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What is Tron (TRON)?

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  • Author: Gunavarshini
  • Reading time: 12 minutes

Tron is a digital platform that uses a type of technology called blockchain, and it has its own digital currency called Tronix or TRX.

It was created in 2017 by a non-profit organization in Singapore called the Tron Foundation, with the goal of creating a global entertainment system where people can easily share digital content.

Although it was first popular in Asia, it has now become a global platform with over 50 million accounts as of August 2021.

The CEO and founder of Tron is Justin Sun, who also runs BitTorrent, a file-sharing program.

Tron is an exciting platform with the potential to change the way we share and consume digital content, and it has a growing community of users from all around the world.

Quick Facts

  • Tron (TRX) is a cryptocurrency and a decentralized platform for building decentralized applications (dApps).

  • It was founded in 2017 by Justin Sun, a former chief representative of Ripple in China.

  • Tron aims to create a decentralized internet where users can freely share and access content without relying on centralized platforms like Google or Facebook.

How does Tron work?

Tron is a separate cryptocurrency that used to be an Ethereum-based token. It runs on a decentralized blockchain network, which means no single person or company controls it.

Creators can earn Tron tokens by sharing their content on the network. Additionally, users can create their own tokens on the Tron network to use within their own decentralized applications (dApps).

The Tron network plans to support decentralized games in the future, where users can directly reward game creators. Tron uses a special way to confirm transactions called "delegated proof-of-stake," where 27 "super representatives" validate transactions and earn Tron tokens for their work.

A new block is added to the Tron blockchain every 3 seconds, and those who added the block receive 32 Tron tokens as a reward.

Who founded Tron

Tron is a blockchain-based decentralized platform that was created by Justin Sun in 2017.

Justin Sun is a well-known entrepreneur who has been recognized for his work in the tech industry.

He has been listed on Forbes' "30-Under-30" in Asia two times for his contributions to the field.

Prior to creating Tron, Sun founded Peiwo, an audio content application.

He also served as a representative for Ripple in 2015, but later left that position to focus on building the Tron Foundation.

Sun's extensive business background and success in the tech industry attracted the attention of many investors in the early stages of Tron's development.

Clash of Kings founder Tang Binsen and CEO of bike-sharing startup OFO Dai Wei were among the investors who saw potential in the Tron project.

With their support, as well as the backing of other investors, the Tron Foundation was able to successfully launch the Tron network in 2018.

Why is TRON special?

Tron offers great benefits to artists and content creators. They now have the opportunity to own their creations and share them with others from all over the world without worrying about high transaction fees.

Tron is leading the charge in the development of web 3.0, which aims to create a more decentralized and open internet. It is considered to have significant value and potential for real-world use.

For developers, Tron is special because it allows them to use high-level programming languages for smart contracts. In the future, developers will be able to use any programming language to build on top of Tron's open-software design. This makes Tron an exciting platform for developers to build on and innovate.

What influences TRON’s price?

The price of Tron (TRX) can be influenced by a variety of factors. Like other cryptocurrencies, it is impacted by market sentiment, which means that the price can go up or down based on the overall demand and interest in the market.

Tron's price can also be influenced by the adoption and usage of its blockchain technology. The more people and businesses that use Tron's network and the more dApps that are built on it, the more valuable the network becomes, which can lead to an increase in the price of TRX.

Other factors that can affect the price of TRX include regulatory developments and news, partnerships and collaborations with other companies and organizations, and technological advancements and updates to the Tron network.

It is important to note that the cryptocurrency market is highly volatile, so Tron's price can fluctuate rapidly and unpredictably in response to these and other factors.

Tron vs Ethereum

1. Decentralization

Decentralization is a key principle behind blockchain technology, and both Ethereum and Tron are designed to be decentralized systems.

This means that transactions on these networks are recorded and maintained without the need for middlemen, such as banks or financial institutions.

When it comes to decentralization, however, Ethereum has the upper hand. Ethereum has a larger number of decentralized nodes and applications than Tron, which means it is more decentralized overall.

This is because more nodes and applications on a network typically result in greater decentralization.

2. Updates and Upgrades

Ethereum and Tron are constantly evolving, with new updates and upgrades being released on a regular basis. However, Ethereum has a more robust blockchain than Tron, which is defined by its bell-like ETH 2.0 upgrades.

The network also makes extensive use of a variety of additional capabilities, such as the capacity to harness the whole trading system and optimize the supply chain.

Other advantages include guaranteeing and controlling tax administration, managing real estate transactions, and managing rental properties, among many more.

While Tron is also making improvements and updates to its network, Ethereum is considered to have more advanced and versatile capabilities.

3. Market Value

The market value of a cryptocurrency is an important consideration for investors, as it determines the size and value of the network.

