TRON (TRX)

TRON (TRX) Blockchain Platform Explained and How Does It Work?

Tron is a blockchain-based decentralized digital platform with its own cryptocurrency, called Tronix or TRX. Founded in 2017 by a Singapore non-profit organization, the Tron Foundation, Tron aims to host a global entertainment system for the cost-effective sharing of digital content.

Key Takeaways

  • Tron is a blockchain-based digital platform that primarily hosts entertainment applications.
  • It has its own in-house cryptocurrency, called Tronix or TRX.
  • TRX ranks 10th among cryptocurrencies in market capitalization.

Understanding Tron

Tron is a decentralized, blockchain-based operating system with smart contract functionality, proof-of-stake principles as its consensus algorithm, and a cryptocurrency native to the system, known as Tronix or TRX.

Through the use of blockchain technology and decentralized apps (DApps), the TRON network is committed to furthering the decentralization of the internet. The TRON network, which was established in September 2017 by H.E. Justin Sun, has kept up its excellent performance since the launch of its mainnet in May 2018.

The TRON Foundation, often known as TRX, has released TRONIX, a mainnet token based on the TRON Protocol. On the TRON blockchain, TRX tokens serve as the fundamental unit of accounts, and the value of all other coins is derived from that of TRON. Other tokens include BitTorrent (BTT), JUSTt (JST), USD Coin (USDC), Tether (USDT), and NFTs.

All TRC-based tokens naturally use TRX as a medium of exchange. With several application scenarios that drive transactions and applications on the chain, TRX unites the whole TRON ecosystem.

How does TRON work?

TRON is a decentralized, blockchain-based operating system with smart contract functionality, proof-of-stake principles as its consensus algorithm, and a cryptocurrency native to the system, known as Tronix (TRX). It was established in March 2014 by Justin Sun and since 2017 has been overseen and supervised by the TRON Foundation, a non-profit organization in Singapore.

TRON was originally an Ethereum-based ERC-20 token, which switched its protocol to its own blockchain in 2018. TRC20 has a fee of 5 trones per 1 USDT coin for the transfer. On some cryptocurrency wallets, users can't withdraw their USDT funds until they have enough money for the network fee.

In June 2018, TRON switched its protocol from an ERC-20 token on top of Ethereum to an independent peer-to-peer network. On July 25, 2018, the TRON Foundation announced it had finished the acquisition of BitTorrent, a peer-to-peer file sharing platform.

... ...
... ...

Where to Buy Cryptocurrency TRON

Binance

Binance is a centralized exchange where you can buy several cryptocurrencies including TRON. Before you can use the Binance platform, you'll need to open an account and verify your identification.

Coinbase Wallet

TRON is not currently available on Coinbase's centralized exchange, but you can still buy TRON using Coinbase Wallet. To purchase TRON using Coinbase Wallet:

  1. Download Coinbase Wallet, a self-custody wallet available as a mobile app or browser extension.
  2. Choose a Coinbase Wallet username to access your account.
  3. Securely store your recovery phrase consisting of 12 random words.
  4. With Coinbase Wallet, you can buy TRON and other crypto assets.

Ledger

For secure buying of TRON:

  1. Find a Tron compatible hardware wallet.
  2. Buy Tron on an exchange using fiat currencies such as Credit/Debit card or Bank Transfer.
  3. Transfer your Tron to your hardware wallet using the Ledger Live app.

Kraken

Millions choose Kraken to buy Tron. You can buy Tron with as little as $10 using flexible payment methods such as credit card, debit card, or bank transfer.

eToro

eToro allows you to trade Tron and other cryptocurrencies. You can instantly buy Tron with USD and take advantage of advanced trading options.

Please note that the cryptocurrency market is highly volatile, so make sure to understand the risks involved before buying TRON.

Founders of TRON

TRON, a cryptocurrency project, was founded by Justin Sun in 2017.

Justin Sun is a Chinese-born Grenadian cryptocurrency entrepreneur and business executive. He is the founder of TRON, a blockchain DAO ecosystem.

Sun also served as the Permanent Representative of Grenada to the World Trade Organization (WTO) in Geneva.

Early Life and Education

Justin Sun was born in 1990.

He holds a Bachelor of Arts degree with a major in history from Peking University and a Master of Arts degree in East Asian studies from the University of Pennsylvania. During his time at the University of Pennsylvania, Sun became interested in cryptocurrency and invested early in Bitcoin.

He also studied at Jack Ma's Zhejiang Hupan Entrepreneurship Research Center. Sun gained recognition by becoming the cover figure of Yazhou Zhoukan in 2011 and a Davos Global Shaper in 2014.

Blockchain and Technology

In late 2013, Sun joined Ripple Labs as chief representative and adviser. In 2014, he founded Peiwo, a Chinese voice-based social networking app.

Sun founded the blockchain-based operating platform Tron and launched the TRX token in 2017. In September 2017, his company Tron held an initial coin offering (ICO) for the TRX token, shortly before the Chinese government banned ICOs.

Movements and Activities

Justin Sun has made several significant movements and activities regarding his involvement in cryptocurrencies. In recent years, he has been involved in withdrawing and relocating large sums of Ethereum (ETH) tokens.

He has withdrawn millions of dollars worth of ETH from different platforms and sent them to cryptocurrency exchanges like Binance and Huobi for potential selling.

TRON Roadmap and Future Plans

TRON is a multi-purpose smart contract platform that enables the creation and deployment of decentralized applications (dApps).

The project has a comprehensive vision for the future of blockchain technology and has laid out its roadmap to achieve its goals.

Technical Advancements

TRON prioritizes technical advancements to enhance its platform. These advancements include:

  • Improving throughput and scalability to support applications with high transaction volume
  • Enhancing the three-layer architecture consisting of the storage layer, core protocol layer, and application layer to provide flexibility for developers
  • Continuously upgrading the protocol to improve performance and security

Ecosystem Development

TRON aims to build a thriving ecosystem by fostering the growth of its dApp ecosystem.

Some key initiatives include:

  • Supporting the development of decentralized applications across various industries
  • Collaborating with wallet providers to ensure seamless integration and usage of TRON-based tokens
  • Expanding the use cases of TRX, the primary asset within the TRON network, for payment, purchases, and voting

On-chain Governance

TRON employs a decentralized governance model, where Super Representatives (SRs) are elected through voting to govern the TRON community. Through voting for SRs, participants can be rewarded for their contribution to the ecosystem.

New Services and Features

TRON is continually introducing new services and features to enhance its platform.

Some notable additions include:

  • TRC20-USDT: A stablecoin issued by Tether on the TRON network
  • JustStable: TRON's decentralized stablecoin lending platform
  • JustLend DAO: TRON's algorithm-powered decentralized lending platform

These are just a few highlights from TRON's roadmap and future plans. The project aims to contribute to the development and adoption of decentralized technologies and create a vibrant ecosystem for developers and users.