Blockchain Tron Cryptocurrency

Today the cryptocurrency market encounters a new crypto coin almost every day. Tronix (TRX) is a cryptocurrency that operates on the Tron operating system and has gained a lot of popularity lately because of its unique features. Let’s learn more about Tron Cryptocurrency.

What is Tron Cryptocurrency?

TRON is a decentralized, open-source blockchain-based operating system that comes with smart contract functionality and a cryptocurrency called Tronix (TRX). It was established in 2014 by Justin Sun and developed in 2017. Originally it was an Ethereum-based token that switched to its own blockchain in 2018.

What makes TRON unique is that it was initially designed to offer total ownership over content created by digital content creators. It offers a platform for content distribution without any central authority or third-party intermediary, fully decentralized.

The TRON platform supports a plethora of blockchain systems and smart contract networks and was created to further support its original token, TRX.

History of Tron Cryptocurrency

TRON was founded by Justin Sun in 2017. The TRON Foundation was established in July 2017 in Singapore, and raised $70 million at the time through an initial coin offering shortly before China outlawed the digital tokens. The testnet, Blockchain Explorer, and Web Wallet were all launched by March 2018. TRON Mainnet launched shortly afterward in May 2018, marking the Odyssey 2.0 release as a technical milestone for TRON.

In June 2018, TRON switched its protocol to an independent peer-to-peer network. On 25 July 2018, the TRON Foundation announced that it had finished the acquisition of BitTorrent, a peer-to-peer file sharing service and with this, TRON also declared its independence with the creation of the Genesis block, along with the July 2018 acquisition of BitTorrent.

By January 2019, TRON had a total market cap of about $1.6 billion. Despite this market performance, some authors viewed TRON as a typical case of the complex and disordered nature of cryptocurrencies. In February 2019, after being acquired by Tron Foundation, BitTorrent started its own token sale based on the TRON network.

Architecture of Tron Cryptocurrency

TRON adopts a 3-layer architecture divided into storage layer, core layer, and application layer. The TRON protocol adheres to Google protocol buffers, which intrinsically supports multi-language extension.

The TRON protocol, maintained primarily by the TRON Foundation, distributed computing resources equally among TRX holders with internal pricing mechanisms such as bandwidth and energy. TRON provides a decentralised virtual machine, which can execute a program using an international network of public nodes. The network has zero transaction fees and conducts approximately 2,000 transactions per second.

The implementations of TRON require minimal transaction fees in order to prevent malicious users from performing DDoS attacks for free. In this respect, EOS.IO and TRON are quite similar, due to the negligible fees, high transactions per second, and high reliability, and as such are regarded as a new generation of blockchain systems.

Michael Borkowski, Marten Sigwart, Philipp Frauenthaler, Taneli Hukkinen and Stefan Schulte defined TRON as an Ethereum clone, with no fundamental differences. The transactions per second rate on Tron’s blockchain was questioned because it was far below its theoretical claim.

Tron Cryptocurrency Criticisms

The white paper of TRON was accused of plagiarism. Researchers from Digital Asset Research (DAR) discovered multiple instances of code copied from other projects in the Tron code base. It is also accused of violating the GNU Lesser General Public Licence v3.0 (LGPL) because the project does not mention that its client was derived from EthereumJ, a Java implementation of Ethereum. These accusations were denied by the TRON Foundation, the organisation behind the design of the system.

In May 2019, the cyber-security testing service HackerOne revealed that just one computer could have brought TRON’s entire blockchain to a halt. The revelation showed that a barrage of requests sent by a single PC could be used to squeeze the power of the blockchain’s CPU, overload the memory, and perform a distributed denial-of-service (DDoS) attack.

TRON network

The TRON network employs a basic decentralized blockchain with a peer-to-peer network in order to eliminate intermediaries. In this era of social media, where content is everything and often content creators are not rewarded in accordance to their products and/or services, the TRON platform comes as a unique and thoughtful solution that allows direct sale of the content to consumers.

Consumers who like the content on the TRON network can directly pay the content creators in the network currency Tronix, which comes with no transaction costs for the creators.

The network offers high scalability and effective deployment of smart contracts across its networks which makes it a good platform for application development as well.

Benefits of TRX

1. TRX offers 0 transaction fees

2. The TRON network is capable of very high transaction speeds

3. It is a fast-growing crypto asset

4. The TRX can be stored in a multitude of ways

5. The TRON network is highly secure

Features of Tron Cryptocurrency

Let us discuss some fundamental features of TRON that make it so popular :

1. Versatility: TRON is a decentralized platform that provides gaming systems, forecasts, and distributed exchange to its users.

2. Flexibility: Every user has the freedom to distribute any digital asset to enjoy services. Hence, the platform is quite flexible.

3. Availability: This platform allows users to upload, share, and distribute content of any type without bias. Hence, data of all types will be available.

Smart Contracts and Tron

Tron supports smart contracts which enable developers to create and deploy decentralized applications (or, dApps) for almost any purpose ranging from online games, distributed exchanges, and yield farms, to even open lending platforms. Tron’s primary goal is to provide people with access to content that is not limited by geography, censoring, or time constraints.

