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Tron Cryptocurrency

What is Tron Cryptocurrency

What do you know about Tron digital currency

Tron cryptocurrency is one of the most popular blockchain networks and one of the most attractive digital currencies on the market that attracts the attention of every investor. Follow this article to learn about Tron, how it works, the price changes of this digital currency, its wallets and how to buy it. Follow us on.

 

What is Tron Cryptocurrency

Tron is one of the most ambitious projects in current digital currency and blockchain space. Tron’s goal is to build a truly decentralized Internet. The Tron Protocol is among the largest blockchain-based operating systems in the world.

This highly scalable network, according to the Tron team, is highly executable and capable of supporting a wide range of decentralized applications. Apps that run on the blockchain using smart contracts are called decentralized or Dapp programs. These programs survive after they are executed without the need for intermediaries and the possibility of failure.

The Tron network claims to currently have the capacity to perform 2,000 transactions per second at near-zero fees, while Ethereum and Bitcoin perform 15 and 7 transactions per second, respectively. Tron hopes to build an ecosystem where everyone in the world can do all their Internet needs in a decentralized way.

Like Ethereum with Tron, you can build smart contracts, decentralized applications, and tokens. There are two standards for token creation in Tron called TRC-10 and TRC-20. The official Tron website writes about these two concepts:

The TRC-10 standard is supported by Tron Blockchain without the use of the Tron Virtual Machine (TVM). TRC-20, on the other hand, is a standard used for Tron smart contracts using the Tron Virtual Machine (TVM). The standard is structurally comparable to the ERC-20. TRC-10 tokens can be exported to the Tron network at a cost of 1024 TRX units. No special programming knowledge is required to build this type of token.

One of the most well-known tokens ever built on Tron’sis the BitTorrent token (BTT). This is a TRC-10 token type. For advanced smart contracts, the TRC-20 standard should be used.

 

Tron Digital Currency (TRX)

Tron’sdigital currency with the TRX abbreviated unit is the domestic currency of Tron’sBlockchain, which was ranked 11th among the world’s top digital currencies at the time of writing this article. The token was built in September 2017 after Tron’s first successful ICO. At that ICO, Tron raised $ 70 million in the capital. At first, TRX was a token on the Ethereum network, the ERC-20 protocol, and came on the main network after the Tron’sBlockchain was activated on June 25, 2018.

Unlike most other digital currencies, Tron cannot be mined, and transactions are verified through the proof of stocks algorithm (DPoS) described below. The total number of Tron tokens is 100 billion units, which at the time of writing this post has about 66.6 billion units in circulation.

 

Tron’s Team and History

Tron’s is the idea of a young Chinese entrepreneur named Justin Sun. Justin Sun worked on Ripple before Tron’s. Major Chinese companies such as Bitmain, Binance and FBG Capital have backed him.

The second most important person on the team is Lucien Chen. Formerly a senior employee at large companies such as Tencent and Alibaba, he is now the leader of Tron’s technical division and has a background in cryptography, advertising, algorithmic writing, and Big Data.

There is not much information available about the rest of the Tron’s team. The Tron website claims to have more than 100 employees who have experience in companies such as Baidu, Tencent, and Alibaba. To accomplish its goals in July 2018, Tron bought BitTorrent, the world’s largest shared platform.

Ethereum-based Tron’sEarly Tokens (TRX) were released in August 2017 for $ 0.0019 and raise $ 70 million for the Capital Network Developer Foundation. In May 2018, the original Tron network was launched and then in June of that year, the ERC-20 tokens became the official Tron network tokens.

 

How does Tron work

The structure and architecture of Tron are very complex and controversial. Vitalic Buterin, the creator of Ethereum, has called the structure of Tron’scontrary to the decentralization principle, and recently a former member of the Tron’sFoundation has claimed that the network is no longer decentralized. In this section, we try to explain in a simple way the architecture and the consensus on the Tron network.

 

Tron Architecture

Tron uses a three-layer architecture in its network. These three layers are:

  • Storage layer
  • Core layer
  • Application layer

 

Storage Layer

Tron’s distributed storage protocol is designed for block and state storage. According to Tron’s team, graph database theory has been incorporated into the design of the storage layer to allow for a variety of data storage in the true sense.

 

The core layer

The smart contract module, the account management module and the consensus module are inside the core layer. The programming language of Tron’s Intelligent Contracts is Java, and additional programming languages ​​are to be added. The type of consensus in Tron’s is delegated proof of stake (DPOS).

 

Application layer

Developers can use interfaces to build decentralized applications and customize wallets.

Node types in the Tron’s network

There are three types of nodes defined in the Tron network:

  1. Super Representative Witness Nodes – in short SR Full Nodes
  2.  Full Node
  3. Solidity Node

SR Full Nodes have the task of producing the block, and, benefit from verifying transactions in stock-proof practice. Becoming SR requires a very specific set of conditions. This has led to much debate over the model of governance in Tron.

