TRON - the blockchain rival of the media giants
TRON is a blockchain-based platform best known for its native cryptocurrency TRX. If you are interested in knowing the gist of TRON's vision for a more decentralized internet, read on.
TRON is a blockchain-based platform best known for its native cryptocurrency TRX. Just like other blockchain projects, TRON is designed for a purpose; some of the key solutions of this blockchain are to offer a global content sharing platform and to provide a software solution for developers to create autonomous applications without middlemen that love to cut commission at every turn possible. If you are interested in knowing the gist of TRON's vision for a more decentralized internet, you have come to the right place!
The compact history of TRON
The TRON we know today was established by Justin Sun in 2017 shortly before the TRON Foundation was founded. TRON foundation is a non-profit organization behind the blockchain project. This Singapore-based project got its kickstart from a TRON Foundation’s sizeable funding spree and a while after that, the TRON mainnet was launched in 2018. TRON was originally an Ethereum-based token (ERC-20 token to be exact). However, the protocol was changed significantly in 2018, as TRON ditched its Ethereum based software to its own blockchain, an independent peer-to-peer network. Interestingly, TRON as a project is closely connected with BitTorrent, a rather known peer-to-peer file sharing service, as TRON acquired it in 2018 for a price of $120 million. The ownership of BitTorrent aligns quite well with the company’s views on the decentralization of the internet.
TRON software trivia
TRON’s software has its roots in the blockchain technology of Ethereum. Just like Ethereum, TRON uses a virtual machine, known by the name “Tron Virtual Machine” (TVM). In short, the virtual machine is a program enabling nodes (also known as network contributors) to carry out TRON-based smart contracts. Smart contracts are self-executing contracts performing functions in the blockchain if preconditions are met. TRON is a proof-of-stake blockchain diminishing the energy consumption required in mining. Mining is necessary for proof-of-work protocols such as Bitcoin or Ethereum.
The goal of being the mecca of decentralized content sharing is reflected in TRON’s software architecture, split into three layers. The first one, known as “the core layer”, deals with smart contracts, the proof-of-stake consensus mechanism as well as account management. The second layer is known as “the storage layer” used for file and data storage. “The application layer”, being the third layer, enables the building of decentralized applications on the blockchain for TRON developers.
TRONIX, the token
TRON is a blockchain project with its own token, TRONIX (TRX). Most people refer to the cryptocurrency as simply TRON, however. TRON’s current supply cap is 100 billion TRX, which is not set in stone and could in theory be changed if necessary. TRON is known to have destroyed or “burned” TRX at least once, during the launch of TRON’s mainnet in 2018. The total amount of burned coins was a whopping 1 billion TRONIX.
Of the total supply of TRX, 45% belongs to the founder of the project whereas the rest 55% is distributed to investors. And what comes to TRON’s ability to handle transactions, the rumor has it that the token’s network could handle 2000 transactions per second. To put this in perspective, for Bitcoin the comparable TPS value would be 6 and for Ethereum 25. Initially being an Ethereum based blockchain, TRON has undoubtedly come far with its transaction speed.
The future of TRON
TRON is all about content and according to certain speculations, its platform with the function of peer-to-peer file-sharing could one day compete with centralized media giants such as Youtube. The goal of peer-to-peer file-sharing of images, videos, or any other entertainment content is to cut out the intermediaries also known as the media giants like Netflix. Hence, this kind of project could compete with the giants by price, as no commission would be cut from the end-user. TRON is in general one of the most popular blockchains for DApp-building, which also has interesting prospects.