What Is Tron, EXACTLY?
Tron can be described as a blockchain-based operating system. One advantage of this paticular operating system is that one can create decentralised applications with it. We will go more into this aspect in a bit. The TRX coin or token itself can be used to gain access to specific features of this operating software on what is called the Tron Protocol. This means the token’s main purpose is for use on the Tron network. However, it is important to note that Tron is still a store of value as well and can also be traded on cryptocurrency exchanges, therefore it can also be described as a virtual currency (AKA Cryptocurrency).
What Is The History Of Tron?
TRON was founded in the year 2017 by a man named Justin Sun who originally called the idea Tronix. It was actually in 2017 that he created Tron which was also the same year the Tron Foundation was established to maintain it. The TRON Foundation actually raised $70 million in that year through what is called an “ICO” shortly before China outlawed the digital tokens.
By the very beginning of 2019, TRON was showing a total market cap of over half a Billion dollars. Despite this market performance which was nothing short of amazing, some authors viewed TRON as a typical case of the complex and disordered nature of cryptocurrencies. In February 2019, after being acquired by Tron Foundation, BitTorrent started its own token sale based on the TRON network.
What Is The Architecture Of The Tron Blockchain?
TRON utilizes what would be classified as a 3-layer type of architecture. This architecture is then divided into what is called a storage layer, a core layer, and an application layer. The protocol of Tron adheres to Google Protocol buffers which intrinsically supports multi-language extension.
The TRON Foundation is primarily maintains and distributes computing resources equally among TRX token holders with internal pricing mechanisms. These include things such as bandwidth and energy. TRON also provides a decentralized virtual machine, which can execute a program using an international network of public nodes. The network has some of the absolute LOWEST transaction fees in the industry and claims to conduct approximately 2,000 transactions per second.
(Did you catch that part about the fees?)
By 2021, Justin Sun announced that the Tron foundation was to be dissolved. After that, Tron was to be maintained by the community, although he would remain as the ambassador.
Originally TRX were what is called ERC-20-based tokens. This was underpinned by the Ethereum blockchain but in 2018 they separated to become their own unique token with its very own blockchain. Tron acquired BitTorrent in 2018 as well. BitTorrent was the internet’s largest decentralized file-sharing site at the time and this was a necessary step on their journey to creating what you might say is a level media playing field on the internet.
Why Was Tron Invented?
Tron was invented with a very clear purpose in mind. That purpose is to help reward content creators more and more for their efforts. The way the media industry is structured at the moment is that a few big companies such as YouTube, Facebook and Apple have a massive degree over what media is viewed and put out on their sites. Not only do these behemoth companies have control what can be seen, they also receive the vast majority of the money generated by the media. The creators in this scenario however only receive a small cut of that income. The Tron platform was set up to correct this.
This platform cuts out the middle-media-man. it’s able to let viewers directly reward content creators via the Tron network using the TRX tokens. Thus the media is owned wholly by the creator rather than in part by these large companies who are ripping off the content creators that bring traffic to their sites.
How Does Tron Work and What Technology Is Behind It?
This network works on a few principles, the first principle being that all data on the network is both free and not controlled by a central authority. Basically: Dectralized. Content creators are able to gain digital assets. in this case, it would be the TRX token or other tokens which are underpinned by TRX, as a grateful reward for their content.
As mentioned, it is possible for creators to create their own coins or tokens which can be used within their own Dapps on the network. These created tokens are underpinned by the main Tron token.
The final stages of the network development plan include the support of games on the network. These would be totally decentralized and users would be able to reward the creators directly if they enjoyed the game with their own digital assets.
So, Is Tron Real Money?
Tron can be used either as a store of value, as an investment or you can then trade the Tron coin for other cryptocurrencies. Because of this it can be considered as ‘real money’. However the coin’s primary use is on the network in the creation of, and interaction with dApps.
One can also have the option to lock away the tokens to gain a reward known as ‘Tron Power’. This strategy provides the coin holder with both voting rights over decisions on the network as well as giving them a higher status as well. The longer a token holder decides to lock away their tokens, the more Tron Power they receive.
The current total circulating supply of Tron is about 101.7 billion, with a total market cap of $6 billion as of the writing of this article.
Fees & Expenses
Let’s talk about transaction fees for a minute. There are no transaction fees for TRX. This is a remarkable feat, and the network is said to be able to support 2000 of these feeless transactions every second.
