What is Tron (TRX coin)?
The blockchain-based project that launched in 2017 is Tron. The launch of Tron was unique, as at the time their party did not attempt to advertise cryptography or any improvements to the network design. Tron’s basic building blocks, such as decentralized applications, smart contracts, tokens, or delegated proof of ownership consensus, are all spearheaded by other projects. Some individuals also criticized if they lacked innovation in the project. However, many agree with using proven features rather than trying to build something new at all costs. After you understand what is TRX coin, continue to the other detailed discussion below!
Who Founded Tron?
entrepreneur Sun Yuchen Founded or Invented Tron. He is touted as one of Forbes’ “30-Under-30” in Asia.
Before creating Tron, Sun had founded the audio content app Peiwo. In addition, he acted as a representative for Ripple in 2015. However, Sun reportedly left the position after establishing the Tron Foundation. Sun’s business background attracted early investors, including Clash of Kings founder Tang Binsen, as well as bicycle-sharing startup OFO CEO Dai Wei.
Differences between Tron and Other Crypto
Tron is a very special cryptocurrency as it brings a different perspective and purpose to the market. The absence of transaction fees for Tron is a remarkable achievement. In addition, this network can support 2000 transactions every second.
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So, what is the uniqueness of Tron that makes it different? Tron has a different market strategy, namely focusing on existing markets in Asia. Tron also relies heavily on the publications of its founder and creator, Justin Sun. With a very active support community, it’s no surprise that the “futuristic” Tron has managed to attract investors.
Tron has received greater attention since 2018. At that time the non-profit development company behind Tron was the Tron Foundation and it acquired the peer-to-peer content sharing platform BitTorrent.
How does Tron (TRX coin) Work?
Meanwhile, Tron has been a separate coin for now. In the past, Tron was part of the Ethereum-based ERC-20 token. The Tronix network works on several principles. The first is decentralization. Where all data on the blockchain is completely free and not controlled by any central authority. Content creators can earn TRX coin tokens as a reward for posting their content.
It also makes it possible for their fans to create their tokens on the Tron network. These tokens can then be used in user-owned decentralized applications on the network. This newly created token is backed by the main Tron token. The final stage of the network development plan includes game support on the Tron network.
These games will be completely decentralized and users can reward the creators directly if they enjoy the game. In this system, transactions are validated by 27 super representatives who are trusted to maintain transaction history. Super representatives are elected every 6 hours and get TRX coins generated by the mechanism as a reward for their services. The Tron blockchain gets a new block added every 3 seconds, and those who add a block will get 32 TRX coin tokens.
What Are the Benefits of Tron?
The biggest benefit of using Tron is the ability to create their content and share it without worrying about crippling transaction fees.
Tron (TRX coin) has recently upgraded the network to 4.0 which they call the Great Journey. Great Journey continuous network that Tron has to offer. The network offers secure transaction services by protecting user data using zero-knowledge features. This feature is a cryptographic function that offers a privacy solution to its users by closing their addresses and transactions.
Tron still offers more features besides privacy. However, the lower cost of Tron is contributing to the upcoming trend gradually. From a developer’s point of view, Tron is also special because it is currently being built to allow the use of a high-level language for its smart contract features. Future developers will be able to use any and every programming language to build on top of Tron’s open software designs.
How to Use Tron?
The current Tron network is capable of supporting a wide range of applications and games. Apart from its primary use case as a platform for content creators, Tron is often used for transacting, as transactions through Tron do not incur any fees. Tron is used as a means of payment by many companies, including Travala, SpendCard, Bitnovo, and many more. Additionally, Tether has moved its stablecoin to the Tron network called USDT-Tron.
What is the Future of Tron?
Tron’s long-term vision is to increase the popularity of digital content by promising lower fees and access to the blockchain space. With many developers from the Alibaba group joining the development team at the end of 2017, there are rumors that a partnership between Tron and Alibaba might be in the works. It will be interesting to see how this platform can evolve to fulfill the vision it has created.