New TRON Network Announcement ‘Allow Same Token Name’ Proposal for TRC10 Coins
The TRON project looks to establish a decentralized Internet and its support infrastructure. The TRON Protocol offers, as their website puts it,
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. For more details please check the announcement in the link. #TRON #TRX $TRX https://t.co/qTdNa5UnzL
— TRON Foundation (@Tronfoundation) January 4, 2019
“base public blockchain support with a focus on high throughput, scalability, and availability.”
In the TRON network, every account can issue their own tokens, after filling out certain details. As one can imagine, an important point for this setup is the token name. This is usually unique to the individual token. However as of 5 pm UTC, on the 5th of January that might all change, as names may no longer be unique.
What Is Being Done
The proposal introduced in front of the committee is one that “Propose[s] to allow the same token name to [be] Allowed”. This is, at the time of writing, still being reviewed by the super representatives and, with 24 already having approved it, will likely pass.
When this does take effect, it is likely to have a significant impact on the community members utilizing the TRC10 technical token standard. Thus tokens such as IGG, SEED, and TWX will be impacted as new tokens on TRC10 will be able to register the same token names as existing ones.
Thus the TRON ecosystem will no longer be using the token names as the sole identifier for a particular token.
What Happens Next
As mentioned, while the voting is still going on, the motion shall likely pass. Thus TRON has been working to update its applications, platforms and wallets. In an announcement by their PR team. the company stated
“We ask that community members take the time to understand that TOKEN ID will now be the proper identifier for all tokens. Developers are taking all necessary steps to update DApps to utilize this new identifier.”
Once the changes are precipitated throughout the network, there might be a few tethering issues, but no major obstacle is foreseen. It still begs the question of why a change of identifier was required in the first place.
TRON, one of the top 10 cryptocurrencies in the world, is sitting relatively stable at the moment. With a total market cap of almost $1.5 billion and trading at just over $.021 the coin has steadily climbed back from the debacle of November last year.