In the world of cryptocurrency, USDT, or Tether, is one of the most widely used stablecoins. However, when it comes to USDT, you might come across two different versions: ERC-20 and TRC-20. But how do you know which one you have? Here’s a detailed guide to help you figure it out.
Understanding ERC-20 and TRC-20
Before we dive into identifying your USDT version, let’s first understand what ERC-20 and TRC-20 are.
ERC-20 is a technical standard used for implementing tokens on the Ethereum blockchain. It defines a set of rules that a token must follow to be considered ERC-20 compliant. On the other hand, TRC-20 is a technical standard used for implementing tokens on the TRON blockchain. Similar to ERC-20, it defines a set of rules that a token must adhere to.
Identifying ERC-20 USDT
If you have ERC-20 USDT, it means your USDT is built on the Ethereum blockchain. Here’s how you can identify it:
1. Check your wallet address: If your USDT is stored in an Ethereum wallet, your wallet address will start with “0x” followed by a series of numbers and letters. This indicates that you have ERC-20 USDT.
2. Use a blockchain explorer: You can also use a blockchain explorer like Etherscan to check the transaction details of your USDT. If you see the token symbol as “USDT” and the token contract address starting with “0x”, it confirms that you have ERC-20 USDT.
Identifying TRC-20 USDT
If you have TRC-20 USDT, it means your USDT is built on the TRON blockchain. Here’s how you can identify it:
1. Check your wallet address: If your USDT is stored in a TRON wallet, your wallet address will start with “T” followed by a series of numbers and letters. This indicates that you have TRC-20 USDT.
2. Use a blockchain explorer: You can also use a blockchain explorer like Tronscan to check the transaction details of your USDT. If you see the token symbol as “USDT” and the token contract address starting with “T”, it confirms that you have TRC-20 USDT.
Why does it matter?
Now that you know how to identify your USDT version, you might wonder why it matters. Here are a few reasons:
1. Transaction fees: The transaction fees for ERC-20 and TRC-20 USDT can vary. Generally, TRC-20 USDT has lower transaction fees compared to ERC-20 USDT.
2. Compatibility: The compatibility of your USDT with certain exchanges and wallets can also depend on its version. Make sure to check the compatibility before using your USDT on any platform.
3. Network congestion: During peak times, the Ethereum network can experience high congestion, leading to higher transaction fees. If you have TRC-20 USDT, you can enjoy faster transactions and lower fees on the TRON network.
In conclusion, knowing whether your USDT is ERC-20 or TRC-20 can help you make informed decisions about your cryptocurrency investments. By understanding the differences between these two versions, you can choose the right wallet, exchange, and network for your needs.