Tron is a decentralized blockchain network with the same name as the Disney property that aims to transform entertainment and digital content sharing. The value of Tronix (TRX), its native coin, has risen by nearly 200% in the past year.
The goal of the Tron project is to build a decentralized, worldwide, and free digital content entertainment platform that makes it simple and inexpensive for users to store, share and discover digital media.
In this article, we talk about everything you need to know about Tron blockchain.
What Is Tron Blockchain?
TRON (TRX) is a network dedicated to advancing internet decentralization through the use of blockchain technology and decentralized applications (DApps).
Since launching its mainnet in May 2018, the TRON network, which was founded by H.E. Justin Sun in September 2017, has maintained its outstanding performance.
TRON purchased BitTorrent in July 2018, a forerunner in decentralized services with around 100 million monthly active users.
It’s also worth noting that TRON has the greatest circulating quantity of stablecoins in the world, having passed Tether (USDT) on Ethereum in April 2021.
Since its final decentralization in December 2021, the TRON network has been run entirely by a community-run decentralized automated organization (DAO).
With the release of TRONIX, the TRON Foundation (TRX) has introduced a mainnet coin built on the TRON protocol.
All other coins on the TRON network get their value from TRX tokens, the base unit of account on the TRON blockchain. BitTorrent (BTT), JUSTt (JST), USD Coin (USDC), Tether (USDT), and NFTs are all examples of alternative tokens.
All TRC tokens will naturally use TRX as their means of exchange. TRX is the glue that holds the entire TRON ecosystem together, powering transactions and apps on the chain with a variety of use cases.
Who created TRON?
Sun Yuchen (Justin Sun), a serial entrepreneur and two-time winner of Forbes’ “30-Under-30” award in Asia, founded Tron in early 2017.
Sun was already well-known in China when he launched the Tron Foundation in the same year he also founded the audio content application Peiwo and worked as a representative for Ripple, the for-profit firm that manages the XRP cryptocurrency.
Investors like Clash of Kings creator Tang Binsen and CEO of bike-sharing startup OFO Dai Wei showed an early interest in Sun’s company because of his extensive business experience.
These backers helped spread the word about the project’s initial coin offering (ICO) in September, which successfully crowdfunded several million dollars worth of cryptocurrency via a token on the Ethereum blockchain.
In 2018, a revised white paper was published, providing even more detail about the technology behind Tron.
How Does TRON Work?
To support the TRON ecosystem, the TRON Virtual Machine (TVM) was developed as a small, Turing-complete virtual machine.
The end goal is to provide a blockchain solution that is not only unique to your business but also efficient, reliable, user-friendly, secure, and scalable.
Tokens that are compatible with TVM have been developed via smart contracts using the TRC-20 technological standard, and are fully ERC-20 compliant.
TRON’s architecture also includes the aforementioned storage, core, and application levels.
A number of modules, including consensus, account management, and smart contracts, make up the foundational layer.
TRON uses a consensus process called delegated proof-of-stake (DPoS) to reach a decision.
Users can vote for various delegates with their cryptocurrency using a blockchain consensus method called delegated proof-of-stake. When they’ve been elected, these delegates can make decisions that impact the whole network.
Twenty-seven super representatives’ (SRs) are in charge of maintaining a record of all TRON ecosystem transactions. A new super representative is chosen every six hours, and in exchange for their services, the process rewards them with newly created TRX coins. New blocks are added to the TRON blockchain every three seconds, with block producers receiving 32 TRX each.
TRON uses a stack-based virtual machine and an efficient instruction set. The smart contracts used in TRON are developed with cutting-edge technology and are written in Solidity and other languages.
The unique distributed storage protocol developed by TRON is comprised of two parts: Block Storage and State Storage.
The concept of a graph database was introduced into the storage layer’s architecture to better meet the need for varying data storage in the real world.
TRON allows its developers to create a wide range of DApps and custom wallets. And because TRON enables the deployment and execution of smart contracts, the potential utility applications are practically limitless.
What Makes TRON Unique?
There are three distinct types of nodes in the TRON network: the Witness Node, the Full Node, and the Solidity Node.
SRs are responsible for spawning Witness Nodes, whose primary functions are to generate blocks, cast votes on proposals, and establish new Witness Nodes.
Full Nodes are responsible for broadcasting APIs, transactions, and blocks. Solidity Nodes, which also have indexable APIs, are used to synchronize blocks from other Full Nodes.
Additionally, the TRON network supports three distinct account types: regular accounts, token accounts, and contract accounts.
Tron and the Ethereum Blockchain
Decentralized apps (dApps), smart contracts, and tokens are all components of the Tron network that are also included in the Ethereum platform.
Some have even claimed that it “goes too far” in its reliance on others’ work rather than its own in creating its foundation.
Indications abound that Tronix and Ethereum will soon be competing for investors’ cryptocurrency trading dollars. Less than a month after Tron added support for the USD Coin, the total value of the currency pegged to the U.S. dollar in circulation topped $108 million.
This “may be another evidence that crypto traders are increasingly moving to blockchains that give fewer transaction fees with faster speed than what is found on Ethereum,” Coindesk speculated in July 2021.
How Many TRON (TRX) Coins Are There in Circulation?
There are approximately 70 billion TRX in circulation as of this writing, out of a total supply of slightly over 100 billion.
In 2017, a token sale was conducted, with 15.75 billion TRX going to private investors and another 40 billion going to ICO buyers. It was reported that Justin Sun donated $10 billion to his own company and donated $34 billion to the Tron Foundation.
In total, this meant that the founder and the project itself received 45% of the TRX supply, while 55% went to investors. Some have pointed out that this ratio is far higher than what has been seen in previous cryptocurrency efforts.
How safe is it to use the TRON network?
Delegated proof-of-stake is the mechanism TRON employs for reaching consensus.
Holders of TRX can vote for “super representatives” who act as block makers by freezing their tokens and therefore gaining access to Tron Power.
In exchange for confirming transactions, these block producers earn TRX incentives, which are redistributed to the voters.
TRON claims that adopting this methodology allows their blockchain to reach greater throughput.
The Bottom Line
Taking the technology developed by previous projects and integrating them into a single, cohesive whole, Tron stands out as a truly original cryptocurrency. The Tron network provides an alternative for creators who are experiencing issues related to restriction or centralization on other content platforms. Its zero-transaction-fee approach also makes it a compelling option for crypto payments among businesses and individuals.
Frequently Asked Questions about Tron
How To Buy Tron
A quick visit to our how-to-purchase Tron (TRX) article will have you on your way to acquiring your first TRX in no time.
How To Sell Tron
By navigating the UI and selecting your preferred payment method, you can quickly and easily sell your Tron that is stored in a wallet on the Kriptomat exchange.
What Is Tron Price?
The current price of a Tron is 0.06417348 Euro.
Tron had a 24-hour volume of 305,745,024 Euros. So far, Tron has amassed a market cap of 5,937,754,326 €, putting it at position #17 among all cryptocurrencies. There are 92,375,656,696 Tron in circulation.