- 1 Key features of the TRON (TRX) platform
- 2 Functionality of TRON Coin (TRX)
- 3 Features of the TRON network and transactions (TRX)
- 4 TRON Project Team (TRX)
- 5 Block Explorer
- 6 How to mine TRON (TRX)
- 7 Buying and selling TRON (TRX) coin
- 8 Outlook and road map for TRON (TRX)
- 9 Main competitors of TRON (TRX)
- 10 Conclusion
The TRON project is currently developing the idea of shared consumption, which is that users will be able to share entertainment content on a single global platform.
Key features of the TRON (TRX) platform
On this platform, participants have full control not only over the hosting of their own creations, but also over their further promotion and monetisation. TRON cryptocurrency was created by the developers specifically for the authors to gain full independence in the implementation of their creativity, without reference to a variety of external factors. For example, the participants do not depend on website owners, modern social networks, publishers, PR-managers, etc.
Functionality of TRON Coin (TRX)
Official TRON website: https://tron.network
TRON has a three-layer architecture, divided into storage, core and application layers. The storage layer stores blockchain information and system status. The core layer serves as the base for smart contracts, consensus mechanism and account management. The application layer is the system layer that hosts the interfaces for application development. In addition, there is the Sun Network, a side-chain network built specifically to implement more dapps into the system.
The TRON consensus mechanism uses a delegated bid proof algorithm. Participants are classified as Super Representatives (SRs), SR partners and SR candidates. SRs are selected by voting. The first 27 Super Representatives get the right to generate blocks and process transactions, receiving a reward for doing so. Blocks are generated every 3 seconds and yield 160 TRX. Validators ranked 28-127 become SR partners, who are entitled to be rewarded for voting and essentially act as witnesses. The cost of applying to become an SR candidate is 9,999 TRX. Regardless of the result of the election, no one will give you your money back, it is simply burned off
Anyone can make suggestions for improving the network and vote. To vote, a TRX owner must place a bet and receive Tron Power (TP) proportional to the amount they freeze at a 1:1 ratio. By attributing votes to an SRS candidate, the user can receive a portion of their vote reward. As the SRS list is updated every 6 hours, rewards are also accumulated during this time period and distributed accordingly as the list is rearranged according to ranking.
Features of the TRON network and transactions (TRX)
The network also uses smart contracts and has two token standards: TRC 20 uses smart contracts and is compatible with ERC 20, while TRC 10 is issued by a system contract. The native currency on the Tronix blockchain (TRX). In addition to betting by voting, there are two additional ways to get TRX to power the network. These are bandwidth and energy systems.
The TRON network uses bandwidth points to execute transactions, making them virtually free. They are rewarded to users every 24 hours and free up to 10 seconds. However, if you need to perform transactions more often, you will need to freeze some TRX in your account or pay a transaction fee (calculated using the formula: number of bytes in tx*0.00001 TRX).
Energy is needed to perform calculations using smart contracts. It can only be obtained by freezing the TRX on the account, and no, the TRX you freeze to obtain throughput and energy are counted separately. The more TRX you block to get energy, the more times you can run a smart contract. So despite the constant influx of new TRXs into circulation, there are even more ways to keep them blocked, working for the grid, and several deflationary mechanisms. As a result, the total supply of TRX as of 10.05.2021 is 100,850,743,812 TRX, but the circulating supply is only 71,659,657,369 TRX.
Analysts call such a platform the Ether of the modern entertainment industry. In general, the functioning of this system is as follows:
The author or copyright holder publishes the result of his intellectual labour on the official website. Anything can be uploaded – from literary novels to an author’s song or art on a certain subject. Afterwards, participants specify how their work can be used (to accompany another work or as an independent product). Next to that, they list the price of their artwork.
Other user, who will be interested in this work, can buy it for the local currency Tron (TRX). However, users should keep in mind that it is impossible to buy this or that product on this resource with fiat money (dollar, euro, ruble etc.). The system has its own cryptocurrency, which needs to be purchased from exchangers or exchanges in order to make a transaction.
Once the interested user has purchased the intellectual creation, the amount specified by the author is transferred to the author’s account. The author can use the tokens as he or she sees fit – purchase the work from another author, simply keep the money in his or her account, or exchange it for other cryptocurrency or fiat money.
What TRX is initially of interest to all users who are just starting out on the site. This resource uses several types of tokens for different purposes:Coin Transfer
Tron (TRX). This is the main currency of the system. For this currency you can buy or sell the results of your intellectual work. If necessary, the owner of a certain amount of this currency can exchange it for fiat money or another cryptocurrency.
Tron Power. It is not possible to purchase or exchange other money for this currency. The only way to get them is to fix the currency TRX on the platform of the site. In this case, they are converted to TR. The existence of such tokens gives advantages to their owner. For example, a TR token holder has the right to vote for some changes in the system or against them.
TRON 20. Coins, which are owned by developers. They use them to create new full-fledged blockchains with new tokens.
