Tron (TRX) the decentralized platform for digital content
what is tron
It is a project designed for the deployment of smart contracts to create trc20 token decentralized applications . Tron adds a system called Delegates Proof -of-Stake (DPoS).
Tron was born with the aim of being a viable alternative to Ethereum. The problem with Ethereum, like other cryptocurrencies with proof-of-work consensus, is scalability. By having limitations in the ability to process transactions, high commissions are generated. Tron adds a different mechanism that allows a large number of transactions to be processed per second.
Although Tron is a decentralized global network, where it seems to have more followers is in Asia . They have a large community that supports the project. It is true that this blockchain has been heavily criticized for its way of advertising.
Note that in 2018 the Tron Foundation acquired the BitTorrent platform . This P2P tool and protocol, for years, has been widely used to share content.
What is the origin of Tron
Project developed by Justin Sun in 2017 . Before starting his own project, he was the creator of the Peiwo app, an app similar to Snapchat. Note that in 2015 he was also a representative of Ripple. Later he leaves all these projects and develops the Tron Foundation.
It was on August 3, 2017 that the Tron ICO was launched , putting 100 billion TRX up for sale. The tokens (then deployed on top of Ethereum) raised $70 million.
Some of the big early investors included Tang Binsen, founder of Clash of Kings, and Dai Wei, CEO of bike-sharing company OFO.
Justin Sun (left) with Jack Ma (right)
Team behind Tron
The most visible face is Justin Sun, but behind this project there are many other people. Let's go to other prominent figures within the project.
The first that stands out is the CTO, Lucien Chen , who worked at Alibaba for a long time. He also went through other prominent companies like Netease, Qihoo 360 and Tencent.
Also stand out Maorong Lin and Xiadong Xie, who have many years of technical experience. They have worked for years within the technical part of entertainment and internet commerce.
Tron also has the support of important representatives of the Chinese business community:
Hitters Xu: Founder of Nebulas
Tang Binsen: founder of the mobile game Clash of Kings
Xue Manzi: important Chinese 'business engel'
Chaoyong Wang: Founder of China Equity Group
Dai Wei: CEO of OFO bike
What are the characteristics of Tron
Tron integrates a series of elements that make it different from other blockchains. The main difference from other cryptocurrencies is its Delegates Proof-of-Stake (DPoS) consensus mechanism.
It also has a large ecosystem of decentralized applications (dApps) . We can find a decentralized exchange, an NFT marketplace, block explorer, own wallet, lending platform and decentralized oracles, among others.
Tron token development has recently begun to make its way into decentralized finance (DeFi). A number of related services are being rolled out for this new service branch.
Like Ethereum, Tron has its own virtual machine called TVM . This is in charge of executing the deployed smart contracts (as in the case of the Ethereum EVM). The interesting thing is that it makes use of three layers: a storage layer, an application layer and a core layer.
Computing capacity and bandwidth is distributed by all TRX holders. Using the DPoS mechanism, this network can theoretically support up to 2,000 transactions per second.
blockchain tron operation
How Tron works
One of the big differences between Tron and Ethereum, Solana , Cardano and other similar blockchains is its consensus mechanism. As we have discussed, Tron makes use of the Delegated Proof of Stake (DPoS) system.
This makes mining in Tron not a necessary element, since the blocks are generated by specific nodes. Transactions are validated and added to blocks by 27 delegates . These delegates are called Super Representatives . Said Super Representatives are elected by vote by the holders of the TRX tokens. The voting power directly depends on the number of tokens held.
Every six hours the Super Representatives can change according to the criteria of the coin holders. These special nodes are tasked with confirming transactions and generating new blocks.
Super Representatives for these tasks receive a reward in TRX. Indicate that the blocks in Tron are generated every three seconds and for each block, the super node receives 32 TRX tokens.
Annually, taking into account the time between blocks and the reward per block, 336,384,000 TRX per year are added to the currency.
We have commented that Tron has an architecture that is divided into three layers . We have the storage layer (storage), the application layer (App) and finally the core layer (Core).
The different layers communicate through a protocol that works through various programming languages. Specifically, Java, Python, C++, Scala and Go are used. The language used initially was Java, although other programming languages were added.
The entire architecture of Tron is explained in the design document called TRON Architecture. The following characteristics are specified there:
Storage layer: It is a distributed block and state storage system. The graphical database has been specifically designed to offer fast processing and simplify updates. All seeking to satisfy the need for a diversified data storage system.
Core layer: This is the layer where most of the modules and elements are located. Here are the smart contracts, the account management, the delegated proof-of-stake consensus mechanism, among others.
Application layer: Where developers create and deploy decentralized applications. Obviously it allows the customization of the same and even the issuance of tokens for the dApp.
tron blockchain architecture elements
What improvements will Tron implement
Tron, like other cryptocurrencies, are of very recent creation and are in their infancy. The problems with most blockchains come from the fact that we are still exploring the capabilities of this technology. Different solutions are currently being worked on to be deployed over the next 8-10 years.