Now, purchasing TRX on a cryptocurrency exchange will, of course, incur some sort of fee as compensation for the exchange connecting you with a seller. This is especially true because TRX can only be purchased as a trade for other coins such as Bitcoin or Ethereum. As such, you will incur fees on both purchasing these coins outright and then another fee for the trade to TRX. Bottom line here is always be sure to double-check the fees of cryptocurrency exchanges before you buy anything!
What Are the Benefits of Tron TRX?
Feeless – Transactions on the network are feeless.
Fast Transactions – Transactions are extremely fast, as the network can support up to 2000 of these each second. Having such a capacity for transactions bodes well for a scalable future and the potential on the network for revolutionizing online media. When you compare these capabilities to other coins such as Ethereum (25 transactions) or Bitcoin (3-6 transactions) it becomes extremely clear what an accomplishment this actually is.
TRON Dapp – Highly Secured Decentralized Application
Lately, Tron has become a very dominant Dapp platform in a very short period of time and has an objective of influencing the Dapp market even more so in the very near future. Recently it has been found that some other Dapps are switching from Ethereum and EOS over to the Tron blockchain.
Able to directly support content creators – Tron believes it is important to support content creators more adequately and the network is a great way to do this. If you use the internet these days, chances are you enjoy watching or looking at online media of some kind whether it be text, video or something along those lines. This is not possible without content creators, therefore it is only fair that they are sufficiently supported for their efforts.
How Safe Is It?
Tron has an extremely secure reputation in the crypto world. The company budget for security and the personnel it has hired for this purpose are very indicative of this. Like most other cryptocurrencies, as it is a decentralized network, there is a large responsibility on the individual coin holder to be smart when it comes to looking after their tokens. With regards to the network as a whole, it has yet to suffer a security scandal.
What Teams Are Developing Tron?
The Tron development hub – This is an open-source project from the Tron Foundation that encourages any developer to join in and contribute. This can be done through the Tron Development Hub. Here, there is documentation that covers the protocol, how to set up nodes, smart contracts and how to develop dApps. The purpose of the hub is to be able to walk someone, with relatively little experience or knowledge, through the steps of not only how to use the network but how to engage and eventually shape it as well.
What Financial Institutions Use Tron?
Refereum – This is a platform that allows gamers to earn TRX whilst they stream and viewers to earn rewards whilst they watch. The partnership is in keeping with Tron’s media focus as well as reflecting the huge potential gaming and blockchain integration could have. The main drive of their efforts is through the streaming service DLive, which Tron accessed through BitTorrent partnership with the service.
Metal Pay – Metal Pay is an online payment service for sending money around the world and they have become partners. This means that users can now easily buy TRX tokens for cash through either the Metal Pay website or their app. This helps break down one of the barriers as adoption, which is the process of acquiring TRX that some people may have found difficult before.
Samsung – Samsung has added Tron to their Blockchain Keystore. This means that Samsung users who have the latest versions of their phones are now able to access Tron dApps through the Samsung app store. This is a momentous achievement for the blockchain technology as new content creators are able to receive a reasonable amount of compensation for their efforts but also their dApps are now exposed to one of the largest app markets in the world.
Can TRX Be Mined?
TRX cannot be mined, instead, tokens can be gained by staking your existing tokens to help validate other transactions. By helping validate transactions, people who stake their TRX will be paid a transaction fee. It should be noted that these digital assets paid are not being newly created, they already exist.
A Tron wallet is some software that can store your TRX tokens. These come in many different forms and a quick Google search will give you more results than you can probably count.
Whichever wallet you decide on will bring a different set of benefits vs drawbacks. Some are more portable while others offer more security. Make sure you conduct proper research before making a decision.
I am going to be using the Atomic Wallet for this coin myself. One large reason for that is it is really easy to use Atomic Wallet to swap to and from TRX when it comes to just about any other mainstream crypto coin.
Is Tron TRX Worth the Investment?
If you are interested in the potential of the Tron network, and the future of online media then it is a truly intriguing investment. The TRX tokens are a prerequisite to interact with the network, so in that sense, they could be a good investment, especially if you are an aspiring content creator or potentially just have a passion for media and would like to interact with all the dApps on the network. The biggest thing that I am a fan of personally is the insanely low transfer fees. (One can get tired of paying insanely high ETH gas fees pretty quickly!)
However, it should be noted that as it is a cryptocurrency, the price of TRX is subject to fluctuations. At its current price, TRX is definitely not on the more pricey end of the crypto scale but the principles for any investment still stay the same.
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