TRON is a blockchain based decentralized smart contract protocol with the aim of becoming the go-to operating system for creating decentralized applications (
Blockchain technology provides developers with several features and makes new innovations possible but the lack of technical know-how or high technical entry barrier makes it difficult for developers to make use of blockchain technology. TRON intends to fix this by creating a developer-friendly ecosystem and environment for creating decentralized applications (dApps).
TRON was founded in 2017 by the TRON Foundation headed by CEO Justin Sun backed by renowned technology stalwarts. To raise funds for the project an initial coin offering (ICO) was held between August 3, 2017, and August 24, 2017, which raised an estimated $70 million USD.
After the ICO, the project moved from the Ethereum blockchain to a self-made proprietary Mainnet, through which all the TRX (ERC-20) tokens were migrated from the Ethereum blockchain in June 2018.
Features of TRON
TRON will work in the same way that other content networks work: creators produce content and consumers purchase it but this time in a peer-to-peer (P2P) manner without middlemen. In the future, other decentralized applications can be built and leverage the same resources of the Tron network.
At the current phase of the development roadmap, TRON has released Exodus; a free platform for peer to peer distribution and storage of content. Exodus is currently not running on a blockchain but utilizes a unique web-based file system protocol that supports a distributed file system which expected to change soon.
The next update expected to go live early 2019 is called Odessey. It will provide incentives to encourage content creation and empowerment. Odessey will adopt the incentives based on engagement strategy adopted by other blockchain content platforms such as Steemit and Foresting to determine good content, how much monetry incentive the content deserves and to boost user interaction. This is aimed at attracting more content producers in using the TRON network as a place of storing their work.
Great Voyage and Apollo will follow after Odessy and are both expected to provide more capabilities for creating dApps. Great Voyage will allow content creators to build a personal brand and offer an initial coin offering. Apollo will amplify these features by enabling content producers to issue personal tokens (TRON 20 Token) just like it is done on the Ethereum blockchain.
In future updates expected in 2023 and 2025, TRON will provide the needed framework for building a decentralized gaming network and predictive markets platforms. The TRON network as part of its many functions also provides high-throughput, high scalability and high availability.
|Transactions per second||10,000|
|Additional Coin Issuance||No additional issuance until Jan. 1st, 2021，reward funded by TRON foundation|
|Coin Burn||Assets will cost 1024 TRX, which will be burned|
|VM Language Support||Java; |
mature and easy to use
|Extensibility||Protobuf developed by Google; |
|DApp users||nearly 100 million|
|Mobile Development Experience||The team has experience in developing mobile ends that support registered users in the hundreds of millions.|
|Developers Rewards||2 billion USD|
|Delegate Rewards||More than 100 million USD of node rewards|
|Compatibility||TRON support pluggable VM interface compatible EVM|
TRON Super Representative Election
Another issue with blockchain projects in recent times is the governance structure which is very essential for making decisions that guard investor interests and block rogue executives from running rampage with the company
To achieve a decentralized system of governance, TRON relies on 27 Super Representatives (SR), elected from an initial shortlist, which have a major role in the future governance structure of the firm: they act as “guardians” of the Tron network and actively participate in validation of the transactions.
Each Super Representative is rewarded for its work for every new block generated, at a 32 TRX rate.
TRON Founder and Team
The TRON whitepaper labels team members as followers of Tim Berners-Lee, Founder of the World Wide Web and his belief that protocol is an essential asset for human beings.
TRON’s team members are followers of Sir Tim Berners-Lee, who are convinced that protocol, from the moment of its invention, is an asset for human beings, rather than a profit-making tool for small groups.TRON Whitepaper
Justin Sun, CEO of TRON at 27 has a lot of achievements under his belt including 2015 Forbes China 30 under 30 and 2017 Forbes Asia 30 under 30 and has worked as Founder of Peiwo APP (China’s Snapchat) and the former Chief Representative of Ripple China. Chief Technology Officer Lucien Chen is a former employee of Alibaba with immense experience working with big internet corporations such as Tencent, Qihoo 360 and Netease.
The project is backed by notable Chinese businessmen such as Chaoyong Wang (Founder of China Equity Group with $2 billion market value), Dai Wei (CEO of OFO bike), Huobi.com, Hitters Xu (Founder of Nebulas), Tang Binsen (Founder of mobile game Clash of Kings) and Xue Manzi (famous Chinese angel investor).
How to Buy and Store TRX?
TRX can be stored in a variety of community-developed wallets that require you to select a node. These wallets are available on the web, desktop, Android
Recently, TRON acquired BitTorrent at a reported price of around $126 million in cash giving it control over one of the largest communication protocols for peer-to-peer file sharing.
TRON presents an interesting use case with a well planned and thought out development plan backed by a great team and list of investors. With the contineus advancements in technology and the increasing demand for decentralized and incentive based content distribution platforms, TRX is expected to grow in the coming months.
This article is not a recommendation by CoinNewsLive or the writer to invest in this cryptocurrency or other cryptocurrencies.
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