TRON is one of the world’s largest and fastest-growing public blockchain-based operating systems, with over 55 million accounts and 2.4 billion transactions as of October 2021. Their slogan is “decentralize the web”. It mainly hosts entertainment programs and applications, eliminating the corporate middleman from the media consumption process.
Founding of TRON
It was founded in 2017 by Justin Sun and the Tron Foundation, a Singapore-based non-profit organization. The Foundation was able to raise $70 million through initial coin offerings. Its protocol was first based on the ERC-20 token on Ethereum. it was initially marketed in Asia, but has gone global especially after developing an independent peer-to-peer network and its acquisition of BitTorrent.
TRON has its own native cryptocurrency called the Tronix (TRX). One use of TRX is to directly pay content creators to access their applications and programs. Because TRX transactions are free on the platform, content creators do not pay a transaction fee to TRX. According to CoinRanking.com, TRX ranked 31st among cryptocurrencies in market capitalization as of August 2021.
TRON has a three-layer architecture: a storage layer, core layer, and application layer. The TRON protocol, which is maintained by the TRON Foundation, equally distributes computing resources among TRX holders by using internal pricing mechanisms. The protocol also follows Google protocol buffers that support multi-language extensions. It provides a decentralized virtual machine that can execute a program using an international network of public nodes. These public nodes require no transaction fees while also conducting around 2,000 transactions per second.
Because TRON wants to prevent free DDoS (distributed denial-of-service) attacks, its implementation requires minimal transaction fees. As a new generation of blockchain systems, TRX has negligible fees, high transactions per second, and high reliability.
Apart from the cryptocurrency boom, TRON’s success depends on sustaining its quality and programming. It has also partnered up with Poloniex, Samsung, BitTorrent, Opera, and the Swisscom Blockade. It also has many decentralized apps running on the network, including Project Atlas—the largest decentralized app. DAppChain is also one of TRON’s sidechain project that aims to help other DApps (decentralized apps) to operate on TRON with enhanced safety, faster speed, and lower energy consumption.
***Disclaimer: this is not financial advice