Everything You Need to Know About TRON (TRX)
(TRX) has had one of the most ardent followings in the cryptocurrency space since it joined the market in 2017. This coin took advantage of its community support and its specific technical characteristics to accelerate its growth and enhance public interest in it.
What is Tron (TRX)
Tron is a decentralized virtual server designed to aid in establishing a global internet. TRON, like Ethereum, allows Dapp developers to construct and use complicated protocols using smart contracts that run on their own blockchain. Presently, the platform is most recognized for its fast transaction times and its vivacious founder.
The platform can process up to 2000 transactions per second. TRX now competes with established payment providers like PayPal. And, maybe most significantly, TRON has affordable transaction costs. You can instantly transfer a million dollars worth of TRX to anyone on the globe without paying huge fees.
It’s important to have a basic understanding of how the decentralized internet works to appreciate the enormous amount of work done by TRON’s developers. There are several significant differences between the decentralized internet and the internet you are accustomed to. For the most part, there are no web hosting companies. Rather than that, individual internet users are in charge of the entire network.
The idea of a decentralized internet was previously thought to be unattainable. The world’s processing power was not yet up to standards. Blockchain networks, on the other hand, are perfect because of their transparency. Tron seeks to play this role.
Tron’s origins date back to the beginning of 2017. At the moment, Justin Sun, the company’s CEO, formally formed the TRON Foundation, a Singapore-based non-profit company. The firm’s objective was to lay the groundwork for a decentralized web and establish a democratic governance model for the new channel.
It’s worth noting that the FinTech sector isn’t new territory for Sun. For example, he is a protege of Alibaba founder Jack Ma, who mentored him in his early career. Incredibly, he graduated from Ma’s Hupan University and reached the Forbes “China 30 under 30” and “Asia 30 under 30” lists just months after graduation. Sun already had an established reputation in the blockchain field before the launch of TRON.
Sun happened to be Ripple’s top representative in the broader region of China. At this point, he was in contact with those who could help him bring TRON to fruition. Also, he invented Peiwo, a massively popular live-streaming software. More than 10 million Chinese people now use the app.
Furthermore, Sun implemented TRON into Peiwo a few months after acquiring the company. Due to this integration, TRON was able to gain more influence in the area. With this method, the active user base of TRON was greatly increased.
The unveiling of TRON was a major event. A total of $70 million was raised in the TRON Foundation ICO in 2017. The money was used to expand the TRON ecosystem. As a reward for investors who swapped their BTC or ETH to TRX, they received TRX tokens as a reward, which was just $0.0019.
The TRON Foundation created TRX tokens as a means of exchange for all TRC-based tokens. The MainNet is home to these tokens, which make cross-blockchain transactions smooth.
TRON was one of the ten most valuable cryptocurrencies by the end of 2018 because of Sun’s efforts. The platform’s success motivated the developers to create their own blockchain technology. It was because of this decision that TRON was able to switch from Ethereum-based ERC-20 tokens to a TRON-native protocol.
Delegated Proof-of-Stake (DPoS)
To keep the blockchain safe, the TRON network uses a DPoS consensus process. It is comparable to a proof-of-stake consensus method in that it allows users to generate passive income by staking their assets in a digital wallet on the internet.
DPoS vs. PoS
To prevent tampering, nodes in a DPoS network must be elected before a block of transactions may be approved. Every six hours, members of the TRON ecosystem elect 27 Super Representatives to carry out this critical duty. Users who stake TRX vote for their preferred representatives. A DAO is in charge of the entire procedure.
Decentralized Autonomous Organizations (DAOs)
Decentralized autonomous organizations are still widely used in the tech space. Consider a DAO as a collection of smart contracts that may be voted on by the organization’s nodes to choose its next course of action. Decentralized autonomous organizations (DAOs) give people a transparent and decentralized option to build solutions in accordance with community norms.
The Tron Foundation is a non-profit dedicated to developing new applications for TRX and the TRON protocol. It’s no secret that today, the TRX network is one of the biggest. Furthermore, the entire TRON protocol is also free and open-source. The code of an open-source platform can be tested by a wider group of people, increasing overall security.
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