Ordinary Full Nodes are responsible for providing APIs and publishing transactions and blocks.

Solidity Nodes sync irrevocable blocks and also provide query APIs.

 

Consensus and block production in Tron

Unlike many digital currencies (like Bitcoin and Ethereum), Tron is not based on mining and proof of work. As you probably know in the mining process, candidates can make their computer hardware available for network computing and make money. Using this motivational approach, the attacks are repelled from the network.

One of the major problems with mining, however, is its high power consumption. The need to buy a miner is another issue to consider. On the other hand, the Tron team believes that mining can be monopolized in the future, and those who do not believe in digital currency can also take up a large part of the mining operations.

One of the solutions proposed to prevent energy loss and mining exclusivity is the Proof of Stake (POS) algorithm. In the stake-proofing process, holders of digital currency units can contribute and monetize blockchain operations by allocating their assets to the network. In this way, in addition to not needing to consume electricity and buying hardware, only those who buy digital currency units will participate.

In the opinion of the Tron team, the proof-of-stake algorithm will be problematic in itself and should be customized to improve the network. They believe that in the case of ordinary stakes, wealthy individuals have a greater chance of producing block, and their influence may increase to the extent that they endanger the network.

Tron uses the Delegated Proof of Stake (DPoS) algorithm. In this algorithm, not everyone is involved in block generation and transaction validation, and instead, 27 representatives of the entire network are involved in block production and monetization. AllAll holders of TRX token can vote for the candidates, and ultimately 27 delegates are selected to produce the block. If a delegate intends to malfunction, go offline or anything else, he or she will soon be replaced by a community vote. There are several special requirements for being a candidate, including paying 9,999 Tron (TRX). Voting is repeated every 6 hours and the list of delegates is updated. Tron calls his system a kind of real democracy in which citizens of a community vote for qualified representatives to improve their situation. The representatives are of the Super Representative Witness type described above.

The Tron block time is 3 seconds and the block bonus is 32 TRX units. A total of 336,384,000 TRON units are awarded annually to elected representatives. It also distributes 115,200 TRX units every 6 hours to 127 agency candidates. The amount of votes received is effective on the number of rewards received.

For users to vote, they must have something called TronPower or abbreviated TP. To get the TP, people in the community must allocate or freeze their TRX tokens to the network. Each TRX unit is equal to one TP.

According to the Tron Foundation, by January 2021, the network will not have inflation but after that, we will automatically see a small percentage of inflation each year. Vitalik Buterin, the creator of Ethereum, has been very critical of the Tron-IAS consensus and says it is nothing more than a monopoly. However, we maintain the impartiality and leave the conclusion to you, dear users.

 

Tron Price 

Tron (TRX) is one of those digital currencies that has made a great profit for investors, especially early investors. In September 2017, Tron was traded at $ 0.002 per share, and in January 2018, at the peak of the Altcoins, the price of Tron’s reached $ 0.028, more than 10,000 percent higher than the initial price in less than a few months!

As of January 2018, the Tron’s price has fallen sharply like other digital currencies, but still holds one of the best performances among all digital currencies.

TRX supply is limited and a certain number will be produced. The total number of TRX units is about 99 billion. All  Tron’s units are expected to be produced by 2020, and then at an annual inflation rate, the number of tokens will increase each year.

Tron wallet

Tron’s digital currency now operates on the main network, so Ethereum wallets cannot be used to store Tron as before, and Tron’s special wallets should be used. Tron’s official website has listed several different TRX wallets to store, and here are three of the most prestigious and popular. Note that hardware wallets are the best option for saving Tron, but since we should buy these wallets we only introduce free and downloadable software. Ledger hardware wallet currently supports Tron’s.

TronLink Wallet – Mobile and Chrome Extension

TronLink is one of Tron’s prestigious wallets introduced by Tron’s official website. The wallet can be installed on mobile with both Android and iOS operating systems. It can also be installed on the Google Chrome browser by downloading this wallet extension.

Atomic Wallet – Desktop & Mobile

Atomic Wallet is another safe and reliable wallet to store Tron’s. This wallet supports many different digital currencies and tokens besides Tron’s. You can use this software on your mobile or PC.

Trust Wallet

Trust wallet is owned by the Binance company and can safely safeguard your digital assets. In addition to Tron, this wallet supports Bitcoin, Ethereum, Litecoin, and several other coins and Tokens. This wallet can be installed on Android and iOS mobile operating systems.

Buying Tron

The most common way to buy Tron is to buy Bitcoin or Ethereum from popular sites or reputable LocalBitcoins site, and then convert bitcoin or Ethereum purchased at a reputable currency exchange.

The list of currency exchanges that put Tron on the market can be found on the Coinmarketcap website.

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