The TRON protocol is one of the world’s biggest blockchain-based operating systems, with high throughput, scalability, and the ability to host a diverse set of decentralized apps in its ecosystem. In July 2018, TRON purchased BitTorrent to pursue its objective of building a decentralized ecosystem.
Tron’s goal is to establish a free and worldwide digital content entertainment platform that makes use of distributed storage technologies while allowing people to share digital material easily and cheaply. However, the benefits are not limited to these, it has an extremely advantageous position compared to traditional methods, especially in terms of conducting business activities.
INTRODUCTION
Tron is a blockchain-based cryptocurrency launched in 2017. The project was unique at the time for not encouraging encryption or network architecture improvements.
Decentralized apps (dApps), smart contracts, cryptocurrencies, and decentralized proof-of-stake agreements were all developed by other projects before Tron. Even though some decried the development’s lack of creativity, others complimented the usage of tried-and-true elements rather than striving to create something altogether new, which also allowed for a stronger emphasis on user experience and design.
WHAT IS TRON (TRX)?
Initially an Ethereum-based ERC-20 token, Tron is now a separate currency. Decentralization is the first of several principles that underpin the Tronix network. Every piece of data on the blockchain is completely unfettered and unchecked by any centralized system. As a reward for uploading their material, content providers may earn the TRX token.
On the Tron network, developers may also build their tokens, which may then be utilized in users’ network-based decentralized apps (dApps). The primary TRX token serves as the foundation for these freshly minted coins. The support of decentralized games on the Tron network is the last step of the network development plan.
Tron is developing a delegated proof-of-stake consensus system. Transactions are verified by 27 super representatives who are responsible for keeping track of the transaction history in this system. Superior delegates are chosen every five hours, and in return for their efforts, they get TRX produced by the operation. Every 3 seconds, a new block is added to the Tron blockchain, and individuals who contribute to the block are rewarded with 32 TRX coins.
Tron established itself distinct with a marketing approach that centered on Asia and extensively highlighted Justin Sun, the company’s founder and designer. Given its highly active fan following, it’s no wonder that the fantastical Tron has achieved some traction.
WHO IS TRON’S INVENTOR?
Sun Yuchen, an entrepreneur, invented and built Tron (better known as Justin Sun). He has twice been included on Forbes’ “30-Under-30” list in Asia. Sun built Peiwo, an audio content platform, before launching Tron. In addition, in 2015, he served as a spokesperson for Ripple. He quit that role, however, after establishing the Tron Foundation.
DEFINING TRC-10 AND TRC-20 TOKENS
TRC-10 is a digitalized token standard that the TRON blockchain supports naturally without the use of the TRON Virtual Machine. TRC-20 is a TRON blockchain technical standard that enables tokens to be developed utilizing the TRON Virtual Network and is completely ERC-20 compliant.
For 1024 TRX tokens, custom TRC-10 tokens may be created and issued on the TRON Network. The developers don’t require any programming experience, and the whole procedure is straightforward. The Tron Virtual Machine may be used to construct smart contracts utilizing TRC-20 tokens (TVM). Because it is completely interoperable with ERC-20 tokens, developers may migrate their Ethereum contracts to Tron.
Smart contracts have limitless possibilities, and TRC-20 coins can include extra logic that TRC-10 tokens cannot. ANTE, which is utilized on the famous TRONbet platform, is a well-known example of a TRC-20 token.
HOW DOES TRON’S OFFICIAL NATIVE CRYPTOCURRENCY (TRX) WORK?
TRON’s official native cryptocurrency is TRX, which stands for Tronix. TRX operates in a variety of ways. It may be used as a means of trade, an investment, and a bridge currency across multiple platforms and Tron tokens since it is the de facto token of the Tron economy.
TRX is a peer-to-peer cryptocurrency that makes use of blockchain technology. TRX transactions are quick and cost little. It may be found on a variety of exchanges, as shown below, and is now the world’s tenth-biggest cryptocurrency.