When comparing the market capitalizations of Ethereum and Tron, Tron currently has the edge. This means that the total value of all Tron tokens in circulation is currently higher than the value of all Ethereum tokens in circulation.

However, market trends and other factors can influence the value of a cryptocurrency, so market capitalization is not the only factor to consider when evaluating a network's potential.

4. Transaction Speed

The speed of transactions on a blockchain network is determined by a number of factors, including the volume of network activity, the size of the blockchain, the number of variables included in a block's length, and the transaction cost.

Tron has the advantage when it comes to transaction speed, as its network is currently capable of processing 2000 transactions per second.

Ethereum, on the other hand, is limited to 30 transactions per second in terms of transaction speed. However, Ethereum 2.0, the most recent version, is anticipated to have increased transaction speed, meaning that more transactions are likely to be made each second.

5. Potential to Displace Ethereum

While Tron and Ethereum have many similarities, Tron is focused on building a more secure and reliable environment that is exclusively for content producers and creators.

Tron enables content producers to interact with customers quickly by identifying those who made direct payments for them. The platform is free, and users have the opportunity to access content more conveniently and affordably.

Tron places a lot of focus on lowering production costs and facilitating simple access to digital material. However, in comparison to Ethereum, Tron lags behind when it comes to security and decentralization.

Despite this, Tron's faster transaction speed and focus on content creation may make it a viable competitor to Ethereum in the cryptocurrency market.

How To Buy TRON?

To buy TRON, you will need to:

  1. Set up a wallet that supports the storage of TRON. Some options for TRON wallets include MyEtherWallet, Trust Wallet, and Ledger Nano.

  2. Find a cryptocurrency exchange that supports the purchase of TRON. Some popular exchanges that offer TRON include Binance, Bitfinex, and Kraken.

  3. Create an account on the exchange of your choice and complete the necessary identity verification processes.

  4. Deposit funds into your account using a payment method supported by the exchange.

  5. Search for TRON on the exchange and place an order to buy it using the funds in your account.

  6. Once the order is complete, TRON will be credited to your account on the exchange. Make sure to transfer it to your wallet for safekeeping.

It is important to note that the process for buying TRON may vary slightly depending on the exchange you are using.

Be sure to carefully read and follow the instructions provided by the exchange to ensure a smooth and secure transaction.

How To Stake TRON ?

  1. Set up a wallet that supports the storage of MATIC . Some options for Matic wallets include MyEtherWallet, Trust Wallet, and Ledger Nano.

  2. Find a validator or staking pool that allows you to delegate your TRON tokens. Some popular options include Uphold , Binance, and Kraken.

  3. Transfer your TRON tokens from your wallet to the validator or staking pool of your choice.

  4. Follow the instructions provided by the validator or staking pool to complete the staking process. This may include setting up a staking account, choosing the amount of TRON you want to stake, and agreeing to the terms and conditions of the staking service.

  5. Once your TRON tokens are successfully staked, you will begin earning rewards in the form of additional TRON tokens. These rewards will be credited to your account periodically, depending on the terms of the staking service you are using.

It is important to carefully research and compare different validators and staking pools before deciding which one to use. Be sure to consider factors such as fees, reputation, and track record when choosing a staking service.

Final thoughts on TRON

Tron is an innovative and unique cryptocurrency project that integrates various technologies developed by other blockchain projects and combines them seamlessly to create a comprehensive ecosystem.

The Tron network provides a revolutionary solution to content creators who have been struggling with censorship or facing other issues related to centralized content platforms.

With Tron, content creators can have full ownership and control over their creations, which means that they can produce and share content without worrying about censorship or infringement of their intellectual property rights.

One of the significant advantages of the Tron network is its zero-transaction fee system, which makes it a compelling choice for companies and consumers alike when it comes to crypto payments.

Unlike other cryptocurrencies, Tron does not charge any transaction fees, which means that users can send and receive funds without incurring any additional costs. This feature is particularly appealing to small businesses and startups that are looking for ways to minimize their overhead costs and optimize their cash flow.

Moreover, Tron's blockchain technology is highly scalable and can handle a massive volume of transactions per second, making it ideal for businesses that need to process a large number of transactions quickly.

This feature ensures that Tron can be integrated seamlessly into various industries, such as e-commerce, gaming, and social media, where fast and secure transactions are essential.

Tron also has a vibrant community of developers and users who are constantly working on building and improving its ecosystem. This community-driven approach ensures that Tron remains relevant and up-to-date with the latest trends and technological advancements in the crypto space.

In conclusion, Tron is a game-changing cryptocurrency project that offers a unique solution to the problems faced by content creators and provides a fast, secure, and cost-effective way to process transactions. With its innovative features, robust technology, and dedicated community, Tron is poised to become a major player in the crypto space and beyond.

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