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However, they face obstacles such as scalability issues and high transaction fees. Tectum, a blockchain pioneer, introduces the T12-20 token standard as a solution.
Token standards lay out guidelines for forming, transferring, and controlling tokens on a specific blockchain. They work to ensure various tokens’ compatibility, facilitating smooth integration within the ecosystem.
BEP20, ERC20, and TRC20 are token standards fueling the growth of decentralized applications (dApps) and token economies. Yet, they struggle with scalability and transaction costs.
Despite underpinning numerous blockchain projects, BEP20, ERC20, and TRC20 face growth limitations. Their scalability issues and high transaction fees hamper their widespread adoption. Blockchain technology, as it evolves and draws more users, challenges these token standards.
They struggle to manage increasing transaction volumes, causing network congestion and delayed confirmation times. Moreover, the rising gas fees make interaction with tokens and dApps costly, reducing their accessibility.
⚖️5/13: Limitation – Scalability: Bitcoin’s limited throughput (due to block size & block time) could worsen with base layer token functionality, causing higher fees & slower confirmations. 📈 A scaling solution is necessary. ⚡️ #BTC
— Ordinal Labs (@OrdinalLabs) May 5, 2023
Tectum is working on the T12-20 token standard. It aims to fix the current token standards’ deficiencies and set a new speed and cost-effectiveness precedent.
The T12-20 token standard, designed to compete with BEP20, ERC20, and TRC20, promises superior speed, scalability, and lower transaction fee experience.
T12-20 lets tokens built on BEP20, ERC20, or TRC20 migrate to the Tectum network effortlessly. This migration allows these tokens to leverage the Tectum blockchain’s impressive speed of 1.3 million transactions per second.
Also, T12-20 significantly cuts gas fees, making transactions more affordable and accessible to users.
Tectum’s T12-20 goes beyond providing migration capabilities. It serves as a platform for new projects to mint and launch tokens directly on the Tectum network. This eliminates the need for projects to start on existing standards and later migrate to deal with scalability and fee problems.
Starting with T12-20, projects can reap the benefits of Tectum’s swift, low-cost ecosystem suitable from their token’s birth.
Tectum’s innovative blockchain technology, coupled with the T12-20 token standard, prepares to welcome a wave of new projects. The ability to create and launch tokens on T12-20 from the beginning attracts developers seeking a scalable, efficient, and cost-effective solution.
The Tectum network looks forward to a vibrant ecosystem of diverse projects, all energized by the T12-20 standard.
The T12-20 token standard is due for release in the next two months, with most of the development work already done.
This significant step forward hints at a bright future for the blockchain industry, offering unparalleled speed, scalability, and reduced fees through the Tectum platform.