TRON 3-LAYER ARCHITECTURE
The Layer of Storage
TRON’s technical team created a distributed storage mechanism that includes both state and block storage. A graph database was added to the storage layer architecture to better fulfill the demands of varied data storage in the actual world.
Account Management Layer
Account management, smart contracts, and consensus are among the components of the core layer. Tron also uses an optimized instruction set to construct a stack-based virtual computer.
Solidity is the smart contract language, which was selected to make it easier for developers to create dApps. In the future, support for more advanced languages will be added. Tron’s consensus method is based on Delegated Proof of Stake (DPoS), and it has spawned a slew of new ideas to satisfy its specific needs.
The Layer of Application
Tron developers may design a variety of bespoke wallets and Dapps. Utility usage is almost endless since smart contracts can be performed and implemented on Tron.
The Tron phase is defined by Google Protocol Buffers, a platform-agnostic, language-agnostic, and flexible method of modularizing data that may be used in file storage, programming interfaces, and much more.
WHAT MAKES TRON SO VALUABLE?
One of the major benefits of embracing Tron is that individuals and content creators all around the world may now have total ownership over the material they create. The opportunity to produce and distribute the material without worrying about debilitating transaction costs is a huge plus.
Tron is an interactive web effort that has gained a lot of attention. The main purpose of the third-generation web is to enable people to use the network in a decentralized and effective manner.
From the standpoint of programmers, Tron is unusual in that it is currently being developed to allow the use of a strong syntax for smart contracts. In the future, users will be able to add to Tron’s open-source design using any programming language.
Tron is a one-of-a-kind coin in that it brings to the market a distinct point of view and set of objectives. TRX has no charges, which is an amazing feat. Other than that, the system has a transaction rate of 3000 per sec.
HOW SAFE IS THE TRON NETWORK?
Tron’s delegated proof-of-stake consensus process is its most important security feature. Every six hours, the system rotates network validators, and each validator is selected by voters (users that staked their TRX tokens).
The Tron community may both contribute to the development and receive incentives by participating in the Bug Bounty Program, which is an innovative form of crowd-sourcing to combat the steady stream of defects that can be linked with software development. The Tron Foundation provides significant TRX incentives for any flaws or vulnerabilities discovered via this program.
USES OF TRON
The Tron network currently supports a diverse set of applications and games. Because TRX operations are free, Tron is used for commerce in addition to its core use case as a content distribution network.
Other Tron applications include:
A Digital Currency or a Medium of Exchange
The Tron ecosystem’s principal means of trade is TRX, which covers profits or payments from the hundreds of Tron-based decentralized apps (DApps). Anyone with a Tron Wallet may send or receive TRX from anywhere globally. It may also be used as a type of digital currency, similar to Bitcoin, to pay for products and services.
Crypto Settlements and Payments
When it comes to Crypto Settlements and Payments, TRON is one of the most preferred methods because of its many advantages such as low transaction fees, fast confirmation times, integration and reliability, and cross-border payments.
- Low Transaction Costs: TRON transactions typically have lower fees compared to traditional financial systems, making it cost-effective for users and businesses, especially when making microtransactions or cross-border payments.
- Fast Confirmation Times: TRON’s block generation time is relatively short, leading to faster confirmation times for transactions. This is particularly advantageous for applications that require quick settlement, such as point-of-sale transactions.
- Cross-Border Payments: TRON’s fast and low-cost transactions make it suitable for cross-border payments. Users can send and receive funds internationally without the delays and high fees associated with traditional banking systems.
To Grant Advantages and Rights to Individuals and Businesses
Holding TRX tokens grants significant rights and benefits in the ecosystem, particularly if freezing (locking) them in return for Tron Power (TP). The holder will be eligible for election in the Tron contests as a result of this. Votes become invalid if the TRX is unfrozen until it is frozen again. TRX holders also got free BitTorrent Token (BTT) as part of a BitTorrent Token (BTT) airdrop.
