Tron is one of the popular blockchain projects that many associates with the entertainment industry and the exchange of digital content. It is one of those blockchain projects that has significantly gained popularity within a short time. So, over the past year, the cost of the native Tron token has grown by 200%. The creators and developers of the project have an ambitious goal – to create a single global platform for the exchange of digital content within the scope of cyber entertainment.
Tron Network Explained
This blockchain-based project was first launched in 2017. From the beginning, Tron was different from the rest blockchains because it did not aim to advertise any cryptography or network design improvements.
Another feature of the Tron is that its components, such as decentralized applications (dApps), native tokens, smart contracts, and Proof-of-Stake consensus, were developed by other projects. Because the blockchain was based on proven technologies and did not chase innovation, developers could pay more attention to user experience and design. This project is mainly focused on the Asian region in a strategic sense.
How Does TRX Work?
While Tron is currently a separate TRX coin, it was previously an ERC-20 token based on the Ethereum blockchain. Now, the Tron platform operates based on several basic principles. The first of these is decentralization. All data in the chain is free and is not controlled by third parties or any central authority. In addition, those who create content can receive a predetermined Tron coin amount as a reward for posting.
In addition, you can create your tokens on the blockchain. In the future, these coins can be used in other decentralized applications of network users. It is worth noting that the main TRX cryptocurrency also supports newly created coins.
The last phase of the network development plan includes support for games on the Tron network. These digital products are completely decentralized, and users have the opportunity to reward the creators if they like the game.
A feature of the blockchain is that the project is working on developing consensus with the option of delegating confirmation of share. Under this mechanism, all financial transactions are monitored and verified by 27 super-representatives who have been delegated to keep records and transaction history. Super Representatives are rotated every six hours, and TRX amounts are assigned as a reward for services rendered. According to statistics, Tron adds a new block every 3 seconds, and those who actively participate in this process receive 32 TRX tokens.
The Main Advantage of the Tron Network
One of the main advantages of this cryptocurrency is that content creators in any corner of the world have the opportunity to own the content they create fully. As a result, you can create content, publish, share, and so on without worrying about excessive transaction fees.
Tron is one of the networks tightly connected with the concept of web 3.0. As you know, the idea of Web3 is to move away from the traditional centralized system where almost all the power and capabilities are concentrated in a relatively small group of companies (also called the “Big Tech”). Unlike Web2, the next iteration will focus on decentralized Internet principles, and Tron will play a key role in this.
According to the developer, Tron is also special because it currently allows using a high-level language for smart contracts. As for the future of the crypto market, developers can use any programming language to design open-source Tron software.
Is the Tron Network Secured?
The delegated Proof-of-Stake consensus mechanism is one of the main mechanisms ensuring the Tron ecosystem’s security. Its essence is reflected in the fact that the system regularly (every six hours) changes network validators. Each validator must be selected by real TRX holders who have contributed part of their assets as a fee for the services provided.
To monitor and prevent software development bugs (which always appear), the Tron community can participate in the Bug Bounty program. Its main essence lies in that active carriers of assets can find errors or potential vulnerabilities in the network and report to developers about them. After that, developers work on eliminating vulnerabilities, and users are rewarded with native Tron tokens.
Peculiarities of the TRX
The Tron Foundation has created an undoubtedly special cryptocurrency because it has a different perspective and goals than other blockchains. One of the main factors attracting new users to this network is the policy concerning transactions. The fact is that you do not need to pay a transaction fee. In addition, Tron virtual machine (or TVM) has a fairly wide bandwidth that allows you to process up to 2000 operations per second.
Holding (and staking ) TRX provides an opportunity for asset holders to take an active role in choosing super representatives. In addition, many analysts and experts appreciate the ability of the Tron protocol to reward content creators for their work while retaining ownership of their projects.
Tron Wallets: How to Choose?
Since Tron is a world-known cryptocurrency, it is supported by most of the crypto wallets available in the market. But the variety of solutions often makes it hard to select the Tron wallet that can meet your needs.
Below, you can check the features you should explore before choosing the Tron cryptocurrency wallet.
- Crypto wallet security issues (including the two-factor authentification).
- The lower limit for the amount of TRX tokens.
- Fiat onramps and offramps.
- The presence of transaction fees.
- The ability to buy Tron (and other tokens) and sell it within other networks.
- Multisig.
- Reliable customer support service can answer any question connected with TRX transactions, TRX token mining, crypto staking, etc.
- Ability to exchange decentralizing XRP cryptocurrency.
Also, you should know that three main trust wallet types are widely used within the Tron ecosystem. They can help cryptocurrency traders securely keep TRX coins and validate transactions.
- Desktop version. In this case, you should install the software on your PC or wallet to get access to your assets and be able to send/receive TRX tokens. You can access some benefits compared to the mobile version (for example, 100% nodes exchange integration).
- Web type. You can access these online services and conduct digital assets transactions with a secure Internet connection. Currently, you can find a lot of trusted representatives, including Kraken, Coinbase, etc.
- Mobile type. In the modern crypto world, such solutions do not differ much from desktop options. You can download them on almost any iOS or Android device to access created Tron coins.
Who Invented the Tron Network?
Tron is the project of the famous entrepreneur Song Yuchen (also known as Justin Sun). The businessman is known for being featured twice in the “30-under-30” section of Forbes Asia.
Before switching to blockchain technology, the entrepreneur actively created the Peiwo audio content application. Moreover, he was one of the representatives of Ripple in 2015. However, he left this position after being actively engaged in developing the Tron Foundation project. Thanks to his impeccable reputation and experience, Justin Sun has attracted the attention of many investors, including Tan Binsen, the founder of Clash of King company, and Dai Wei, the CEO of startup OFO.
FAQ
Yes, it is 100% safe and supports 2FA, delegated proof-of-stake option, etc.
You can do it via mobile, web, or desktop wallets. They are freely available on the Internet and have their own features.
Yes, this network comes with the native coin called TRX.
Initially, it was based on the Ethereum virtual machine, but currently, it is a full-fledged and independent technology.