TRX is its native cryptocurrency and is used by network users to pay content creators for access to their applications without needing company middlemen like Amazon or Netflix. Simply put, those who already own Tron will have complete control over the data they generate, including how that data is distributed to the public. Users can keep their cryptocurrencies on a desktop, mobile phone, or hardware pocket.

What Sets TRON Apart From Other Cryptocurrencies?

TRX coin differs from other cryptocurrencies like Bitcoin in the sense that it cannot be mined.

Another major point of contrast is that Tron is primarily concerned with entertainment. While the platform maintains its decentralized use of blockchain, its foundation is aimed at the global content and entertainment sector. TRON eliminates the need for middlemen like Netflix or Amazon, thereby enabling digital content creators to receive payment directly from their customers. The TRONix system provides all financial support for the TRON foundation.

Another point of difference is that it aims to increase privacy by eliminating the need for social ads, allowing larger social platforms less access to user data.

Tron’s Capability

Tron has been formed as a clear reference towards the news industry, such as web-based behemoths such as Amazon and Netflix. Its slogan is “Decentralise the Web,” and its aim is to remove the corporate intermediary from the media consumption process altogether. Further, then the existing cryptocurrency rise, its future success will undoubtedly be determined, at least in part, by the reliability of the coding it provides to its users.

How Does TRON Operate?

TRON is leveraging existing peer-to-peer systems to prevent any kind of fraud with its content creators. The platform accomplishes this by bridging the gap between them and its customers. The TRON ecosystem, like any other content-focused system, demands several things to function correctly:

• Creators must create content that they want to distribute and be compensated for.
• Consumers have purchased this content, allowing the revenue to be distributed directly to the creators.
• The network code is executed, and the value of the TRX cryptocurrency is determined over time.
• Another way TRON is improving content distribution is by encouraging decentralization.

How to Get TRON?

Obtaining TRON is simple if users follow the steps below:

Create a TRON wallet that can accept TRX tokens. These tokens will be stored in TRON Wallet (mobile & web), TRONscan wallet (web), Cobo wallet (mobile), and Ledger Nano wallet are among these wallets (hardware). These wallets are available for iOS, Android, Windows, and Chrome.

Users can now be issued public and private keys when they download the wallet. The public key serves as a wallet address for those who wish to send money to it. On the other hand, the private key acts as a password and should never be shared with third parties.

TRX can be purchased on Binance, OKEXx, and HitBTC. This means that a user must first buy another cryptocurrency, such as Ethereum, on an exchange such as Coinbase. Following that, the ETH can be exchanged for TRX.

Market Performance and Prominent Figures Who Support TRON:

When the current price of TRX ($0.0138) is compared to the price in June 2018, it is clear that the currency is underperforming right now, as is the case with other major digital currencies such as Bitcoin. TRX was not left out of the bullish December, with a price increase of 750 percent at the end of December 2017 and a price increase of 12255 percent in January 2018.

Why should you purchase TRX?

Tron has attracted a global investor base thanks to its vision of decentralising the internet. Still, the project has also become known for its significant investments in acquiring or partnering with new services including well-known goods like BitTorrent, which now has its Tron-based token, and partnering with online merchants with integrated Tron wallets.

Where to buy TRX from?

TRX is available on almost all popular cryptocurrency exchanges like Binance. You can also convert fiat currency to a crypto of your choice like Bitcoin or ethereum and then exchange that to purchase TRX.

How to Purchase Tron

1. Create an Online Account:

Since it is available on almost all exchanges, an online brokerage account is needed to purchase, trade or exchange the TRX.

2. Purchase a Wallet:

A crypto wallet is needed to store all your cryptocurrencies and execute any further transactions. Some transactions and brokers allow you to store your coins in their wallets, but your investment may be less secure than if you keep your cash with your wallet.

3. Make a Purchase:

You can now make your first TRX purchase after you’ve opened and funded an account and obtained a compatible wallet. You will also require access to a trading platform that allows you to conduct transactions in your recently opened account.

Types of cryptocurrency wallets

The following are the various types of cryptocurrency wallets:

a. Tempting wallets: Although it provides the least amount of security, it is an easily available type of wallet commonly used on devices that access the internet. Tron software wallets are one type of wallet that can be easily downloaded for free.

b. Wallets that are hosted: A hosted wallet allows you to store your digital currency on a third party’s server, such as a crypto broker or exchange. The host maintains control of the keys to your cryptocurrencies in this type of wallet. Because of the risk of hacking, such wallets may have security problems.

c. Cold wallets: These include hardware wallets, which store your cryptocurrencies offline. This type of wallet provides the highest level of security because your coins are stored on a device that is not connected to the Internet. Still, they are vulnerable to physical loss if the hardware is misplaced.

Future Potential

Since TRON is actively promoting the rights of content creators and eliminates the involvement of third parties entirely, it is in battle with web giants like Amazon and Netflix that act as an intermediary between content consumers and creators. It aims to “decentralise the web” which effectively would remove the corporations entirely.

Conclusion

In this article, we learnt about the TRON cryptocurrency, Tronix, and the underlying network. We discussed the benefits of investing in the TRX and what features it offers.