TRON

What is TRON?

TRON is a decentralized public blockchain. founded by Justin Sun in 2017. TRON’s main goal is to support and motivate content creators who currently receive only a small portion of their generated income. The project gives the creators greater compensation for their efforts and gives them full ownership rights. Additionally, TRON offers a wide selection of crypto-based games. Players of these games can accumulate TRX coins and use them to reward and support the creators.

TRON is a competitor to the Ethereum blockchain because it allows developers create decentralized applications (dApps) just like Ethereum does. It also supports a number of blockchain and smart contract platforms. Additionally, TRON rewards creators using their own TRX tokens. If you are interested in knowing the current price of TRX, check out the TRON price chart above.

TRON network strives implement blockchain technology in the entertainment business sector considering how quickly it is becoming more digital. By giving creators the ability to bypass centralized platforms like streaming services or music websites, TRON helps them avoid losing a lot of money to middlemen. It also results in viewers having to pay less for the content they want to see.

In addition, TRON is also perceived as file sharing platform since acquiring BitTorrent in 2018, one of the largest file sharing systems.

In general, TRON’s main goals are the following:

• Providing users with simple distributed file sharing;
• Encouraging content creation through rewards;
• Allowing content creators to enter their own tokens;
• Creation of a decentralized gaming sector.

How does TRON work?

The TRON network consists of three main layers: Storage layer, application layer and base layer. The storage layer basically segments any type of TRON data and keeps it safe. The application tier, as the name suggests, is the layer where developers can build dApps. The base layer essentially computes and parses instructions before sending them to the Tron virtual machine where the dApps are executed.

TRON has Turing complete virtual machine capabilities because it was designed to be compatible with Ethereum Virtual Machine (EVM). Thus, the implementation of smart contracts in TRON is comparable to the implementation in Ethereum. However, TRON uses a throughput model, whereas Ethereum uses a gas fee transaction mechanism. Therefore, TRON transactions are more accessible than Ethereum transactions.

When it comes to transactions, TRON uses a system similar to Bitcoin. Unspent Transaction Output (UTXO) mechanism for their implementation. Essentially, the TRON crypto project uses Delegated Proof of Stake (DPoS) consensus algorithm. It has 27 super representatives who are responsible for tracking transaction history and verifying transactions. Every six hours a new super representative is chosen. In exchange for their services, they receive TRX coins produced by DPoS. Therefore, TRON tokens cannot be mined. They can only be created as a reward for a block of super representatives.

Additionally, TRON has an impressive transaction speed as it capable of processing up to 2000 transactions per second.

What is TRX?

TRX, also known as Tronix, is the native token of the TRON network. The tokens were originally created on the Ethereum blockchain using ERK-20 standard. However, a year later they were transferred to the TRON blockchain.

Most dApps built on the TRON blockchain use TRX tokens. Users must have TRX tokens to access content hosted on dApps built on the TRON network. These TRX coins are then sent to the creators of that content. Creators can use the tokens to pay for blockchain services or exchange them for other crypto assets.

However, TRX tokens have other uses:

• TRX tokens are supported as payment method when using a Spend credit card;
• TRON ATM accepts online transfers in TRX tokens;
• Whenever TRON issues new tokens, TRX can be used to purchase them;
• By freezing TRX tokens, users can generate energy and capacity;
• By staking TRX tokens, users can receive voting right;
• With TRX tokens, users can receive from time to time BTT distribution awards.

It is recommended to use specialized cryptocurrency wallets such as TronWallet or TronLink for storing TRX tokens. However, tokens can also be stored in other well-known cryptocurrency wallets such as Ledger, Binance walletand others.

Also, be sure to take a look at the TRON price chart above as it displays the current price of TRX.

TRX Tokenomics

The TRX token does not have a maximum supply. However, the total supply of TRX after its initial release was 100 billion tokens. During the 2017 token sale, slightly more than half of the supply was distributed to investors and ICO participants, and the other half was dedicated to the TRON Foundation and the TRON founder.

In 2019, approximately 98% of the 100 billion ERC-20-based TRX tokens in circulation were burned. However, the burn did not affect new TRON tokens created on the TRON network. This applied exclusively to ERC-20 tokens, which were considered ancient and obsolete.

If you are interested in the current price of TRX, take another look at the TRON price chart above. Chances are that you have noticed some volatility in the TRX price. On the other hand, this is the same as with most other crypto assets that are traded today.