it is either the least or most cost effective alternative to freezing. Doing multiple transactions will burn through Tron quickly, and in that case it is smarter to rent, but for a single swap or a single send, you don't need much energy, and a rent may be more expensive than a burn.

 

https://tronpulse.io/ is a handy calculator to see how much energy you'll need, so make use of the tool and find your perfect solution to energy fees on Tron. Beyond just ByteDex tokens, the Tron blockchain is also home to the lowest send fee USDT version, also a TRC-20 token on Tron.

Disclaimer: I, the author, am a big fan of the Tron blockchain due to it's ease of use and understanding. Opinions on various blockchains differ.

 

ByteDex's native wallet, which can be downloaded from the Play Store for Android is highly recommended for full functionality of the token. Click the link or scan the QR code to download ByteW now, a secure and robust multi-coin wallet with features unique to the ByteDex Project.

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https://play.google.com/store/apps/details?id=io.bytede.bytew

Stay tuned and learn more about the ByteDex Project by visiting bytedex.io, or engaging with the team and community via the social media image links below. The ByteDex team is helpful, hard working and international. The fastest way to learn more is to engage with their telegram group.

 

 

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Community is what fuels us here at ByteDex, and we welcome you to our vision of the future of crypto trading.

 

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ByteDex is a decentralized exchange with a central management based mainly on a double tier blockchain structure. ByteDex develops its own blockchain system in partnership with members abroad. Follow us for updates and information regarding ByteDex.

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