While sending and receiving cryptocurrencies (such as stablecoins) via the Brighty App is very simple and straightforward, there a few things to consider before making a transfer.
Apart from using the correct wallet address (which is a string of letters and numbers from which cryptocurrencies can be sent and received), it is very important to also choose the correct blockchain network (or, more accurately: the correct token standard).
The reason for this is simple: you risk losing ALL of the funds transferred IF you choose the wrong network (token standard)!
At the present time, the Brighty App supports two different token standards, the so-called ERC-20 and the TRC-20 standard.
What is a token standard?
In simple terms, a token standard is a set of technical rules for utilising the blockchain, defining what characteristics a token (such as a cryptocurrency) has to have in order to work with applications on the blockchain in question.
Both of the supported token standards are widely used and they have many similarities.
They both are based on the programming language "Solidity" and they both run so-called smart contracts via a kind of blockchain-based operating system (known as "Ethereum Virtual Machine" and "TRON Virtual Machine", respectively).
However, they also have a number of differences, such as the ways in which they validate transactions, as well as in the computing power (and potential cost) involved in the operation of different blockchain applications.
ERC-20
The ERC-20 (short for "Ethereum Request for Comments 20") is the token standard of the Ethereum blockchain and is the basis of numerous different applications, as well as the standard that enables the utilisation of Ethereum's native token called "Ether (ETH)".
TRC-20
TRC-20 (short for "TRON Request for Comments 20") is the token standard of the TRON blockchain. It allows for the operation different applications on the blockchain and forms the basis of TRON's native token called "TRON (TRX)".
TRC-20 is also the standard used for issuing the US-dollar pegged stablecoin USDT.
How to ensure you choose the right network
Before transferring cryptocurrencies via the Brighty App, always ensure you know which blockchain network (token standard) to use.
It is easy to mistake one network for the other (including blockchain networks not currently supported by the Brighty App), as the wallet address (also known as the public key) doesn't necessarily tell you which one to choose.
To avoid unpleasant surprises, follow these easy steps:
Ensure the network (token standard) chosen is actually supported by the target exchange or the receiving wallet (usually, you find information like "ERC-20 supported" or "TRC-20 available", or a similar text/abbreviation referencing the relevant token standard)
Check if the currency chosen for the transfer is the correct one (such as "USDT" for a receiving wallet supporting "USDT", or "USDC" for "USDC"; NOT: "USDT" for "USDC" or another pairing not matching)
Check once again before initiating the transfer (and ask our support if needed)
If you are still not sure: look up the relevant information about supported token standards on the websites of the relevant wallet providers (or target exchanges)