- TRON is one of the blockchains that are considered smart-chains, for its advanced technology of network resource utilization.
- It uses a delegated proof-of-stake (DPoS) consensus mechanism for a fast, secure and highly scalable blockchain that efficiently utilizes smart contracts.
- TRX is a network-created cryptocurrency coin.
TRON is one of the advanced blockchain networks that aims to truly decentralize the web with its vast utilities by exploiting multiple smart technologies. One of its distinguishing features is its resource functionality, which needs to be purchased and utilized to enable any kind of transaction on the chain.
The smart contracts of the network are highly advanced, to enable the development of DApps for any practical purpose. It has its cryptocurrency, the TRX coin, which is the network’s native utility token and can be used for governance and as a financial asset.
The TRON Blockchain
The TRON blockchain is a smart blockchain network that aims to completely decentralize the internet with all the applications that are used in today’s world. It is open-source, smart contract-capable, and has high transaction speed. It is highly scalable and allows developers to build and deploy a myriad of DApps on the platform.
The project was started as a blockchain ecosystem to support content creators by giving them full ownership of their creations. It was founded in 2017 by Chinese-born Grenadian resident computer engineer and tech entrepreneur Justin Sun, who also serves as the CEO.
Its mainnet was launched in 2018 and developed by the TRON Foundation, a Singapore-based non-profit that serves to manage and democratically govern the TRON ecosystem. Notably, since its inception, the cryptocurrency has grown to rank among the top 10 in the world, according to numerous standard crypto research organizations.
The network is secured by a Delegated Proof-of-Stake consensus mechanism, which is environment-friendly and makes the network highly scalable with very fast transaction speeds. To carry out any transactions on the network and interact with the smart contracts, the users need to purchase certain resources such as energy, data, memory, bandwidth, power, etc. The network claims to be capable of handling a maximum of 2000 TPS (transactions per second).
How Does TRON Work?
The consensus mechanism adopted by the network is an advanced PoS, i.e., a delayed PoS, which is an improvement over the regular PoS. It helps to further decentralize the staking consensus protocol. It so happens that the standard PoS gets dominated by those who hold large amounts of the network’s base currency, leading to undue influence and liquidity problems.
In this DPoS protocol, the network uses 27 super representatives, which validate the transactions and generate blocks. The 27 super representatives are determined by a voting process in which all the stakeholder groups participate. This voting takes place every 6 hours and the top 27 vote scorers get to be validators for the next 6 hours.
Users need to purchase bandwidth and energy with the native utility token, to carry out any transaction on the blockchain. The Bandwidth points and energy enable users as well as builders and developers to deploy smart contracts and make transactions. These points and energy get consumed every time a transaction is made.
The ecosystem uses smart contracts that are very advanced and can enable the development of any type of DApp. The smart contracts are built on the Tron Virtual Machine (TVM). TVM provides a secure and decentralized environment to run smart contracts coded in the Solidity language. The efficient smart contracts also aid in making the blockchain highly scalable.
TRX Coin
TRX, or Tronix, is the native cryptocurrency coin of the network. It can be used for staking, liquidity provisions, and developing DApps. Initially, they were minted by the ERC-20 standard, but after the launch of its mainnet, they were all shifted to TRON’s token standards, TRC-10, TRC-20, and TRC-721. TRXs are minted mostly by the TRC-10 standard and have a fixed maximum supply of 89,826,603,811 TRX.
The live price data of the coin, at the time of writing the article, says that the price of TRX is $0.077071, which is a rise of 0.18% within the last 24 hours. The 24-hour trading volume remains at $143,581,302. With the current circulating supply of 89,826,482,399 TRX, the market cap is $6,922,996,455.
The Ecosystem and the Future Roadmap
TRON is an ambitious ecosystem that aims to build a completely decentralized internet by developing several DApps and other blockchain functionalities, including, but not limited to, DeFi. The ecosystem is vast, with many DApps, multiple protocols, exchanges, Software Development Kits (SDKs), developer tools, platforms, and a stablecoin, USDD.
- USDD
It is the algorithmic stablecoin developed by the TRON platform and is dubbed the decentralized USD, pegged to the USD.
- SunSwap DEX
SunSwap is a decentralized token exchange platform of the TRON network that allows users to exchange any TRC-20 tokens and have full ownership, without the exchange charging any commission.
- TRON Wallet
It is the crypto wallet developed on the network by the TRON DAO and can establish cooperation to connect with other world-class crypto wallets.
- TRON DAO
It is the decentralized autonomous organization that oversees and governs the TRON network, approves improvement proposals, and makes sure that the entire ecosystem is decentralized and runs in a democratized manner.
There are many other DApp projects and protocols being built on the platform, such as TRONSCAN, JustLend DAO, WinkLink, TRON ETF, APE NFT, etc. One of the most prominent elements of the ecosystem’s future roadmap is to onboard 100 million users from the BitTorrent community, a Web2 protocol bought by TRON, via its project Atlas. It also involves frameworks to empower the developer community, which will foster the rapid growth of wide utility dApps on the network.