The issuance of TRON cryptocurrency is limited, currently 100 billion coins have been issued. However, another thing to consider is that starting in 2018, tokens are starting to be burned (meaning they are sent to an address known only to the developers). The last major burn was last June, but how often such procedures will take place is currently unknown.
TRON Project Team (TRX)
The team of this project has on its side professionals working in different fields. The founder of the platform and creator of TRX Coin is Justin Sun, who has also created a social network with an audience of 10 million people. Forbes magazine included Justin in its 2017 list as one of the most successful entrepreneurs under the age of 30.
The project’s technical director is Lucien Chen, who has extensive experience gained from working for major Internet companies. He has an impeccable understanding of blockchains and the principles of cryptocurrency operation.
Deus Yu, in charge of quality control, has worked in the computer games industry for a long time. According to Justin Sun, Deus’ experience will come in handy later when the platform gains even more popularity.
Charles Zhang, an advisor who is well versed in non-cryptocurrency and blockchain businesses. He has lectured many times on the basics of entrepreneurship, with which he has been invited to many universities. Charles has made a huge contribution to promoting the platform at the initial stage.
The Block Explorer is a search tool that allows you to view the wallet addresses of the involved wallets, blocks and details of the transactions being made or completed. It can be compared to the standard browsers that the average user uses to search the internet for information.
For each cryptocurrency, a personal Block Explorer is created that shows the state of the network at a given time. Tron cryptocurrency has a Block Explorer called TRONSCAN, where users can get all the information they need (https://tronscan.org).
How to mine TRON (TRX)
The developers of the platform did not envisage mining TRON cryptocurrency, as they have already created all the necessary coins. In addition, the creators talked about the scheme by which their cryptocurrency will work:
40% of the total coins will go for sale to allow the project to develop further.
15% of the remaining amount is allocated for purchase by investors. Investors are defined as players who, after the main coin sale, will be willing to purchase tokens further.
The remaining funds are “frozen” and remain in the accounts of the company’s owners.
Justin Sun explained that mining may be envisaged in the future when the company gains the necessary popularity.
Buying and selling TRON (TRX) coin
You can buy TRON (TRX) at popular exchanges, we advise to use first 15 exchanges and don’t forget to set additional protection for your account. At the chosen exchanger you need to pass the registration procedure, after which you will be provided with a personal wallet, as well as its address.
The most popular and secure exchangers where you can buy and sell Tron:
We recommend using the popular Binance exchange. This platform allows you to buy cryptocurrency from a regular card. After registration, do a simple verification and set up extra security for your account.
Available trading pairs:
For a detailed analysis of the coin’s exchange rate and chart, please visit Coinmarketcap.
Outlook and road map for TRON (TRX)
A distinctive feature of the project is its roadmap, which is scheduled until 2027. It is broken down into several stages:
Exodus. Lasts from 2017 to 2018 and is considered officially completed. During this period, information about the project was actively disseminated, and the developers worked on improving the tools for using the site.
Odyssey. Occurs in 2019-2020. During this time, the developers focused on the economic development of the platform.
Great Voyage. Occurs in July 2020 and ends in July 2021. Introduction of a personal ICO system, with third-party developers having the opportunity to launch their own ICOs.
Apollo. Lasts from March 2021 to March 2023. Creation of a decentralised currency exchange platform.
Star Trek. Starts in April 2023 and ends in September 2025. Creation of a decentralised platform for the development of any computer games.
Eternity. Starts in September 2025 and ends in September 2027. Platform users will be able to create their own playgrounds.
The developers mentioned that if these plans come to fruition, a new roadmap will then be created, starting in 2028.
When analysing active Tron cryptocurrency nodes, one can notice the scale of development of the project, with the main number of servers located in the US, China and Germany.
The forecast for Tron cryptocurrency from leading analysts suggests that given the current features of the crypo asset, the project could take over the entertainment market in the future. This means that in 2022, the value of one coin is capable of rising to the same level as the dollar.
Main competitors of TRON (TRX)
The project has two main competitors – Qtum and Ethereum. Each competitor has its own advantages, for example, the first has a more advanced platform in terms of technology, while the second wins due to smart contracts and fame.
Analysts believe that the TRON (TRX) platform will still have to fight for its users, as developers are targeting specific audiences. However, TRON has no particular strengths that would set the project apart from its competitors, which could become a serious problem in the future.
Most companies on the Global Web operate through centralised servers, and only pay you for content. They are in control and have the right to decide how much to pay authors. The system censors content, making it unprofitable. Tron was created to solve such problems. It can become a platform that provides entertainment content worldwide for free. In addition, this system eliminates the problem of censorship. Many may be against this, but, the creation of appropriate software, will help prohibit certain sections of society from accessing certain content. In the same way that children do not have access to adult content. This idea has a lot of potential, and it has a lot of chances to be accepted by society.
The cryptocurrency TRON (TRX) has good prospects for further development, as the project itself is one of the most ambitious among others. An investment in such a project will bring rather big risks, nevertheless, long-term investments can bring a good return to the investor.