What is Tron (TRX)?
Tron is a blockchain-based project that started in 2017. It was unique at the time, as it did not seek to advertise improvements related to cryptography or network design. The core elements of Tron, such as decentralized applications (dApps), smart contracts, tokens, or delegated proof of stake consensus, have all been kicked off by other projects. While some criticized the project's lack of innovation, many endorsed using already tested features rather than trying to build something new by all means. This allowed for more focus on user experience and design. Tron stood out with its Asia-focused business strategy, which relied heavily on advertising from its founder and creator, Justin Sun. With an incredibly active community of staunch supporters, it's no surprise that the futuristic-sounding Tron has enjoyed some success. The TRX cryptocurrency gained even more mainstream attention in 2018 when the non-profit development company behind Tron, the Tron Foundation, acquired the peer-to-peer content sharing platform BitTorrent.
How does Tron work?
While Tron is now a separate coin, it was once an Ethereum-based ERC-20 token. The Tronix network operates on a few principles, the first being decentralization. All blockchain data is completely free and is not controlled by any central authority. Content creators can earn the TRX token as a reward for posting their content. It is also possible for creators to create their TRC20 tokens on the Tron network. These tokens can then be used in decentralized applications (dApps) of users on the network. These newly created tokens are supported by the main TRX token. The final step in the network development plan includes supporting games on the Tron network. These games would be completely decentralized and users could directly reward the creators if they enjoyed the game. Tron operates on a delegated proof of stake consensus mechanism. In this system, transactions are validated by 27 super representatives who are responsible for maintaining transaction history. Super Representatives are chosen every six hours and earn Mechanism-Generated TRX Coins as a reward for their service. A new block is added to Tron's blockchain every 3 seconds, and those who added the block receive 32 TRX tokens.
Who is the founder of Tron?
Sun Yuchen (better known as Justin Sun) founded and created Tron. He has been cited twice as one of Forbes' 30-Under-30s in Asia. Before creating Tron, Sun founded the audio content app Peiwo. On top of that, he acted as Ripple's representative in 2015. However, he left that post after founding the Tron Foundation. Sun's business track record has caught the interest of early investors, including Tang Binsen, founder of Clash of Kings, and Dai Wei, CEO of bike-sharing startup OFO.
What makes Tron unique?
Tron is a very special cryptocurrency because it brings an entirely different perspective and goals to the market. There are no transaction fees for TRX, which is quite a remarkable achievement. In addition, the network is capable of supporting 2000 transactions per second. Holding (and wagering) TRX allows users to participate in the Super Rep selection process. Additionally, the platform's ability to reward content creators for their work, while retaining full ownership of their projects, is an extremely valuable concept.
What makes Tron valuable?
The biggest benefit of using Tron is the fact that artists and content creators around the world now can fully own the content they create. The ability to create their content and share it without having to worry about crippling transaction fees is also a big plus. Tron is one of the main projects that some people call web 3.0. The main goal of web 3.0 is to enable people to use the internet in a decentralized and open way, this new network having real embedded value. From a developer perspective, Tron is special because it is currently built to allow the use of a high-level language for its smart contracts. In the future, developers will be able to use any programming language to build based on Tron's open software design.
How many Tron (TRX) coins are in circulation?
The Tron (TRX) was first launched through an ICO, which raised around the US $ 60 million. Tron's native token, the TRX, was created with a maximum reserve of 100,850,743,812, with the current amount of TRX tokens in circulation being 71,659,657,369. As of this writing, Tron (TRX) ranks 22nd in the list of large market cap cryptocurrencies, with a current value of $ 3.98 billion.
Other technical data
Tron hit an all-time high of $ 0.131 in January 2018. Although the price has struggled ever since, especially in the overall market conditions seen after December 2017 (read: bear market), the TRX is now on the rise. in price and slowly gaining ground as the cryptocurrency industry gains popularity.
How is the Tron network secured?
The main security feature of Tron is its delegated proof of stake consensus mechanism. The system rotates the network validators every six hours, and each of these validators is chosen by the voters (the users who have wagered their TRX token). The Tron community has the opportunity to contribute to the development and earn rewards by participating in the Bug Bounty Program, an original way to combat the constant stream of bugs associated with software development. As part of this program, the Tron Foundation offers generous rewards in TRX for any bugs or vulnerabilities discovered.
How to use the Tron?
Various applications and games are supported by the development of the Tron token. Besides its primary use as a platform for content creators, Tron is often used to complete transactions, as TRX transactions have no fees. Tron is used as a payment method by many companies including Travala, SpendCard, Bitnovo, etc. On top of that, Tether moved its stablecoin to Tron's network, called USDT-Tron. After acquiring BitTorrent, Tron has grown into an even more impressive ecosystem.