TRON (TRX)

Table of Contents:

1. What is TRON?
2. What problems does the TRON blockchain solve?
3. TRON and Ethereum - differences
4. Who made TRON? The history of the project
5. TRON and Justin Sun - controversy
6. What is the TRX cryptocurrency?
7. On which exchanges is TRX listed?
8. Which cryptocurrency wallet to choose for TRX?

What is TRON?

TRON is a blockchain designed for the entertainment ecosystem. This platform is mainly focused on the market of decentralized applications (dApps) dedicated to handling digital content. TRON facilitates their creation and implementation. Its main mission is to create a global entertainment system.

What problems does the TRON blockchain solve?

TRON tries to bridge the gap between content creators and consumers. This platform aims to eliminate intermediaries (third parties). As a result, costs are significantly reduced, and the download time is also reduced.

What distinguishes the TRON platform? Well, transactions are concluded between two parties. For example, Netflix, which offers on-demand entertainment, is centrally controlled. To view the content, the user must purchase a given package. It works in such a way that Netflix reduces the cost of hosting the movie on its platform from the fee charged to the consumer, and pays the rest to the producer.

TRON aims to eliminate intermediaries such as Cda and Netflix. This platform allows creators to host content on the blockchain. The global audience can therefore pay directly for viewing the content. This system becomes more efficient and profitable.

Summary: TRON uses a peer-to-peer network to provide creators and distributors with direct access to consumers.

TRON and Ethereum - differences

It is worth knowing that both projects have the same goal, but a different approach to achieving it. Interestingly, it could be said that TRON was based on Ethereum, but it solves the problem with scalability. According to the whitepaper, the code on which Justin Sun's project was based was originally a copy or fork of Ethereum.

At a time when more and more investors appeared on the market, networks such as Bitcoin or Ethereum could not handle all transactions. As a result, transaction costs grew enormously and the waiting time lengthened. TRON wishes to solve this problem.

The main difference between the Ethereum blockchain and TRON is the consensus mechanism. In the case of the network created by Vitalik Buterin, it is still Proof of Work (and in the future it will be Proof of Stake). TRON uses the Delegated Proof of Stake. What's the difference? Well, in the case of PoW, blocks are mined by cryptocurrency miners. In the TRON network, they are represented by selected representatives. This mechanism allows you to achieve a much faster transaction speed than in the case of Ethereum.

It is worth knowing that no blockchain is able to provide decentralization, scalability and security at the same time. It may have two qualities, but never three. In the case of Ethereum, the focus was on decentralization and security at the expense of scalability. As for TRON, he has sacrificed decentralization for security and scalability.

Who made TRON? The history of the project

The TRON project was established in September 2017. It was created by the Singaporean non-profit organization - TRON Foundation. It is headed by Justin Sun. He is the general director of this project.

The ICO ended on September 2, 2017. $ 70 million was collected in it via a token issued in the ERC-20 standard on the Ethereum platform. 100 billion TRXs were created then. Only 40% of this amount was distributed in the ICO. So what happened to over half of the tokens? Well, 35% of TRX went to the TRON Foundation, 15% was sold in pre ICO. The remaining 10% was bought by anonymous investors.

TRON and Justin Sun - controversy

In 2018, accusations of plagiarism in the white paper were launched against the TRON project. It was mainly about copying solutions from projects like IPFS, without specifying where the concept came from. TRON's CEO tried to get out of the situation by blaming the volunteer translators who translated the content from Chinese into English and allegedly did not include such details.

Earlier that year, a scandal involving the sale of 6 billion TRXs, allegedly committed by a private investor, also broke out. Justin Sun himself referred to him as a "market maker". His identity, however, was not revealed. However, the community saw strange connections between the accounts of this anonymous person and those set up in blockchian games called CryptoKitties and CryptoPuppies, which were called justinpets.

What is the TRX cryptocurrency?

The TRX cryptocurrency is used within the TRON ecosystem. Users can use it to pay for content provided by the creators. Currently, the TRX rate is USD 0.019609. Its ATH, ie the highest price level, this cryptocurrency reached on January 5, 2018. The TRX was then trading at $ 0.300363.

On which exchanges is TRX listed?

This cryptocurrency is available on exchanges such as Huobi, Binance, OKEx and Poloniex. In total, TRX is listed on 96 platforms.

Examples of cryptocurrency exchanges for TRX

Crypto-crypto exchanges

Guobi

OKEx

Crypto-fiat exchanges

Binance

Poloniex

Bitfinex

BitBay

CoinDeal

Which cryptocurrency wallet to choose for TRX?

When selecting cryptocurrency wallets for TRX, remember that it is no longer an ERC-20 token (as it was when conducting an ICO), but a cryptocurrency with its own blockchain. For this reason, this resource will not be supported by Ethereum dedicated wallets.