Since launching in 2017, Tron has taken the world by storm with its blockchain technology-based operating system. Users around the world have flocked to the Tron blockchain network released to create dapps (decentralised apps) and smart contracts, attracting plenty of investors at the same time.
In a pool of a large number of digital assets, below we explore what Tron is and what it brings to the crypto industry.
What is Tron (TRX)?
The Tron blockchain is a platform on which developers can create dapps, smart contracts and tokens through its delegated Proof-of-Stake (DPoS) model. Initially built on the Ethereum blockchain with an ERC-20 token, in 2018 the Tron protocol moved onto its own blockchain and created the Tron TRX tokens.
That same year, the Tron foundation acquired BitTorrent, the biggest file-sharing site on the internet. In 2019, the platform launched the BitTorrent token, essentially releasing a second token under the same umbrella company.
The aim behind the platform was to provide developers with a space in which they can create blockchain-based products, as well as better reward content creators for their efforts. The Tron network allows viewers to directly reward the creators using the TRX token, cutting out the middle-media-man and subsequent losses.
With a higher TPS (transaction per second) processing capability, Tron establishes itself above its peers. According to the platform, Tron can handle up to 2,000 TPS, a high increase from the likes of Bitcoin’s 6 TPS and Ethereum’s 25 TPS.
Who created the Tron network?
The Tron concept was created and launched by Tron founder Justin Sun (Sun Yuchen), a two-time recipient of the “30 Under 30” Forbes’ accolade. Before Tron, Sun launched an audio content platform Peiwo and worked as a representative for Ripple, where he earned the attention of big investors.
Justin Sun is currently acting as the CEO of the Tron Foundation.
How does the Tron protocol work?
The Tron platform uses a DPoS model and consists of three layers: the core layer, the application layer and the storage layer.
The Core Layer is responsible for computing instructions written in either Java or Solidity (the programming language Ethereum uses) and sending them to the Tron Virtual Machine which in turn executes the function.
The Application Layer is used by developers and allows them to create dapps and wallets compatible with the relevant software and powered by TRX.
The Storage Layer is designed to divide the state data (the data that maintains the status of smart contracts) and the blockchain data (the data that holds the transactional history).
Through the DPoS system, 27 “super representatives” on the network take turns to validate the transactions and maintain the blockchain data. These representatives are chosen every six hours and, when chosen, earn TRX for their contributions to the network.
Users can vote for super representatives and engage in staking by locking their TRX in an account and receiving Tron Power in return. Tron Power can then be used to vote for the super representatives, and when returned to TRX, lose the ability to vote.
Block creation time on the Tron network is three seconds, with the current block reward set at 32 TRX.
There are also three different nodes that users are able to operate: witness nodes, full nodes and Solidity nodes. Witness nodes can vote on protocol decisions and propose blocks, full nodes are responsible for broadcasting transactions and blocks to the network while Soliditiy nodes sync the blocks from the full nodes and provide APIs.
What is TRX?
TRX is the native token to the Tron network. Initially created as an ERC-20 token, when the coin was launched on the Tron network holders of the ERC-20 version were able to swap them out and receive the new version. All ERC-20 tokens were then burnt.
TRX is needed for using applications on the Tron network, staking, and participating in Tron’s consensus system.
How can I buy Tron?
If you’d like to acquire TRX, you will need to do so through a trusted cryptocurrency exchange. Ensure that you do thorough research on both the coin and the exchange.
This article is for general information purposes only and is not intended to constitute legal or other professional advice or a recommendation of any kind whatsoever and should not be relied upon or treated as a substitute for specific advice relevant to particular circumstances. We make no warranties, representations or undertakings about any of the content of this article (including, without limitation, as to the quality, accuracy, completeness or fitness for any particular purpose of such content), or any content of any other material referred to or accessed by hyperlinks through this article. We make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date.