In addition to individuals, businesses can also use the TRON network to carry out various activities such as paying employee salaries or international invoices. TRON’s fast and low-cost transactions enable seamless and timely salary payments, especially for employees in different geographical locations. By using TRON, employers can eliminate the need for traditional banking intermediaries, reducing processing delays and fees associated with international wire transfers. Additionally, the ability to pay salaries in TRX offers employees the advantage of borderless transactions, allowing them to receive funds directly to their TRON wallets without the necessity of traditional bank accounts.
Moreover, TRON provides a decentralized and efficient solution for cross-border transactions. The use of smart contracts on the TRON blockchain allows for programmable and automated payment execution, streamlining the invoicing process. With TRON’s low transaction costs and fast confirmation times, businesses can significantly reduce the time and expenses associated with international transfers. Moreover, the transparency and immutability of transactions on the TRON blockchain enhance trust between parties, as payment details are recorded on a tamper-resistant ledger, providing an auditable trail for financial transactions.
To Make TRC10 and TRC20 Tokens.
Content providers and dApp developers may utilize TRX to generate their coins on the Tron network. Each time a new TRC10 token is created and issued, a charge of 1024 TRX is paid, which is subsequently burnt (permanently removed from the supply), which reduces network spam and encourages the generation of high-quality tokens.
How to Accept Tron Payments on Websites with Bitpace.com?
Bitpace, a cryptocurrency payment gateway, is becoming a favorite for businesses and websites that want to get paid in cryptocurrency. Bitpace, which already facilitates the receipt of payments in a large number of cryptocurrencies, has completed the system integration of the TRC-20 network, taking into account its advantages such as speed, cost-effectiveness, and security.
After the Bitpace integration, businesses can take advantage of the TRC-20 network’s capabilities and perform a wide range of transactions such as receiving/making payments, paying employee salaries, and paying international invoices in a matter of seconds with very low costs.
TRON’S COLLABORATIONS
TRX has several significant agreements, including oBike, Southeast Asia’s biggest bike-sharing startup, which has developed its cryptocurrency, oCoin. Tron’s network was used to launch the coin. Since oCoins may be used to buy tickets on the oBike network, they become valuable in reality. As per the company, customers may generate oCoins by simply driving oBikes.
Other significant collaborations include one with Bitmain, a semiconductor behemoth that is a top manufacturer and creator of ASIC chips for Bitcoin mining. The Antminer S9 from Bitmain is one of the most popular items in the Bitcoin mining community.
Another of Tron’s partners, Zag-S&W, is a major worldwide law company specializing in commercial and corporate law. Since the company is a partner of the Global 500, a worldwide system that covers most of the world’s top companies, the acquisition is a prospective one.
This alliance will provide cross-jurisdictional assistance for digital asset transactions, operations, risk management, and legal adaptation. The need for legal assistance will only grow when Tronix gets listed in more and more markets.
WHAT TO CONSIDER WHEN CHOOSING A TRON WALLET?
Because Tron is such a popular cryptocurrency, it is supported by a wide range of software and hardware wallets. There are several alternatives from which users may select, and each user must make a decision based on their requirements.
Kriptomat provides a safe storage solution that allows easy storage and exchange of TRX tokens. When saving your TRX with Kriptomat, the users get enterprise-grade security and easy-to-use functionality.
Moreover, the Ledger Nano S is the most secure TRX hardware wallet currently on the market. The hardware wallet has a tiny touchscreen and looks like a USB stick.
TronLink is another great option for a TRON browser wallet. TRX, along with TRC10 or TRC20 tokens, are all available for sending and receiving by users. Using TronLink, programmers can quickly and easily construct Decentralized Applications by connecting them to their existing websites. Smart contract calls may be integrated by developers, allowing for the usage of decentralized apps from inside the browser.
TRX COIN AVAILABILITY
TRX, Tron’s native token, is in short supply. TRX has considerable scarcity value, unlike several cryptocurrencies, particularly stablecoins, which do not have a hard limit. The Tron Foundation issued a total of roughly 100 billion TRX tokens at the start.
However, in June 2018, the Foundation burned 1 billion coins valued at more than $50 million, reducing the total quantity of TRX tokens to roughly 99 billion.