The Chain logo

TRON (TRX) | WHAT IT IS, HOW IT WORKS AND WHAT WE KNOW ABOUT TRONIX AND TRON POWER.

by Ethereum 2 months ago in blockchain

Tron is a blockchain-based project, and launched to the market in 2017.

Tron is a blockchain-based project, and launched to the market in 2017. At the time, it was a somewhat peculiar project, as it did not publicize any improvements related to cryptography or network design.

Tron's building blocks, like DApps, smart contracts, tokens (TRX) or its delegated proof-of-stake consensus, were pioneers in previous projects, for which they received criticism in the wake of a lack of innovation. . However, many approved of using proven features rather than always looking for innovation. This also allowed Tron to focus on user experience and design.

Tron is focused, according to his project, on building a global free entertainment system, using blockchain technology. This protocol allows users to freely publish, store and possess data.

The purpose of the project is to allow users to create content without intermediaries to be able to connect directly with consumers.

Access our blockchain and cryptocurrency course here to get to know the cryptocurrency market in depth. If you want to know more about Shiba , Polygon , Enjin , or other coins of interest, do not hesitate to take a look at our cryptocurrency guide .

Tron TRX the cryptocurrency

Tronix TRX is the official token of TRON. This cryptocurrency is the basic monetary unit used by all accounts within the Tron blockchain, and can be earned and spent on a large number of platform services.

Cryptocurrency TRX gained fairly widespread attention in 2018 when the non-profit company, Tron Foundation, acquired BitTorrent's P2P content exchange platform.

TRX also acts as a bargaining chip on the platform. Like Ethereum development it allows developers to create Dapss and launch their own ERC-20 tokens. Tron will allow Dapps creators to launch their own Tron20 coins on the Tron protocol, with TRX acting as the medium of exchange for the coins that are developed on the platform.

This project went on the market in September 2017 and raised $ 70 million. TRX tokens have a total supply of 100 billion.

TRX was born as an ERC-20 token, but migrated to its own blockchain alongside the launch of the main Tron network.

Tron users can also acquire Tron Power by locking their TRX tokens for an extended period of time. The longer you keep your TRX tokens, the more Tron power you receive. Tron Power holders can also enjoy greater privileges in the Tron ecosystem, including voting rights.

At the time of writing, Tron is priced at $ 0.0643.

How many Tron (TRX) cryptocurrencies are there?

Tron (TRX) was first launched through an ICO and raised $ 70 million. The chain's native token, TRX, was created with a maximum supply of 100 billion. There are currently 71 billion TRX tokens in circulation.

How Tron TRX works

Tron is now a separate currency, but it was once an ERC-20 token on the Ethereum blockchain.

The tronix network works with some principles where decentralization stands out. All existing data on your blockchain is completely free and is not controlled by any central authority. Content creators can get the TRX token as a reward for publishing their content.

The final stage of the network development plan wants to include gaming support on the Tron network development. These games would be fully decentralized and users could reward the creators directly, if they played it.

Tron uses a three-tier architecture with the platform divided into the following 3 modes with the following characteristics:

Storage layer

Development of Tron introduces a distributed storage protocol that consists of block and state storage. It uses a graphical database designed to allow fast processing and easy updates.

Central layer

Tron's core layer houses various modules, including smart contracts, account management, and consensus. Java is the smart contract language of the platform, but support for additional programming languages ​​will be added in the future. This layer also features Tron's virtual machine for running smart contracts.

Application layer

Developers can create and implement Dapps on this layer, as well as customize and issue their own tokens.

Tron uses a delegated proof-of-stake (DPoS) consensus system in which Tron Power holders vote for the nodes they want to choose as witnesses. These witnesses are then rewarded for validating blocks within the Tron (TRX) blockchain network.

What makes Tron TRX special?

Tron is a very special cryptocurrency, since it brings a different perspective and objectives to those that exist in the market. There are no transaction fees for TRX, which is considered a great feat. In addition, the network supports 2000 transactions per second.

Keeping TRX tokens in possession gives users the opportunity to participate in the selection process of representatives. On top of that, the platform's ability to reward content creators for their work, while retaining full ownership of projects, is quite a valuable concept.

Another thing that makes Tron special is that it gives artists and content creators the ability to fully own the content they create. The ability to create your content and share it with your audience without having to worry about high transaction fees.

Scandal on Tron TRX

The TRON whitepaper was considered a source of controversy as it was accused of plagiarism in multiple sections.

In 2018, the cryptocurrency market was disrupted by news that the initial document presented by the Tron project contained pages of code, text and key concepts that had been copied from the Filecoin and IPFS cryptocurrency without even citing it. This happened in the whitepaper written in English.

The Chinese version of the book was also subjected to harsh criticism of plagiarism, however, the founder of Tron, Justin Sun, dismissed the plagiarism as translation errors made by those in charge. The modified versions of the technical books came out at the end of 2019, and although they met the rectifications, the plot caused severe damage to the perception of the cryptocurrency.

Tron TRX history

Tron is backed by the Tron Foundation in Singapore, and is led by its founder and CEO Justin Sun. He was born in 1990 and already has an impressive resume to his name.

In addition to being the founder and CEO of the Peiwo mobile social app, he also played an important role as a former Ripple chief representative. Sun was named one of the top 30 entrepreneurs according to the Asian magazine Forbes in the year 2017, and has also been selected as one of the top 30 influencer in China by Forbes.

Sun launched Tron onto the crypto market in 2017 and its image has been closely associated with the project. It has great support on social networks with more than 450 thousand followers on Twitter, but it has been the focus of criticism because of the plagiarism scandal.

Some dare to say that plagiarism was used as a marketing tactic.

Tron TRX Partnerships

Development of Tron already has high-flying partnerships that have helped power the TRX cryptocurrency. Some of the partners are: Gifto, Game.com and Peiwo.

Tron TRX Wallets

Once we obtain the cryptocurrency we must look for the best wallet to store TRX. Since Tron is a well-known cryptocurrency, it is compatible with many wallets, both software and hardware. Some of the wallets that have supported the cryptocurrency since its appearance are:

Ledeger Nano S (Cold Wallet)

Tron Wallet Chrome (Browser Extension)

Tron Wallet iOS (Mobile Wallet)

Cobo Wallet (Mobile Wallet)

conclusion

Tron didn't start out as a groundbreaking project. The blockchain took various technologies from other projects and has made them all work together. The Tron blockchain offers solutions for content creators who are affected by censorship or other centralized content issues. In addition, its fee system with cryptocurrency transactions at zero cost, makes it a very interesting platform for companies and any other type of consumer.

Access our blockchain and cryptocurrency course here to get to know the cryptocurrency market in depth. If you want to know more about Shiba , Polygon , Enjin , or other coins of interest, do not hesitate to take a look at our cryptocurrency guide .

Cryptocurrencies have become popular and the market does not stop demanding new cryptocurrencies, but the lack of regulation causes high speculation to form around them, in addition to being the subject of scams and deception. In trading from scratch, we train investors so that they know how to handle information and verify it with solvency, in addition to investing directly with collegiate financial experts. If you want to know everything about the stock exchange, you can find us at Benowu International Academy or on our website , where we offer basic , advanced and 1to1 courses .

blockchain

Ethereum

Read next: Blockchain: The Technology Revolutionizing Mobile App Security

Find us on social media

Miscellaneous links

  • Explore
  • Contact
  • Privacy Policy
  • Terms of Use
  • Support

© 2022 Creatd, Inc. All Rights Reserved.