TRON is a blockchain based operating system that allows developers to create applications without the need for intermediaries.
What is Tron?
- Tron was launched in Singapore in July 2017 by Justin Sun.
- Tron was originally created on the Ethereum network and migrated to its own network, Tronix.
- Tron’s token standard is TRC-20 which is used for smart contracts on the TRON blockchain for implementing tokens with the TRON Virtual Machine (TVM). It is fully compatible with ERC-20.
- In 2018, Tron acquired BitTorrent, a protocol for peer-to-peer file sharing, which Tron plans to combine BitTorrent’s 100 million users with the Tron network to launch new DApps on the Tron network.
|Total Token Supply||100,850,743,812|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||2017 on Ethereum, 2018 on Tron|
|Can it be mined?||No|
Who is behind Tron?
Tron was originally created by Justin Sun. Sun founded an audio content application known as Peiwo and was a representative for Ripple in 2015. Sun founded Tron as an innovative solution to lower transaction fees while increasing transaction throughput times.
What is the purpose of Tron (TRX)?
Tron’s goals are to solve the problem of scalability by making it easier to share and distribute media files in a decentralized way. Similar to Ethereum, Tron uses a virtual machine to execute smart contracts.
Tron uses a Delegated Proof of Stake (DPoS) consensus mechanism to secure and validate their blockchain resulting in 2000 transactions per second (TPS) vs Ethereum’s 15 TPS.
Tron works through three layers: the core layer, the application layer, and the storage layer. When it comes to the core layer, it is used to compute the instructions that are written in the Java programming language or the Solidity programming language, after they are sent to the Tron Virtual Machine, which is responsible for executing this programming logic.
- In Tron, new blocks are added to the blockchain every 3 seconds, and those that end up producing valid blocks are rewarded with 32 TRX for doing so.
- Users operate three types of nodes within the Tron blockchain network, the witness node, the full nodes, and the Solidity nodes. Witness nodes propose the blocks and can vote on the decisions of the protocol. The full nodes have the objective of broadcasting the transactions, while the Solidity nodes are responsible for synching blocks from full nodes, where they can also provide APIs.
- By owning TRX tokens, users can participate in the governance of the blockchain, where they can stake coins and vote on how the protocol’s operations are conducted.
- Tron uses Delegated-Proof-of-Stake (DPoS) as its consensus mechanism. The system sets the role of super representative candidates, where the top voted ones are selected.
- Tron has been criticized for borrowing Ethereum’s basic building blocks, such as smart contracts and decentralized apps (dApps).
- There are many competitors to the TRON blockchain, which could have a negative impact on its price.
- The blockchain has a long way to go before its ecosystem grows to a higher level.
News and Updates
- On August 30, 2021, Tpunks debuted, which are NFT collectibles. They are referred to as Tpunks and work on the Tron Blockchain. There are 10,000 Tpunks in total, with 89 zombies, 24 apes, nine aliens, and one Justin.
- On September 17, Valkyrie and TRON Foundation announced that they would launch the Valkyrie TRON Trust. This Trust started with $55 million in AUM at its inception, with a plan to file for a US listing in 2022.
- On October 20, SUN.io acquired JustSwap to create the largest decentralized exchange in the TRON Ecosystem known as SUNSwap.
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