Quick Facts

Approximate Market Cap$7,326,677,694
Year Established2017
FounderJustin Sun
Symbol/AbbreviationTRX
UtilityUtility Token

Bitcoin’s debut in 2009 transformed society’s perspective of the old banking system. Blockchain technology created a public ledger from which anybody could get transaction details. Using a PoW consensus technique, the transactions were cryptographically protected. As a result, difficulties with duplicate spending are avoided.

Ethereum envisaged a network wherein smart contracts and EVM allow users to engage with the network through dApps. But, when Bitcoin and Ethereum transaction volumes peaked, it was clear that they were not scalable for general use in their current state.

As a result, Tron was established and envisioned as a novel answer to these severe scaling issues.

What is Tron – Definition

Tron is a decentralized digital platform. It uses a smart contract-capable blockchain. It enables developers to create and implement highly competent DApps for any use. This includes decentralized exchanges, open lending systems, and online games. Solidity is a programming language used by software developers to construct programs that run on the Tron platform.

Tronix, or TRX, is the network’s currency. TRX is used by network users to directly pay content providers for access to their apps. Tron does not charge content authors a transaction fee. TRX transactions on the platform are likewise free.

The Tron blockchain handles data transfer over three layers:

  • Core layer
  • Application layer
  • Storage layer.

TRON, like most smart contract frameworks, has its own virtual machine called the TRON Virtual Machine (TVM). The TVM is basically Tron’s operating system. It’s used to operate smart contracts in a safe, decentralized, yet trustworthy environment.

Pros and Cons

Pros

  • No fees
  • Fast transactions
  • Allows users to create and monetize content

Cons

  • Stored in a few addresses
  • In early stage of development
  • Limits private investment

The History

Tron was created in 2017 by Justin Sun who is now the head of the Tron Foundation.

The Tron Foundation is a non-profit organization that aids in the creation and expansion of the TRON ecosystem. It collected $70 million through an ICO and debuted in June 2018. It has since risen to become one of the top 20 cryptocurrencies in terms of market valuation.

Tron began as an Ethereum-based currency before migrating to its own network in 2018. Investors were required to exchange their Ethereum tokens for Tron’s TRX coin. The Ethereum coins were later removed.

How Tron Works

Tron eliminates the middleman by utilizing blockchain and P2P network technologies. It allows content providers to sell directly to customers.

Tron, like Ethereum, operates on an account-based approach. This implies that the cryptographic keys issued by its system can govern accessibility to TRX and TRX token levels.

Tron employs a delegated PoS to gain agreement on its ledger. It’s a mechanism in which a changing cast of 27 “super representatives” is tasked with validating transactions and keeping the platform’s history. Every six hours, a new super delegate is chosen. If selected, they will be able to collect additional TRX created by the protocol.

TRON, like EOS, requires network users to obtain resources in order to transact or engage with smart contracts. TRON divides these elements into four categories:

  • Bandwidth
  • CPU
  • Storage
  • RAM

Users must temporarily lock their TRX in order to gain bandwidth and energy.

Advantages & Disadvantages

Advantages

Feeless

All transactions on the Tron platform are free of fee.

Fast

The network can handle up to 2000 requests per second. Such transactional capability looks well for a scalable future. Tron has the ability to completely transform internet media.

dApps

Users earn digital assets in exchange for developing a dApp on the network and delivering content on it.

Disadvantages

Concentrated

Approximately half of the TRX coins on the market are held in 10 addresses. As a result, the holders of these addresses have the ability to affect the value of this coin.

Adoption

Despite having its own network, the software is still in its early stages of development.

Tron in the Global Crypto Market

TRON has a total supply of a little over 100 billion tokens. Its price movement has been extremely unpredictable, making it a very hazardous investment. Tron has entered the top ten cryptocurrency rankings in the first few days of 2018.

The most significant announcement Tron made in recent years was the acquisition of the prominent torrenting site BitTorrent. TRON took a significant lead in the company’s future ambitions as a result of this purchase. This acquisition occurred in 2018, but it was crucial in establishing TRON as a legitimate player and propelling the Tron future. TRX’s price has also risen in response to this significant technological gain.

Other factors that have frequently affected the price of TRON have centered on excellent alliances or good commercial actions to broaden TRON’s reach.

FAQ

Is Tron anonymous?

Transactions on the Tron platform are anonymous, but only on the network itself. The act of acquiring TRX, as well as the need to go via an exchange, means that users have to confirm their identities to obtain Tron tokens.

Can users mine Tron?

TRX cannot be mined. tokens may be obtained by staking current tokens to assist in the validation of other transactions.

Which wallets support TRX?

Tron wallet for Android is the official Tron wallet. This is one of the greatest Tron wallets that Tron has created in-house.