We present to you a blockchain that wants to revolutionize the exchange of free and decentralized content.
Table of Contents
TRON, the key data you need to know:
- TRON is a blockchain that began by developing a token based on Ethereum.
- Currently, the project has its own open source blockchain, and its goal is to facilitate the exchange of free and decentralized content generated by users.
- Thanks to TRON, developers and users do not have to worry about limitations imposed by censorship and external control attempts.
- Justin Sun is the creator of the project.
- TRON has a native token: TRX.
History
TRON was founded in 2017 by its chief executive officer (CEO) Justin Sun. In its beginnings, the project developed a token based on the Ethereum blockchain – from its launch through an ICO until its transition to the main network on June 25, 2018. On the other hand, Sun created the TRON Foundation, which It is based in Singapore and is responsible for ensuring the development and ecosystem of its TRX token.
While all this was happening, a controversy also arose. TRON Foundation decided to use an ICO to finance the development of the cryptocurrency, which raised $70 million. Shortly after, the Chinese government applied a block on ICOs throughout the country, and for this reason Justin Sun was accused of influence peddling. On the other hand, it was said that TRON plagiarized many ideas from the ether blockchain, as its White Paper was found to be an exact copy of the Ethereum white paper.
In 2018, the company purchased the BitTorrent file-sharing service, which was included in the TRON ecosystem. In this way, TRON sought to become a network of DApps and monetizable content distribution, which would have the native TRX token as its epicenter, along with new forms of decentralized content distribution.
In early 2019, the Tether (USDT) stablecoin was launched on the TRON blockchain – the currency also works on the Bitcoin, Ethereum, and EOS blockchains, among others. In October of the same year, the project announced a partnership with the South Korean firm Samsung. As part of this alliance, the blockchain wallets integrated into Samsung Galaxy S10 phones are now compatible with TRX.
By 2022, the CEO of TRON, in his pursuit of a decentralized economy, reported the launch of an algorithmic stablecoin called USDD (also known as the decentralized dollar). The goal of this stable cryptocurrency is to make finance accessible to everyone, so that people can enjoy the unlimited existence of a currency, without depending on any centralized entity.
What is TRON?
TRON is a decentralized platform based on blockchain technology. It is intended to create a free and decentralized internet (also known as Web3 ), whose objective is to facilitate the exchange of free content generated by users, as well as create an entertainment network – similar to AppStore or Google Play – that allows developers conceive their own entertainment apps and offer them directly to consumers – that is, without intermediaries.
This blockchain also offers the possibility of great scalability, thanks to the DPoS (Delegated Proof of Stake) consensus protocol. In addition, it has advanced Smart Contracts capabilities compatible with Ethereum and its EVM , since a fork of the EVM and Solidity was made, which was adapted to the DoPS protocol.
On the other hand, the use of BTFS (BitTorrent File System) is considered a key point of TRON. BTFS works as a decentralized storage system where DApps can keep data securely and available to everyone at all times.
TRX, the native token
TRX is the native currency that allows transactions between users to be carried out in a decentralized manner, with all movements being recorded on a public blockchain. This enables the exchange of TRX for bitcoin or other cryptocurrencies (through exchanges), or use it to make payments on the TRON network.
In addition to the native TRX currency, the platform also has the following standards:
- TRC10 – Allows application developers to issue their own tokens within the TRON platform. Its ease of issuance allows teams to gauge interest in their project without spending a lot of money on development.
- TRC20 – Extends the functionality of TRON-based tokens. They are fully compatible with the Ethereum ERC-20 token standard, helping developers easily migrate Ethereum-based smart contracts to TRON.
TRON Power (TP) is another token that lives on the TRON blockchain. To acquire this token, simply block a TRX number for a period of time. TP provides voting rights on issues related to the development of the network (the token cannot be sold, but it can be bought).
How does TRON work?
Using blockchain technology, TRON eliminates any type of intermediary. An ecosystem is created that guarantees user privacy and is completely resistant to censorship and external control attempts.
There are three layers that make up the architecture of the TRON ecosystem. Each of them plays an important role in allowing the network to operate at its maximum capacity.
- Storage layer. It is where TRON network data is stored securely. State data related to the blockchain is also stored at this level.
- Application layer. The space in which developers generally work. This layer allows the creation of apps that work with TRON and TRX.
- Core. Here is a layer that processes different types of instructions. The core layer can only recognize instructions written in two programming languages, Solidity and Java. When indications are processed at the core layer, the code is sent to what is known as a TRON Virtual Machine. Once the code reaches said virtual machine, the applications can be executed.
TRON can solve several of the problems faced by users of centralized networks. In this type of infrastructure, privacy is one of the main concerns, since users fear that their data could be leaked or manipulated. Therefore, Tron, with its decentralized system that protects information, gives everyone greater peace of mind.
While many services that depend on a centralized network have restrictions on who can use the platform and from what geographic location, TRON offers an alternative solution to those kinds of limitations – which often occur on streaming platforms. Developers and users do not have to worry about censorship attempts and geographic restrictions.
As mentioned before, one of the keys to TRON’s success is its decentralized storage system: BTFS, a derivative of IPFS (InterPlanetary File System) whose function is simple: to serve as a storage network for the network. TRON. This collection can be used for everything from uploading files and data for DApps, to storing personal and private documents of individuals or companies.
Uses of TRON
TRON may offer users access to entertainment applications, games (including gambling), videos and graphic materials, as well as the ability to communicate with each other.
Some examples of how TRON is being used:
- Travala, hotel and accommodation booking platform that uses blockchain technology. He developed a system that allows people to book accommodation when they travel. Travala adopted TRON as an accepted payment method. This allows customers to pay with a TRX balance held in their wallet.
- Samsung – as already noted – announced the addition of TRON to the Samsung Galaxy S10. Thanks to this, users have easy and secure access to the wide variety of TRON DApps available.
- The official TRON store – tronnetwork.store – is a site where people can purchase a wide variety of brand merchandise and pay with their TRON account balance.
In the sector of decentralized gambling apps, TRON has apparently found a niche (as shown by applications such as Betfury, RocketGame or 888TRON), however, it is also being used on a platform such as TronWatch, a decentralized exchange that offers users the ability to trade different cryptocurrencies, such as TRX, TWX, USDT, and IGG.
Advantages of TRON
- The biggest benefit of using TRON: it allows artists and content creators, from all over the world, to gain ownership of the material they create.
- The users, creators of entertainment content, are the owners of that material.
- Content creators earn a profit commensurate with their contribution, according to the platform’s rules.
- Provide a service to people for free. A non-profit organization is behind the project, which is intended to serve the masses of individuals who appreciate the entertainment content provided to them around the world.