What is TRON (TRX)?

TRON (TRX) is a decentralized blockchain platform that aims to build a decentralized internet and enable the creation and distribution of content without the need for intermediaries. TRON was founded in 2017 by Justin Sun, a Chinese entrepreneur and the current CEO of the TRON Foundation.

Key Takeaways

• TRON is a decentralized platform that uses blockchain technology to enable the creation and distribution of content without the need for intermediaries.
• The TRON blockchain network uses a delegated proof-of-stake (DPoS) consensus mechanism and operates on a three-layer architecture.
• TRON uses a native cryptocurrency called TRX, which is used to facilitate transactions on the platform and is also used as a medium of exchange in the TRON ecosystem.
• The TRON protocol is designed to enable developers to build and deploy decentralized applications (DApps) and has a focus on the entertainment industry, with the goal of creating a global content-sharing platform.

How does TRON work?

TRON operates on a blockchain network that has a three-layer architecture consisting of a core layer, a storage layer, and an application layer.

• The core layer is responsible for the fundamental operations of the blockchain, such as validating transactions, managing accounts, and executing smart contracts written in Solidity.
• The storage layer is designed to efficiently store complex data and is divided into blockchain storage and state storage.
• The application layer allows developers to build decentralized applications (dApps) and custom wallets on the TRON platform using smart contracts.

Delegated Proof of Stake

To ensure the security and integrity of its transactions, TRON uses a delegated proof-of-stake (DPoS) consensus mechanism, which is a variation of the proof-of-stake model. In TRON’s DPoS system, TRX holders can “stake” their tokens by pledging them as collateral and voting for “super representatives” to validate transactions.

Super representatives are chosen every six hours through a voting process and are responsible for validating blocks of transactions. For each block, super representatives receive both a block reward and a vote reward, which are distributed among their voting partners based on their voting ratio.

TRON Ecosystem

The TRON ecosystem includes a decentralized exchange (DEX), a blockchain explorer, a wallet, a decentralized oracle, and a lending platform. TRON is focused on building decentralized finance (DeFi) applications, and its smart contracts are executed using the TRON Virtual Machine, which has a three-layer architecture that distributes resources among TRX holders.

The TRON network is capable of processing more than 2,000 transactions per second.

The DAppchain is a collection of side chains that are connected to the TRON blockchain and support almost all the features of the main TRON blockchain through smart contracts. The TRON wallet was released in the second half of 2018 and allows users to manage multiple wallets from a single mobile app. The DAppchain enables users to store and transfer funds without the need to download software.

The TRON protocol is used for a variety of applications beyond decentralized exchanges, including lending platforms, gaming, and movie streaming. Users can pay content creators directly using their TRON tokens, which allows for a more level playing field for all creators compared to centralized platforms.

Bittorrent

BitTorrent is a decentralized file-sharing protocol that allows users to download and share large files over the internet. It works by breaking a file into smaller pieces, which are then distributed among multiple users who are downloading the file. This allows for faster download speeds and more efficient use of bandwidth, as users can download different pieces of the file from different sources at the same time.

BitTorrent was founded in 2004 and was one of the first decentralized file-sharing protocols to gain widespread adoption.

In 2018, Justin Sun announced that TRON had acquired BitTorrent, and the two companies have been working together to integrate their technologies and platforms. Since the acquisition, Bittorrent added further developments, including launching their native token BITT on the TRON network, which facilitates transactions on the BitTorrent platform.

TRON development

TRON has made significant progress in the development of its platform since its launch in 2017. One of the key milestones in the development of TRON was the launch of its mainnet in 2018, which marked the transition from an Ethereum-based platform to its own independent blockchain. The mainnet launch was followed by the migration of TRX from the Ethereum blockchain to the TRON blockchain, which allowed TRON to operate as a fully independent platform.

Since the mainnet launch, TRON has continued to release regular updates and upgrades to its platform, including the introduction of new features and improvements to existing ones. In 2019, TRON released the Odyssey 3.5 update, which introduced support for cross-chain communication and the ability to issue and manage custom tokens.

In 2020, TRON launched the Sun Network, a layer-2 scaling solution that aims to increase the scalability and speed of the TRON platform.

Tron Foundation

The Tron Foundation was a nonprofit organization based in Singapore that was established to support the development and promotion of the TRON platform. The foundation was governed by CEO Justin Sun and was responsible for making strategic decisions related to the development and promotion of the TRON platform.

In December 2021, Sun resigned as CEO of the now-dissolved Tron Foundation. Since then, the governance and development structure of TRON switched to a decentralized autonomous organization – the TRON DAO.

TRON FAQ

Who created TRON?

Justin Sun is a Chinese entrepreneur and the founder of TRON Network. He is also the founder of Peiwo, a social media app that has more than 10 million registered users in China. In addition to his work with TRON and Peiwo, Sun is known for his involvement in the cryptocurrency and blockchain industry, and he has been recognized as a prominent figure in the space.

How can I buy TRON?

Here is a step-by-step guide on how to buy TRON (TRX):

1. Choose a cryptocurrency exchange: First, you will need to choose a cryptocurrency exchange that offers TRX. Some popular exchanges that offer TRX include Binance, KuCoin, and Kraken. Be sure to research and compare different exchanges to find one that meets your needs and is reputable and trustworthy.
2. Create an account: Once you have chosen an exchange, you will need to create an account by providing your personal information and verifying your identity (if required).
3. Transfer funds: Next, you will need to transfer funds to your account on the exchange. This can typically be done by transferring money from your bank account or by using a credit or debit card.
4. Buy TRX: Once you have funds in your account, you can buy TRX by placing an order on the exchange. You will need to specify the amount of TRX you want to buy and the price you are willing to pay. The exchange will match you with a seller and complete the transaction when the order is filled.
5. Store your TRX securely: TRX can be stored in a TRON wallet, such as the official TRON wallet or a third-party wallet that supports TRX.