TRON is a blockchain platform that aims to exchange free and decentralized user-generated content. Established in 2017, its native cryptocurrency Tronix (TRX) is one of those currently ranked in the top 20 largest by market capitalization. Justin Sun, CEO of the TRON Foundation, founded the platform with the goal of providing people with a place where content can be distributed for free, without any middleman charging any fees.
Today, content creators can post information to YouTube for free, but the user data collected on it is likely to be used for corporate monetization. TRON intends to revolutionize this concept. With blockchain technology, users can pay content providers directly. Furthermore, TRON denies any issues that may arise regarding community recommendations and censorship of content posted on YouTube or similar platforms.
What is TRON (TRX)?
TRON is an open-source, decentralized blockchain platform. The project provides users with access to entertainment applications, various games (including gambling), videos, and graphic materials, as well as the ability to communicate with each other. In fact, the site's format is much broader than that of any existing service. In addition to participation, it provides opportunities for users to create their own tokens or applications using smart contracts and promoting the development of the platform.
Tron is one of the fastest-growing types of cryptocurrencies and stands out from the crowd because it has its own decentralized peer-to-peer content platform. TRON is positioned as the fastest-growing public network in the world. It uses peer-to-peer (P2P ) technology and delegated proof of stake (DPoS ) as a consensus mechanism. This sets it apart from Ethereum, which, with Ethereum 2.0, is moving from Proof of Work (PoW) to Proof of Stake (PoS).
How did TRON (TRX) come about?
TRON was founded in 2017 by its CEO Justin Sun and his Singapore-based TRON Foundation. It was an ERC-20 token based on the Ethereum blockchain from its launch at the ICO until its transition to the mainnet on June 25, 2018. The moment of transition to its own blockchain network was dubbed by its creators as Independence Day. The testnet was launched and made available for testing on May 31, 2018.
In July of that same year, the company acquired the BitTorrent file-sharing service, which was included in the TRON ecosystem. In early 2019, the TRC20-USDT stablecoin was launched on the TRON blockchain in partnership with Tether. In October 2019, they announced a partnership with South Korean electronics giant Samsung. Through the partnership, the blockchain wallets built into Samsung Galaxy S10 phones now support TRX.
How does TRON (TRX) work?
TRON is a decentralized platform based on blockchain technology. It is intended to create a free and decentralized Internet (also known as Internet 3.0), providing access to entertainment content. The operation of TRON is to connect with creators recipients without intermediaries, using blockchain technology. In this way, an ecosystem is created that guarantees the privacy of users and is completely resistant to censorship and external control attempts.
The network can include movies, music, games, and all widely understood entertainment-related content. Through the platform, users also receive a means of exchange of value, which is the TRX token. With the development of the TRON blockchain, users will be able to control their data and get paid directly for what they do. This doesn't just apply to YouTube-style user-generated content. It also works with various types of DApps (decentralized applications) built into the TRON blockchain.
What technology does TRON (TRX) use?
TRON uses the Delegated Proof-of-Stake consensus algorithm. This means that TRX cannot be mined and transactions on the network are not validated by miners. In the TRON network, transactions are validated and added to the new blocks by 27 delegates, the so-called “Super Representatives”, who have been chosen in proportional elections by the holders of TRX tokens. The voting power of each investor depends on the number of tokens he owns.
The super representatives are selected every six hours by the coin holders. They are tasked with confirming transactions and creating new blocks. They also have the opportunity to accumulate new TRX generated by the protocol. Blocks are added to the blockchain every three seconds and those who create a valid block receive 32 TRX rewards. In total, 336,384,000 TRX are credited per year. To avoid a situation where the number of coins exceeds the initial issue, the Tron Foundation periodically burns them.
Advantages of TRON (TRX)
One of the biggest benefits of Tron is that it reduces the volatility that users can be exposed to on the Internet. This is thanks to the fact that the development team cares about creating its own safe and functional ecosystem. In addition to having a solid team of investors and advisers. Its CEO, Justin Sun, is an ally of acclaimed businessman Jack Ma, founder of Ali Baba. Other advantages that we can find in the development of the TRON platform are:
- Users, creators of entertainment content, have the full right to own it.
- The content creators will get a profit commensurate with their contribution, according to the rules of the platform.
- Provide a service to people for free. A non-profit organization is behind the project and it is intended to serve the masses of people who appreciate the entertainment content provided to them around the world.
Disadvantages of TRON (TRX)
One of the main disadvantages of the TRON platform is precisely its consensus algorithm. On the one hand, it offers great advantages, but on the other, the project as such cannot be called decentralized because the decisions are made by 27 delegates elected by the coin holders through voting. If this feature is considered objectively, it is too small a number of full nodes, which can become a threat to the security of the project in the future.
Another unfavorable aspect that TRON presents is the large number of scandals in which it has been involved. Even in its ICO stage, when it became known that the project's WhitePaper in English contains complete snippets of text stolen from other well-known projects. The developers said that this was a mistake of their translators, who did not translate it correctly from Chinese. However, the English version of the WhitePaper has been removed and the correct version has not appeared so far.
Tron is a decentralized blockchain-based platform that aims to build a free global digital content entertainment system with distributed storage technology, allowing digital content to be shared easily and cost-effectively.Tron was founded by a Singapore-based non-profit organization called the Tron Foundation in September 2017.
This results in an overall reduction in costs to the consumer and better compilation through direct revenue to the content producer, offering a winning scenario.To make an analogy with a real-life application, consider Netflix, which operates a digital entertainment service that offers content on demand.
An organization manages services centrally.
Of the fee charged to the subscriber, Netflix charges a fee for hosting the movie on its platform and pays the rest to the producers.
Often the medieval man takes the lion.Tron replicates this business model on a public blockchain network and serves as a decentralized distributed storage facility, making it more efficient and profitable.
Their goal is to cut out the middle man, like Netflix in the example above, by allowing everyone to host digital entertainment content on their blockchain-based network.
For some, it's a cheesy '80s movie.
Plus, you can pay them to create and share content and data.With the development of the Tron cryptocurrency ecosystem , content creators are paid with Tron's basic blockchain account unit: Tronix, which is often abbreviated to the ticker symbol TRX.This is revolutionary - many social media platforms collect and monetize user data, and account holders never make any profit.
Let's take Facebook as an example.
Tron has a different vision: that each user of social networks has control of their data and is compensated for what they shareHow Is Tron Used?The most significant advantage of Tron is that it can empower content creators and artists around the world.
To understand the upcoming TRX price predictions, it is important to have a solid idea of what kinds of events can affect its value.
The price of TRX increases if its demand is higher than its supply, and when the opposite occurs, the price will fall.