Currently the project is in the first phase of Exodus. The idea is to offer a simple to use distributed file sharing system that is similar to IPFS. For this first phase, blockchain technology would not be used. This will change in a second phase, where a block system will be added.
It wants to offer early adoption and the creation of communities of content creators and consumers. It would be a model quite similar to proof-of-stake consensus.
Earnings for creation are tied to a metric system based on a tip scheme. The system of simply visits or clicks is replaced. Visits and clicks are not an ideal metric. These can be artificially generated by bot farms.
They would be working on a system based on TRX transactions. This allows the exchange of value for faster services. For this mechanism, an entry/exit payment is required in a TRX account if users lack this token.
Grady Voyage and Apollo
Phase three (Great Voyage) and phase four (Apollo) seek to allow content creators to offer personal brand participation through 'individual ICOs' or brand tokens.
This requires Tron token development company application platform. It would be similar to Ethereum, with a Turing-complete language to support smart contracts. From Tron they are aware that they could suffer from network congestion due to the launch of ICO, something that already happens in Ethereum.
It could have the side effect that the network cannot validate this token issuance. Indicate that the Tron technical document does not expose how it is protected from Sybil-type attacks or hacks of exchange accounts on the network. It only mentions the effort to mitigate these threats by creating a DEX.
Fifth phase of development of Tron and that seeks to emulate Augur. The idea would be to create a decentralized platform for predictions and gambling.
It will be the last big improvement or implementation (at least planned) for Tron. This element, predictably, will offer the ability to raise funds and monetize based on the growth of the community. The Eternity implementation is directly dependent on the Exodus deployment, which will be earlier.
How is the TRX token
Tronix (TRX) is the native currency of the Tron blockchain. The interesting thing about this asset is that it was initially an ERC-20 token as there was no blockchain. It was an ERC-20 token until its own blockchain was launched in June 2018. Then the migration of the ERC-20 tokens to the TRX coin began. Users could claim TRX for free within the Tron blockchain, with a 1:1 ratio.
The ICO was launched on August 31, 2017 and lasted until September 2, 2017. 40% of the tokens were put up for sale, which served to start the development of the project. The ICO managed to raise close to 70 million dollars in Ethereum and Bitcoin. The remaining 60% of the tokens were saved for future distributions, project development and other expenses.
Currently the currency is 100,850 million TRX and does not have a maximum limit.
tronix trx token
Could Tron end Ethereum
The origin of Tron is precisely in Ethereum , specifically, in its scalability problems . We have witnessed on many occasions congestion processes in Ethereum. These processes generate delays in the validation of transactions and increases in commissions.
Ethereum currently, being based on a proof-of-work consensus, has a very low transaction processing capacity. The average is currently around 12-20 transactions per second. Due to the rise of NFTs, DeFi and other uses of this blockchain, there are more and more congestion processes.
Tron would currently offer , in theory, support for up to 2,000 transactions per second. It has never been proven, as the trading volume on Tron is far less than this figure.
The Ethereum 2.0 upgrade switches from proof-of-work to proof-of-stake consensus. Additionally, Ethereum 2.0 will break the blockchain into more manageable chunks, which will increase processing power. There is talk of several tens of thousands of transactions per second, although there is no official figure.
But Tron does not only have to face Ethereum 2.0, there are also other networks that are postulated as superior. We have Cardano with a potential of up to 100,000 transactions per second or Solana with a potential of up to 50,000 transactions per second.
It is difficult that Tron can finally overtake Ethereum and other blockchains. The competition is very strong and despite the great potential of Tron, his consensus is his great enemy.
Pros and cons of Tron
Seeks that all users of the network can benefit from their participation Tron creator Justin Sun has been widely criticized for his social media activities and bot hype
Transaction fees are lower than other blockchains Mostly used in Asia, outside of there it has quite limited relevance
Content creators have their intellectual property secured through a censorship-resistant mechanism Its delegated proof-of-stake consensus is highly criticized for being an extremely centralized mechanism that puts network security in the hands of a few
It is a highly secure network that is resistant to different types of attacks Most projects that use smart contracts are intended for gambling
Focuses on the principles of P2P It has less developer support than other newer projects.
It has a very good development team
They currently have a large community
They have a good roadmap for the coming years
Final Words on Tron
The controversy and Justin Sun's insistence on comparing his solution to Ethereum has never done him any good. Tron has never finished standing out and getting the attention of developers. Relying on a delegated proof-of-stake consensus is also not something to like.
We explain in this article what cryptocurrencies are and what they are for
Newer blockchains like Cardano or Solana have managed to better engage users and developers. They are more open ecosystems and more designed for decentralized finance and dApps. Tron has been overtaken by these new projects, despite being on the market longer.
We can say that Tron has become a blockchain mainly focused on the Asian market. Although anyone can use it, actually outside of Asia the use is very limited. It also lacks great innovations and appears to be far behind decentralized finance. That the majority of relevant projects are focused on betting, users do not particularly like either.