Tron (TRX) is a blockchain founded by Justin Sun. The network is currently managed by TRON foundation. This blog post details on What is TRON (TRX)? Gather various important and useful links for Tron(TRX) crypto, latest information, Tron Telegram, Twitter, reddit and how to get news about TRON network.
Tron Shares in the DAO are in the form of TRX token which can be purchased from almost all the popular exchanges like Binance, Coinbase, etc.
Now let’s fetch some in-depth details on TRON (TRX):
- 1 Tron Definition and Currency Used
- 2 How Tron (TRX) Works?
- 3 Number of Tron In Circulation
- 4 Where To Buy Tron?
- 5 What is a Smart Contract?
- 6 What Is Unique About Tron?
- 7 TRON Official Website
- 8 TRON: Vision & Scope
Tron Definition and Currency Used
Tron is a blockchain-based digital platform that is built to decentralize the distribution of content and also to power decentralised applications. The currency that is used on the Tron network is called Tronix(TRX) which is used for miner rewards, voting and payments.
TRON – History
Tron was founded in Singapore in the year 2017 by a foundation known as Tron foundation with Justin Sun as the CEO and founder. The platform started on Ethereum but was later moved to its own blockchain in 2018. This is to ensure cost-effectiveness and the suitable use of this technology.
Tron has established two headquarters. One in the Asia Pacific and the other in America, with many offices overseas. After the Tron project was revealed, it brings about controversies that it was a clone of some works like Ethereum. Though the volunteer translators were said to be at fault. Tron today has become one of the most popular blockchains for building decentralized applications(DApps).
How Tron (TRX) Works?
There are four types of resources on the Tron network namely RAM, bandwidth, storage and CPU. For transactions and interactions with smart contracts to be done on the Tron platform, users need to procure these resources. For users to get bandwidth and energy they need to lock their TRX temporarily.
As a user when you make a smart contract transaction you consume energy. But when you make regular transactions bandwidth points are being consumed. They can both be recovered within 24 hours.
Tron platform has its virtual machine which is known as Tron virtual machine(TVM) that is used for operating smart contracts in a decentralized and secure environment. Tron is secured through a consensus mechanism that is known as delegated proof-of-stake(DPoS).
This mechanism uses a network of 27 super representatives in verifying transactions and packaging them into blocks and in return they receive Tronix as a reward, which is then shared among those that vote for them.
The super representatives through an open election are voted in and they have the privilege of suggesting an improvement to the Tron network. Suggestions can be accepted or rejected by other super representatives and super representative partners.
Tron eliminates centralised platforms. It then creates an environment where consumers can connect directly with content creators, using the blockchain and peer-to-peer network technology.
Number of Tron In Circulation
With a total supply of over 100 billion tokens, Tron has in circulation over 71.6 billion as of August 2021. In 2017 when the token sale was held, Justin Sun owned company collected 10 billion TRX, 40 billion TRX for initial coin offering participants and 15.75 billion to private inventors.
Where To Buy Tron?
There are dozens of exchanges on which Tron is listed. They include Binance, Poloniex, Bancor, Coinbene, KuCoin, Bitfinex, and others where one can buy Tron except Coinbase.
What is a Smart Contract?
A smart contract is an automatic contract having some terms of the agreement between buyer and seller being written directly into lines of code. The agreement and the code exist across an allocated, disseminated blockchain network in the smart contract. The code commands the execution, making the transactions trackable and irrevocable.
What Is Unique About Tron?
Tron is a decentralised platform that helps users to access content without limitations or restrictions based on location. Transactions of Tronix(TRX) on the Tron platform are free and the content creators don’t have to pay a transaction fee to Tron. More unique features include:
1. Fully-fledged Ecosystem:
Tron is one of the smart contract platforms that move to mainnet. It now boasts of a full-fledged ecosystem of Decentralized finance(Defi) products and Decentralized applications(DApps). BitTorrent the decentralized file-sharing protocol, PoloniDex the decentralized exchange and Defi platforms are also included in these. It is easy for developers to transfer their DApps from Ethereum or other Ethereum virtual machine(EVM)-compatible blockchain to Tron because it is compatible with EVM.
2. On-chain Governance:
Tron supports on-chain governance which allows the Tronix holder to be involved in creating the future of the platform. The super representative and super representative partners impose the will of the community but they are selected by Tronix holders.
3. High Scalability:
Though they plan to improve on the number of transactions per second later in the future, presently Tron can easily allow 2,000 transactions per second. It was designed to support such huge on-chain scaling. This means it allows developers to build applications that can support about ten thousand users at the same time.
4. Support Token:
Tron supports tokens just like other smart contract platforms and this helps developers to power a range of novel use cases.
Here are the few common links that you can visit for TRON network news and other information.
TRON Official Website
The official website of Tron is: https://tron.network/
TRON Foundation Social Links:
TRON Foundation Twitter: https://twitter.com/Tronfoundation
TRON telegram: https://t.me/tronnetworkEN
TRON foundation LinkedIn: https://www.linkedin.com/company/tronfoundation
TRON foundation Discord: https://discord.gg/hqKvyAM
TRON foundation Medium: https://medium.com/tron-foundation
TRON Coin Reddit: https://www.reddit.com/r/Tronix/
Justin Sun Links:
TRON: Vision & Scope
Tron is a high throughput blockchain and claims that the TPS is currently better than Ethereum or Bitcoin network.
TRON’s aim is to decentralize the gaming industry, allow content creators to operate their token, deliver distributed file sharing and encourage content creation. Many believe that Tron might even take over the entertainment industry later in the future.
These were key details on TRON (TRX), one of the fastest growing public chain across the globe. What do you think about the emerging cryptocurrency trends all around? Do share your thoughts on the same.