Okay. Thank you for your clarity. I totally understand now. I wish you all the best in this season’s Hackathon.
This is an interesting idea that can save users from the burden of renting energy anytime they want to send USDT. I will like to know if conditions such as transaction size can have any effect on how commission are charged.
No, regardless of the transaction amount, the commission is fixed. Whether you send $100 or $10,000, the commission remains the same .
Welcome to hackathon season 6
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How is CiroTRX specifically targeting novice users on the TRON network, Are there any educational materials or tutorials planned to further simplify the process.
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How does CiroTRX ensure the security of user funds during transactions? Is there a multi-signature approval process or any other security measures in place.
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Can you elaborate on the commission structure for stablecoin transactions? How is the commission amount determined, and is it transparent to users.
Ok this is so wonderful. Taking a look at your platform, I notice that the commission for sending USDT varies from that of other stablecoins like USDD and USDC. What is the reason for this variance?
The price difference in commission costs is because not all tokens require the same resources. By requiring fewer resources, we can lower the cost of transactions.
CiroTRX is very easy to use, as users don’t need to rent resources or have large amounts of TRX in their wallets. Simply use the DApp, paste the wallet you want to send funds to, and complete the transaction.
As for security, we don’t store anything. A Smart Contract handles the transaction and deducts the commission cost. This commission is used to pay for the resources the contract needs to move these stablecoins.
The commission system is fixed, regardless of the amount of dollars you send. The aim of these costs is to ensure that users don’t need to acquire resources before making any transaction or keep TRX in their wallets. Regarding costs, we estimate an approximate cost for the resources. And, of course, users see the cost of this before completing the transaction. I’m attaching the YouTube video link so you can see how it works.
Thanks for your support!!!
I understand your point but in such situation where the wallet have only 100 USDT, the system can pop up a system error that the wallet have insufficient balance to execute the transaction, just like other platforms. But if you can incorporate the amount to be sent after deducting the fee in the box, it will equally make a lot of sense
Okay, if I’m not mistaken, a certain amount is paid to the network for every transaction conducted in it. When you charge this 0.25 USDT and possibly pay the network fee. I then wonder how much will be left for the team to keep running the project successfully. Or do you have external avenue of sourcing fund to maintain the smooth running of the project?
That’s another way to look at it. In the end, the sender still sends 100.25 USDT, the only difference is the format in which it is displayed. If users consider it more interesting to see it that way, it can be valued the same.
CiroTrx is developed by the Brutus.finance team, one of Brutus’ main businesses is resource rental. At the moment, the energy that covers the transactions is self-owned, and in case it runs out, CiroTrx is connected to the Brutus ecosystem API, making an additional rental to maintain the contract energetically. So far, it’s self-benefitting. What the team is considering and evaluating is distributing part of the profits collected in stables (80%) through an app among those users who contribute their resources to the ecosystem by offering payments in stables, something innovative in the resource rental business.
are you going to add other tokens or only stables?
At CiroTRX, we currently only support stablecoin transactions, as our main focus is on this type of asset. Leveraging the fact that Tron is the blockchain with the most USDT in the world, we believe the product can succeed solely by moving stablecoins.
alright thanks for the response
Okay, that was my opinion. Maybe just as you said, if other users think the same, it can be upgraded to reflect that way
From what I understood here, the team/brutus finance cover the network fee through the brutus finance energy rental system while taking full position of the 0.25 USDT commission charged to users?
Currently, due to the low usage of the product, yes, as we pay the rental to our pool in TRX. However, as mentioned earlier, if the product begins to gain traction and becomes sufficiently interesting to be sustainable, we do not rule out the possibility of paying those providers who contribute energy in stablecoins.
Okay, that is great. Thanks for your time in responding to these questions. I will sure come back here when I have more questions to ask
OK I understand though it would have made a lot of sense to me if the commission should be unilateral since the transaction will be executed through a dApp call
Oh wow, amazing!!
First off, welcome to Hackathon Season 6
I see CiroTRX intends to make stablecoin transactions on the Tron network easier, especially for new users, by removing the barrier of resource leasing.
Are there any plans to expand the platform’s compatibility with additional wallets or blockchain networks in the future?